five

Making Money

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NBER2022-01-01 更新2025-01-04 收录
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https://www.nber.org/papers/w29710
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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
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2022-01-01
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