| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP17164
|
| DP17164 Real effects of stabilizing private money creation |
| Chenzi Xu; He Yang
|
| 发表日期 | 2022-05-10
|
| 出版年 | 2022
|
| 语种 | 英语
|
| 摘要 | We show that decentralized privately created money with unstable values can hinder
the traded, more transaction-friction sensitive, sector of the economy. We do so in
the context of the National Banking Act of 1864 in the United States that created
a new federally-regulated, fully-backed currency as an alternative to the pre-existing
money supply, which consisted of unsecured notes printed by thousands of local private
banks. Using a discontinuous change across towns in the costs of accessing this new
type of stable, federally-backed money as a natural experiment, we show that places
gaining access to the new currency experienced a shift in the composition of agricultural
production from non-traded to traded goods and increased employment in trade-related
professions. In addition, counties gaining access to the new stable money increased their
manufacturing output by sourcing more inputs, and they innovated more, all consistent
with the stable currency improving their market access and allowing them to expand
through trade. |
| 主题 | Economic History
; Financial Economics
; International Trade and Regional Economics
|
| 关键词 | Monetary
Banking
Stablecoin
|
| URL | https://cepr.org/publications/dp17164-0
|
| 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/546315
|
推荐引用方式
GB/T 7714 |
Chenzi Xu,He Yang. DP17164 Real effects of stabilizing private money creation. 2022.
|
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