Chronic Specie Scarcity and Efficient Barter: The Problem of Maintaining an Outside Money Supply in British Colonial America / Farley Grubb.
Material type:![Text](/opac-tmpl/lib/famfamfam/BK.png)
- B12 - Classical (includes Adam Smith)
- B22 - Macroeconomics
- B31 - Individuals
- D61 - Allocative Efficiency • Cost–Benefit Analysis
- E41 - Demand for Money
- E42 - Monetary Systems • Standards • Regimes • Government and the Monetary System • Payment Systems
- E51 - Money Supply • Credit • Money Multipliers
- E52 - Monetary Policy
- F11 - Neoclassical Models of Trade
- F41 - Open Economy Macroeconomics
- F54 - Colonialism • Imperialism • Postcolonialism
- N11 - U.S. • Canada: Pre-1913
- N21 - U.S. • Canada: Pre-1913
- N41 - U.S. • Canada: Pre-1913
- Hardcopy version available to institutional subscribers
Item type | Home library | Collection | Call number | Status | Date due | Barcode | Item holds | |
---|---|---|---|---|---|---|---|---|
Working Paper | Biblioteca Digital | Colección NBER | nber w18099 (Browse shelf(Opens below)) | Not For Loan |
May 2012.
Colonial Americans complained that gold and silver coins (specie) were chronically scarce. These coins could be acquired only through importation. Given unrestricted trade in specie, market arbitrage should have eliminated chronic scarcity. A model of efficient barter and local inside money is developed to show how chronic specie scarcity in colonial America could prevail despite unrestricted specie-market arbitrage, thus justifying colonial complaints. The creation of inside paper monies by colonial governments was a welfare-enhancing response to preexisting chronic specie scarcity, not the cause of that scarcity.
Hardcopy version available to institutional subscribers
System requirements: Adobe [Acrobat] Reader required for PDF files.
Mode of access: World Wide Web.
Print version record
There are no comments on this title.