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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/18003| Title: | An Idealized View of Financial Intermediation |
| Keywords: | E5 G2 ddc:330 Fiat Money Cash-in-advance Financial Intermediation Finanzintermediär Papierwährung Cash-in-Advance-Modell Allgemeines Gleichgewicht Geldtheorie |
| Issue Date: | 16-Oct-2013 |
| Publisher: | Kiel Institute for the World Economy (IfW) Kiel |
| Description: | We consider an environment where the general equilibrium assumption that every agent buys and sells simultaneously is relaxed. We show that fiat money can implement a Pareto optimal allocation only if taxes are type-specific. We then consider intermediated money by assuming that financial intermediaries whose liabilities circulate as money have an important identifying characteristic: they are widely viewed as default-free. The paper demonstrates that default-free intermediaries who issue deposit accounts with credit lines to consumers can resolve the monetary problem and make it possible for the economy to reach a Pareto optimum. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/18003 |
| Other Identifiers: | Economics: The Open-Access, Open-Assessment E-Journal 1 2007-5 1-29 doi:10.5018/economics-ejournal.ja.2007-5 doi:10.5018/economics-ejournal.ja.2007-5 http://hdl.handle.net/10419/18003 ppn:534305482 http://www.economics-ejournal.org/economics/journalarticles/2007-5 RePEc:zbw:ifweej:5740 |
| Appears in Collections: | EconStor |
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