BURDEKIN, RICHARD C. K.; WEIDENMIER, MARC D. - In: Journal of Money, Credit and Banking 40 (2008) 1, pp. 233-241
Legal restrictions theory suggests that dominance of non-interest-bearing currency is possible only because legal impediments prevent financial institutions from offering interest-bearing alternatives. A viable interest-bearing medium must be issued in denominations low enough for day-to-day...