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| Author: | Cavalcanti, R. de O. Wallace, N. |
| Title: | Inside and outside money as alternative media of exchange |
| Journal: | Journal of Money, Credit and Banking
1999 : AUG, VOL. 31:3 / II, p. 443-457 |
| Index terms: | Banking Models Money USA |
| Language: | eng |
| Abstract: | This paper examines a random-matching model of money in which bankers have known histories and the rest, called non-bankers, have unknown histories. The paper uses a model to compare exclusive use of inside money to the exclusive use of outside money. It is shown that the set of implementable outcomes using outside money is a strict subset of the set using inside money. |
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