Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/17939
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dc.contributor.authorSissoko, Carolynen_US
dc.date.accessioned2009-01-28T15:05:05Z-
dc.date.available2009-01-28T15:05:05Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/17939-
dc.description.abstractUsing the monetary model developed in Sissoko (2007), where the general equilibrium assumption that every agent buys and sells simultaneously is relaxed, we observe that in this environment fiat money can implement a Pareto optimum 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 credit lines to consumers can resolve the monetary problem and make it possible for the economy to reach a Pareto optimum. We argue that our idealized concept of financial intermediation is a starting point for studying the monetary use of credit.en_US
dc.language.isoengen_US
dc.publisher|aKiel Institute for the World Economy (IfW) |cKiel-
dc.relation.ispartofseries|aEconomics Discussion Papers / Institut für Weltwirtschaft |x2007-16en_US
dc.subject.jelG2en_US
dc.subject.jelE5en_US
dc.subject.ddc330en_US
dc.subject.keywordFiat Moneyen_US
dc.subject.keywordCash-in-advanceen_US
dc.subject.keywordFinancial Intermediationen_US
dc.titleAn Idealized View of Financial Intermediationen_US
dc.typeWorking Paperen_US
dc.identifier.ppn558076475en_US
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.en-
dc.identifier.repecRePEc:zbw:ifwedp:5530-

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