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New models of old(?) payment questions

  • Rivano, Ricardo de Oliveira
  • Wallace, Neil
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    Is private money feasible and desirable? In its absence, is there a central bank policy that partially or fully substitutes for private money? In this paper, some recent modeling ideas about how to address these questioned are reviewed and applied. The main ideas are that people cannot commit to future actions and that their histories are to some extent unknown - are not common knowledge. Under the additional assumption that the private monies issued by diferent people are distinct, a strong recognizability assumption, it is shown that there is a role for private money.

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    File URL: http://bibliotecadigital.fgv.br/dspace/bitstream/10438/903/1/2119.pdf
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    Paper provided by FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil) in its series Economics Working Papers (Ensaios Economicos da EPGE) with number 619.

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    Date of creation: 01 Sep 2006
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    Handle: RePEc:fgv:epgewp:619
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