Marini, François - In: Revue d'économie politique 113 (2003) 1, pp. 105-124
In this paper, we develop a new interpretation of the Diamond-Dybvig [1983] model which leads to a new concept of money. We define money as a portfolio made up by a zero-coupon bond and a put option of this bond to the bank. To hold a demand deposit contract is equivalent to hold this portfolio....
