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dc.contributor.authorSissoko, Carolynen_US
dc.date.accessioned2009-01-28T15:06:03Z-
dc.date.available2009-01-28T15:06:03Z-
dc.date.issued2007en_US
dc.identifier.citationEconomics: The Open-Access, Open-Assessment E-Journal 1 2007-5 1-29 doi:10.5018/economics-ejournal.ja.2007-5-
dc.identifier.pidoi:10.5018/economics-ejournal.ja.2007-5-
dc.identifier.urihttp://hdl.handle.net/10419/18003-
dc.description.abstractWe 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.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofserieseconomics - The Open-Access, Open-Assessment E-Journal 2007-5en_US
dc.subject.jelE5en_US
dc.subject.jelG2en_US
dc.subject.ddc330en_US
dc.subject.keywordFiat Moneyen_US
dc.subject.keywordCash-in-advanceen_US
dc.subject.keywordFinancial Intermediationen_US
dc.subject.stwFinanzintermediären_US
dc.subject.stwPapierwährungen_US
dc.subject.stwCash-in-Advance-Modellen_US
dc.subject.stwAllgemeines Gleichgewichten_US
dc.subject.stwGeldtheorieen_US
dc.titleAn Idealized View of Financial Intermediationen_US
dc.typeArticleen_US
dc.identifier.ppn534305482en_US
dc.identifier.urlhttp://www.economics-ejournal.org/economics/journalarticles/2007-5-
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.en-
dc.identifier.repecRePEc:zbw:ifweej:5740-
Appears in Collections:Economics: The Open-Access, Open-Assessment E-Journal - Journal Articles

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