Colonial New Jersey Paper Money, 1709-1775: Value Decomposition and Performance
成果类型：
Article
署名作者：
University of Delaware; National Bureau of Economic Research
刊物名称：
JOURNAL OF ECONOMIC HISTORY
ISSN/ISSBN：
0022-0507
DOI：
10.1017/S0022050716001029
发表日期：
2016
页码：
1216-1232
关键词：
摘要：
I decompose the market value of Colonial New Jersey's paper money into its component parts, namely its real-asset present value and transaction premium. Its market value was predominately determined by its real-asset present value. I also find a small transaction premium that is positively associated with the quantity of paper money in circulation and with the land-bank method of paper money injection. This paper money was not a fiat currency. It traded below face value due to time-discounting not depreciation.