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- W3123089766 abstract "Can creation of private money by financial intermediaries fulfill the liquidity needs of the economy? The answer is no if the market is run only by forces of free competition. Multiple equilibria are possible: equilibria with complete satiation of liquidity and absence of default coexists with ones characterized by shortages and partial default. In this framework, capital requirements, distortions to demand or supply of private money, and the role of public liquidity are investigated." @default.
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- W3123089766 date "2016-01-01" @default.
- W3123089766 modified "2023-09-23" @default.
- W3123089766 title "Private Money and Equilibrium Liquidity" @default.
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