The Demonetization of Gold: Transactions and the Change in Control
Three models of a monetary economy are considered, in order to show the effects of a gold demonetization: the first with a gold money, the second with demonetized gold but no central bank, and the third with demonetized gold, but with a central bank. The distinctions between ownership and control are discussed.
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- Martin Shubik, 2000.
"The Theory of Money,"
00-03-021, Santa Fe Institute.
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