Clearinghouse banks and banknote over-issue

• 成果类型: Article
• 署名作者: Freeman, S
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(96)01269-X
• 发表日期: 1996
• 页码: 101-115
• 关键词: money; banknotes; inflation; clearinghouse

摘要

The paper presents a model of banks as clearinghouses of private debt where money is used as the means of payment. Implications of the model include: i) the private provision of banknotes or a discount window may be needed to avoid the insufficient debt clearing that results from an inflexible currency stock; and ii) an uncontrolled total money stock may result in a multiplicity of equilibria including an inflationary banknote over-issue.