Limited participation, private money, and credit in a spatial model of money
Limited participation, private money, and credit in a spatial model of money
复制标题
货币空间模型中的有限参与、私人货币和信贷
DOI：
10.1007/3-540-29500-3_13
复制
发表时间：
2004
期刊：
影响因子：
--
通讯作者：
Stephen D. Williamson
中科院分区：
文献类型：
--
作者：
Stephen D. Williamson
本文的目的是探讨私人货币发行对货币政策效果、最优政策以及法定货币作用的影响。构建了一个区位模型，该模型明确说明了货币和信贷的作用以及有限的金融市场参与。当私人货币发行被禁止时，央行注资会产生流动性效应，但当允许私人货币发行时，这种效应就会消失。私人货币问题极大地改变了最优货币政策的性质。对于私人货币，法定货币不再用于涉及商品的交易，但货币和央行储备在赎回私人货币的清算和结算中发挥着重要作用。
The purpose of this paper is to explore the implications of private money issue for the effects of monetary policy, for optimal policy, and for the role of fiat money. A locational model is constructed which gives an explicit account of the role for money and credit, and for limited financial market participation. When private money issue is prohibited, there is a liquidity effect as the result of a money injection from the central bank, but this effect goes away when private money is permitted. Private money issue changes dramatically the nature of optimal monetary policy. With private money, fiat currency is no longer used in transactions involving goods, but currency and central bank reserves play an important part in the clearing and settlement of private money returned for redemption.