Clearinghouse banks and banknote over-issue

被引：29

作者：

Freeman, S

机构：

[1] Department of Economics, University of Texas, Austin

来源：

JOURNAL OF MONETARY ECONOMICS | 1996年 / 38卷 / 01期

关键词：

money; banknotes; inflation; clearinghouse;

D O I：

10.1016/0304-3932(96)01269-X

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The paper presents a model of banks as clearinghouses of private debt where money is used as the means of payment. Implications of the model include: i) the private provision of banknotes or a discount window may be needed to avoid the insufficient debt clearing that results from an inflexible currency stock; and ii) an uncontrolled total money stock may result in a multiplicity of equilibria including an inflationary banknote over-issue.

引用

页码：101 / 115

页数：15