This paper investigates the role of fiat money in decentralized markets, where producers have private information about the quality of the goods they supply. Money is divisible, terms of trade are determined endogenously, and agents can finance their consumption with money or with real...

This study quantifies the significant economic gains that are expected to be revealed through the abolition or relaxation of local content based policies. The work analyses two specific local content policies affecting directly or indirectly the shipbuilding industry in two countries: Brazil’s...