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- W1570889252 abstract "In this paper we present a series of models, all within the context of a simple two-good economy, which bring out the distinctions between the different types of money and financial institutions. The models emphasize the physical properties of the economic goods, moneys, and trading systems. In Part 1 of the paper, we covered models in which the money is a consumable storable; here in Part 2 we consider economies using durable money, fiat money, or credit. Under this framework we are able to successfully contrast the role of private money lenders, banks, bilateral credit systems, and credit clearinghouses. We are also able to model the importance of the bankruptcy or default penalty in supporting the use of fiat." @default.
- W1570889252 created "2016-06-24" @default.
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- W1570889252 date "2004-04-01" @default.
- W1570889252 modified "2023-09-28" @default.
- W1570889252 title "Gold, Fiat and Credit: An Elementary Discussion of Commodity Money, Fiat Money and Credit. Part II" @default.
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