Fiat Money, Intrinsic Properties, and Government Transaction Policy

Why do people coordinate on the use of valueless pieces of paper as generally accepted money? A possible answer is that these objects have intrinsic properties that make them better candidates to be used as media of exchange. Another answer stresses the fact that unconvertible fiat money will not easily appear unless there is a centralized institution that favors its use. The main objective of the paper is to analyze these questions. In order to do this, we take a model of commodity money in which fiat money does not play any significant role and modify it to examine under which circumstances fiat money might come to circulate as medium of exchange. Some of the results obtained from the model differ in a rather substantial way from previous related literature.

Fiat money, intrinsic properties and government transaction policy

Why do people coordinate on the use of valueless piecesof paper as generally accepted money? A possible answeris that these objects have intrinsic properties that make them better candidates to be used as media of exchange. Another answer stresses the fact that unconvertible fiat money will not easily appear unless there is a centralized institution that favors its use.The main objective of the paper is to analyze these questions. In order to do this, we take a model of commodity money in which fiat money does not play any significant role and modify it to examine under which circumstances fiat money might come to circulate as medium of exchange. Some of the results obtained from the model differ in a rather substantial way from previous related literature.

Histoire de Mlle Le Gras (Louise de Marillac) : fondatrice des Filles de la Charité / [par la Csse de Richemont]. Précédée des lettres de Mgr Mermillod,... et de M. (Antoine) Fiat,...

Comprend : Lettre de Mgr Mermillod ; Lettre de M. (Antoine) Fiat

Fiat nox

Soitinnus: lauluääni, piano.

Fiat nox

Soitinnus: lauluääni, orkesteri.

Fiat ohjekirja mallit 501, 5050 ja 510

kuv., 14 x 21 cm

Fiat 1928 års modell 520

kuv., 22 x 14 cm

Fiat vuoden 1928 malli 520

kuv., 22 x 14 cm

Fiat 1928 års modell 520

kuv., 22 x 14 cm

Fiat

kuv., 13 x 22 cm

Fiat

kuv., 13 x 22 cm

Fiat

kuv., 15 x 18 cm

Fiat

kuv., 13 x 22 cm

Fiat 520 auton käyttö ja hoito

kuv., 12 x 18 cm