English, Article, Journal or magazine article edition: Welfare-improving credit controls S.L. Schreft

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Bookmark: http://trove.nla.gov.au/version/74537
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Welfare-improving credit controls
Author
  • S.L. Schreft
Physical Description
  • preprint
Notes
  • Credit controls are generally believed to result in an inefficient allocation of resources. This paper presents a counterexample. It displays a general equilibrium, multi-good model with spatial separation for which steady state equilibria exist in which both cash (i.e. fiat currency) and trade credit are used in exchange. Transaction costs, restrictions on the timing of trade, and a positive nominal interest rate cause the laissez-faire equilibrium to be non-optimal. A quantitative restriction on the use of trade credit can yield a Pareto superior allocation.
  • RePEc:fip:fedrwp:91-01
Language
  • English
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