G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w26663
来源IDWorking Paper 26663
Private Money Production without Banks
Gary B. Gorton
发表日期2020-01-20
出版年2020
语种英语
摘要I test the Dang, Gorton, and Holmström (2018) (DGH) theory that the optimal design of private money is debt backed by debt. I do this in the context of English inland bills of exchange (where all parties to the bill were in England), which were used as a medium of exchange during the Industrial Revolution in the north of England in the eighteenth and first half of the nineteenth centuries. These bills circulated via indorsements, committing each indorser’s personal wealth to back the bill. A sample of bills from the period 1762-1850 is studied to determine how frequently they changed hands (liquidity/velocity) and to determine how their credibility was established. Some bills were backed by banks and others by the joint liability of indorsers only. I test the DGH theory by asking: Were bank-backed bills more liquid than the joint liability-backed bills?
主题Macroeconomics ; Financial Economics ; Financial Institutions
URLhttps://www.nber.org/papers/w26663
来源智库National Bureau of Economic Research (United States)
引用统计
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/584337
推荐引用方式
GB/T 7714
Gary B. Gorton. Private Money Production without Banks. 2020.
条目包含的文件
文件名称/大小 资源类型 版本类型 开放类型 使用许可
w26663.pdf(1217KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Gary B. Gorton]的文章
百度学术
百度学术中相似的文章
[Gary B. Gorton]的文章
必应学术
必应学术中相似的文章
[Gary B. Gorton]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w26663.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。