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Decentralized credit and monetary exchange without public record keeping

In: Recent Developments on Money and Finance

Author

Listed:
  • Dean Corbae

    (University of Texas)

  • Joseph Ritter

    (University of Minnesota)

Abstract

Summary We relax a standard assumption on the matching technology in a search model of money. In particular, agents may remain in a long-term partnership as long as it is in their self-interest.With this simple modification, it is possible to support self-enforcing, intertemporal trade which resembles credit without a public record keeping device. We examine conditions for coexistence of currency and credit and the welfare gains/losses associated with the introduction of money.

Suggested Citation

  • Dean Corbae & Joseph Ritter, 2006. "Decentralized credit and monetary exchange without public record keeping," Studies in Economic Theory, in: Charalambos D. Aliprantis & Nicholas C. Yannelis & Gabriele Camera (ed.), Recent Developments on Money and Finance, pages 235-253, Springer.
    • Handle: RePEc:spr:steccp:978-3-540-29500-6_12
    DOI: 10.1007/3-540-29500-3_12
    as

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