Champ, Bruce Alan (contributor); Wallace, Neil (contributor) - 2003 - [Elektronische Ressource]
cost. Therefore, such a system produces a perfectly elastic
supply of money at an interest rate (on safe loans) equal to … inside money (see [2] and [3]), the benefit
of note issue is that of having a credit line: a note issuer’s current spending … required to redeem their own notes in lawful money—specie or
greenbacks—and to accept the notes of other banks at par. After …