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International Liquidity and the Stability of Exchange Markets

In: International Money and the Real World

Author

Listed:
  • Paul Davidson

    (University of Tennessee)

Abstract

The fundamental question for monetary theory is why do people hold money which is barren, rather than interest-bearing securities or productive physical goods? The answer involves uncertainty about the future and the resulting inability to assure precisely the coordination of cash inflows with contractual cash outflow commitments. The holding of liquidity avoids the embarrassment, economic paralysis and perhaps even the death of any household or enterprise due to an inability to meet one’s contractual cash payment commitments.1

Suggested Citation

  • Paul Davidson, 1992. "International Liquidity and the Stability of Exchange Markets," Palgrave Macmillan Books, in: International Money and the Real World, edition 0, chapter 6, pages 105-115, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37809-4_6
    DOI: 10.1057/9780230378094_6
    as

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