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This paper investigates the question of why banks almost always settle payments in cash as opposed to debt. Our model suggests that adverse selection with respect to the quality of bank assets may be the primary motivation underlying this practice. Banks with higher-quality assets prefer not to...
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A discussion of the history of attempts to protect the purchasing power of money, which contends that fostering …
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money but it is the organising feature of modern economies, giving rise to both episodes of stability and crises. In … constructing this argument I consider both orthodox and heterodox points of view. We analyse equilibrium models of money, and find … that while money can exist in sequence economies with frictions, models of this type give no justification for its creation …
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recount their relationship as an experiment in novel engagements with economic things (money, corporations, universities … is a specific set of projects around money and payment. The intellectual background is the anthropology of finance and …
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