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- W3124984254 abstract "Economists commonly appeal to sovereign powers to explain the acceptance of unbacked paper money at a positive value. The government accepts or compels taxes to be paid in the money (makes it publicly receivable) or compels creditors to accept it (grants and enforces legal tender status). Thus fiat money is thought to rely on enforcement of a literal fiat or decree. The case of Somalia defies such an account. Following the state’s collapse in 1991, unbacked paper Somali shillings continued to circulate at a positive value. We explain how historical acceptance, or “inertia,” can sustain the ongoing acceptance of unbacked money even in the absence of ongoing sovereign support. Although sovereign power might be necessary to launch a fiat standard, we conclude that it is not a necessary condition for its survival. JEL Classifications: B52, B53, C71, C73, D83, D85, E41, E42" @default.
- W3124984254 created "2021-02-01" @default.
- W3124984254 creator A5056527497 @default.
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- W3124984254 date "2016-12-23" @default.
- W3124984254 modified "2023-09-29" @default.
- W3124984254 title "Positively Valued Fiat Money after the Sovereign Disappears: The Case of Somalia" @default.
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- W3124984254 doi "https://doi.org/10.1561/105.00000050" @default.
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