used to calculate several cooperative forms that differ from each other in their utilization of money and credit and their …A game theoretic approach to the theory of money and financial institution is given utilizing both the strategic and … the extreme structures the concept of "enough money" can be defined usefully, and for large economies the games obtained …

basically different from fiat money is credit.(3) Credit, unlike fiat money is not a virtual commodity but a two party contract … and transactions cost determine the others. The velocity of both money and credit may vary. Even though velocity may vary … system. 3. Credit such as bank credit from a well known bank may be referred to as "inside money" in the sense that it is a …

We consider a two-period model with missing assets and missing market links, in which money plays a central role and is … inside money, then monetary equilibrium (ME) exists and money has positive value. The nonexistence of GEI (of the underlying …

We build a one-period general equilibrium model with money. Equilibrium exists, and fiat money has positive value, as … long as the ratio of outside money to inside money is less than the gains to trade available at autarky. We show that the …

of money, it causes inflation, in the absence of monetary intervention. If the monetary authority attempts to restore pre-credit …The introduction and widespread use of credit cards increases trading efficiency but, by also increasing the velocity … card price levels by reducing the money supply, it might have to sacrifice the efficiency gains. When there is default on …

We build a one-period general equilibrium model with money. Equilibrium exists, and fiat money has positive value, as … long as the ratio of outside money to inside money is less than the gains to trade available at autarky. We show that the …

We build a finite horizon model with inside and outside money, in which interest rates, price levels and commodity …