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The Demonetization of Gold: Transactions and the Change in Control

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Abstract

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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  • Thomas Quint & Martin Shubik, 2011. "The Demonetization of Gold: Transactions and the Change in Control," Cowles Foundation Discussion Papers 1814, Cowles Foundation for Research in Economics, Yale University.
    • Handle: RePEc:cwl:cwldpp:1814
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    References listed on IDEAS

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    1. Sorin, Sylvain, 1996. "Strategic Market Games with Exchange Rates," Journal of Economic Theory, Elsevier, vol. 69(2), pages 431-446, May.
    2. Martin Shubik, 2000. "The Theory of Money," Working Papers 00-03-021, Santa Fe Institute.
    3. Thomas Quint & Martin Shubik, 2009. "Multistage Models of Monetary Exchange: An Elementary Discussion of Commodity Money, Fiat Money and Credit, Part 4," The IUP Journal of Monetary Economics, IUP Publications, vol. 0(1), pages 6-67, February.
    4. Dubey, Pradeep & Mas-Colell, Andreau & Shubik, Martin, 1980. "Efficiency properties of strategies market games: An axiomatic approach," Journal of Economic Theory, Elsevier, vol. 22(2), pages 339-362, April.
    5. Martin Angerer & Juergen Huber & Martin Shubik & Shyam Sunder, 2010. "An economy with personal currency: theory and experimental evidence," Annals of Finance, Springer, vol. 6(4), pages 475-509, October.
    6. Sahi, Siddhartha & Yao, Shuntian, 1989. "The non-cooperative equilibria of a trading economy with complete markets and consistent prices," Journal of Mathematical Economics, Elsevier, vol. 18(4), pages 325-346, September.
    7. Dubey, Pradeep & Shapley, Lloyd S., 1994. "Noncooperative general exchange with a continuum of traders: Two models," Journal of Mathematical Economics, Elsevier, vol. 23(3), pages 253-293, May.
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    More about this item

    Keywords

    Gold demonetization; Gold backed paper; Reserves;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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