کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5067488 1372599 2006 16 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
On the private provision of fiat currency
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
On the private provision of fiat currency
چکیده انگلیسی
This paper considers whether fiat money can be provided by a revenue-maximizing monopolist in an environment where money is essential. Two questions arise concerning the private supply of money: Is it feasible and is it optimal? Concerning the feasibility question, I show that the revenue-maximizing policy is time-consistent if the trading history of the issuer is public information and if money demanders respond to the revelation of defection by playing autarky. Concerning the optimality question, the model suggests that any private organization of the market for fiat currency is suboptimal.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: European Economic Review - Volume 50, Issue 7, October 2006, Pages 1683-1698
نویسندگان
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