G2TT
来源类型Discussion paper
规范类型论文
来源IDDP17164
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
URLhttps://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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