Electronic Resource
Oxford, UK and Boston, USA
:
Blackwell Publishers Ltd
Bulletin of economic research
52 (2000), S. 0
ISSN:
1467-8586
Source:
Blackwell Publishing Journal Backfiles 1879-2005
Topics:
Economics
Notes:
This note analyses some implications of the model of commodity money described by Banerjee and Maskin (Quarterly Journal of Economics, vol. 111, 1996, pp. 955-1005) which may seem paradoxical. In order to do this, a general production cost structure is incorporated into the model. Two different results are highlighted. First, the existence of technologies that make counterfeiting a commodity more difficult may exclude it from being used as a medium of exchange. Second, allocative distortions due to problems of asymmetric information may become larger in the presence of such technologies.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1111/1467-8586.00104
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