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- W1981680762 abstract "Abstract We introduce a strategic market game for an exchange economy not having enough commodity money. We show the existence of a non-cooperative equilibrium for any finite replication economy with a mutual bank, we then show that efficient trade can be achieved in the limiting economy by expanding the money supply through the use of fractional reserves, where the commodity money is demonetized and used for reserves. The means of exchange becomes bank credit backed, in part, by ‘gold’. However, efficiency cannot be achieved in general as a non-cooperative equilibrium of a finite player game." @default.
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- W1981680762 date "1991-12-01" @default.
- W1981680762 modified "2023-09-23" @default.
- W1981680762 title "A strategic market game of a finite exchange economy with a mutual bank" @default.
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- W1981680762 doi "https://doi.org/10.1016/0165-4896(91)90025-m" @default.
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