The demonetization of gold: transactions and the change in control
| العنوان: | The demonetization of gold: transactions and the change in control |
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| المؤلفون: | Martin Shubik, Thomas Quint |
| المصدر: | Annals of Finance. 11:109-149 |
| بيانات النشر: | Springer Science and Business Media LLC, 2013. |
| سنة النشر: | 2013 |
| مصطلحات موضوعية: | jel:E50, Fiat money, Mathematical finance, jel:C72, Control (management), Monetary economics, Commodity money, jel:E58, Gold demonetization, Gold backed paper, Reserves, Commerce, Central bank, Order (exchange), Value (economics), Economics, Gold as an investment, General Economics, Econometrics and Finance, Finance |
| الوصف: | Three models of a monetary economy are considered, in order to show the effects of a gold demonetization: the first with a gold money, the second with demonetized gold but no central bank, and the third with demonetized gold, but with a central bank. The distinctions between ownership and control are discussed. Our results show a gain in efficiency (in the case of “enough money”) when a switch is made from a durable commodity money to a fiat money. This is due to players being able to enjoy both the full service value of gold and transactions value of money—something that cannot be done in the original model with gold money. When we further add in the central bank, there is a somewhat further efficiency gain in the case of “not enough money”. We close the paper with a discussion of the usefulness of central banks. |
| تدمد: | 1614-2454 1614-2446 |
| الوصول الحر: | https://explore.openaire.eu/search/publication?articleId=doi_dedup___::7808b777dc7197b40c4813aee2318142Test https://doi.org/10.1007/s10436-013-0247-0Test |
| حقوق: | OPEN |
| رقم الانضمام: | edsair.doi.dedup.....7808b777dc7197b40c4813aee2318142 |
| قاعدة البيانات: | OpenAIRE |
| تدمد: | 16142454 16142446 |
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