English, Article edition: A model of private bank-note issue Ricardo de O. Cavalcanti; Neil Wallace

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Bookmark: http://trove.nla.gov.au/version/112485
Physical Description
  • article
Language
  • English

Edition details

Title
  • A model of private bank-note issue
Author
  • Ricardo de O. Cavalcanti
  • Neil Wallace
Physical Description
  • article
Notes
  • A random-matching model (of money) is formulated in which there is complete public knowledge of the trading histories of a subset of the population, called the banking sector, and no public knowledge of the trading histories of the complement of that subset, called the non bank sector. Each person, whether a banker or a non banker, is assumed to have the technological capability to create indivisible, distinct, and durable objects called notes. If outside money is indivisible and sufficiently scarce, then an optimal mechanism is shown to have note issue and note redemption (destruction) by members of the banking sector. (Copyright: Elsevier)
  • inside money, bank notes, matching model
  • RePEc:red:issued:v:2:y:1999:i:1:p:104-136
Language
  • English
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