On Ensuring the Acceptability of a New Fiat Money
Currency reforms of the type now being contemplated by some former Soviet republics, aimed at establishing new fiat monies linked to established currencies through fixed exchange rates, carry an inherent danger. Such reforms may, by neglecting certain requirements crucial for ensuring the acceptability of a new currency, cause it to be treated by the public as so many 'bits of paper.' Analyzing this problem serves to highlight some shortcomings of Patinkin-style Walrasian monetary ananlysis, which ignores money's character as a social institution and downplays the role of expectations in determining a would-be money's acceptability, thereby giving support to misguided reform efforts. In this respect, at least, some early non-Walrasian monetary theories are more enlightening. Copyright 1994 by Ohio State University Press.
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