| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8184 |
| DP8184 Communal Responsibility and the Coexistence of Money and Credit Under Anonymous Matching | |
| Albrecht Ritschl; Lars Boerner | |
| 发表日期 | 2011-01-10 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Communal responsibility, a medieval institution studied by Greif (2006), supported the use of credit among European merchants in the absence of modern enforcement technologies. This paper shows how this mechanism helps to overcome enforcement problems in anonymous buyer/seller transactions. In a village economy version of the Lagos and Wright (2005) model, agents trading anonymously in decentralized markets can be identified by their citizenship and thus be held liable for each other. Enforceability within each village's centralized afternoon market ensures collateralization of credit in decentralized markets. In the resulting equilibrium, money and credit coexist in decentralized markets if the use of credit is costly. Our analysis easily extends itself to other payment systems like credit cards that provide a group identity to otherwise anonymous agents. |
| 主题 | International Macroeconomics |
| 关键词 | Anonymous matching Bills of exchange Communal responsibility Money and credit demand |
| URL | https://cepr.org/publications/dp8184 |
| 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/537021 |
| 推荐引用方式 GB/T 7714 | Albrecht Ritschl,Lars Boerner. DP8184 Communal Responsibility and the Coexistence of Money and Credit Under Anonymous Matching. 2011. |
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