English, Article edition: CIRCULATION OF PRIVATE NOTES DURING A CURRENCY SHORTAGE XAVIER CUADRAS-MORATÓ

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Bookmark: http://trove.nla.gov.au/version/108813
Physical Description
  • article
Language
  • English

Edition details

Title
  • CIRCULATION OF PRIVATE NOTES DURING A CURRENCY SHORTAGE
Author
  • XAVIER CUADRAS-MORATÓ
Physical Description
  • article
Notes
  • In this paper we present a version of the search theoretical model of money that captures two phenomena that have characterized several episodes of monetary history: currency shortages and the circulation of privately issued notes. As usual in these models, the media of exchange are determined as part of the equilibrium. We characterize all the different equilibria and specify the conditions under which there is a currency shortage and/​or privately issued notes are used as means of payment. There always exists an equilibrium in which notes circulate, either alone or together with coins and, hence, credit is a self-fulfilling phenomenon. Copyright © 2009 The Author. Journal compilation © 2009 Blackwell Publishing Ltd and The University of Manchester.
  • RePEc:bla:manchs:v:77:y:2009:i:4:p:461-478
Language
  • English
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