全球智库信息集成服务系统(G2TT): DP7385 Two Orthogonal Continents? Testing a Two-country DSGE Model of the US and EU Using Indirect Inference

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP7385
	DP7385 Two Orthogonal Continents? Testing a Two-country DSGE Model of the US and EU Using Indirect Inference
	Patrick Minford; Michael R. Wickens; David Meenagh; Vo Phuong Mai Le
发表日期	2009-07-26
出版年	2009
语种	英语
摘要	This paper tells the story of how paper money evolved as a result of lending by banks. While lending commodity money requires holding large reserves of commodity money to ensure liquidity, issuing convertible paper money reduces these costs significantly. The paper also examines the possibility of issuing inconvertible notes and shows that while they further reduce the cost of borrowing they also have adverse effects on the stability of the banking system. As a result, governments often intervened, either outlawing the issuance of such notes, or monopolizing them for themselves by issuing fiat money. The paper examines the process of creation of paper money, but also sheds light on more general issues, like the relation between money and financial intermediation.
主题	Financial Economics ; International Macroeconomics
关键词	Banks Convertibility Fiat money Financial intermediation Liquidity Paper money
URL	https://cepr.org/publications/dp7385
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/536222
推荐引用方式 GB/T 7714	Patrick Minford,Michael R. Wickens,David Meenagh,et al. DP7385 Two Orthogonal Continents? Testing a Two-country DSGE Model of the US and EU Using Indirect Inference. 2009.