@article{Sissoko2007Idealized,
abstract = {We consider an environment where the general equilibrium assumption that every agent buys and sells simultaneously is relaxed. We show that fiat money can implement a Pareto optimal allocation only if taxes are type-specific. We then consider intermediated money by assuming that financial intermediaries whose liabilities circulate as money have an important identifying characteristic: they are widely viewed as default-free. The paper demonstrates that default-free intermediaries who issue deposit accounts with credit lines to consumers can resolve the monetary problem and make it possible for the economy to reach a Pareto optimum.},
address = {Kiel},
author = {Carolyn Sissoko},
copyright = {http://creativecommons.org/licenses/by-nc/2.0/de/deed.en},
doi = {10.5018/economics-ejournal.ja.2007-5},
journal = {Economics: The Open-Access, Open-Assessment E-Journal},
keywords = {E5; G2; 330; Fiat Money; Cash-in-advance; Financial Intermediation; Finanzintermedi\"{a}r; Papierw\"{a}hrung; Cash-in-Advance-Modell; Allgemeines Gleichgewicht; Geldtheorie},
language = {eng},
number = {2007-5},
pages = {1-29},
publisher = {Kiel Institute for the World Economy (IfW)},
title = {An Idealized View of Financial Intermediation},
url = {http://hdl.handle.net/10419/18003},
volume = {1},
year = {2007}
}
