| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29710 |
| 来源ID | Working Paper 29710 |
| Making Money | |
| Gary B. Gorton; Chase P. Ross; Sharon Y. Ross | |
| 发表日期 | 2022-01-31 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | It is difficult for private agents to produce money that circulates at par with no questions asked. We study two cases of privately-produced money: pre-Civil War U.S. private banknotes and modern stablecoins. Private monies are introduced when there are no better alternatives, but they initially carry an inconvenience yield. Over time, these monies may become more money-like, but they do not always achieve a positive convenience yield. Technology advances and reputation formation pushed private banknotes toward a positive convenience yield. We show that the same forces are at work for stablecoins. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; Financial Economics ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w29710 |
| 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/587384 |
| 推荐引用方式 GB/T 7714 | Gary B. Gorton,Chase P. Ross,Sharon Y. Ross. Making Money. 2022. |
| 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 | ||
| w29710.pdf（1297KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 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。
