Private Money Production without Banks
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I test the Dang, Gorton, and Holmstrm (2018) (DGH) theory that the optimal design of private money is debt backed by debt. I do this in the context of English inland bills of exchange (where all parties to the bill were in England), which were used as a medium of exchange during the Industrial
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美国国家经济研究局创建时间：
2020-01-01
