Money and Collateral

Money and Collateral

This paper presents a model in which collateralized monetary loans are essential as trading instruments. Money and private debt collateralized by real assets complement each other as allocative tools in an environment with informational and commitment limitations. Public debt may play a socially ben...

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Veröffentlicht in:Journal of money, credit and banking credit and banking, 2020-10, Vol.52 (7), p.1617-1644
Hauptverfasser: FERRARIS, LEO, MATTESINI, FABRIZIO
Format: Artikel
Sprache:eng
Schlagworte:
Affluence
Alliances
Collateral
credit
essentiality
Loans
Money
Trading
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Beschreibung
Zusammenfassung:This paper presents a model in which collateralized monetary loans are essential as trading instruments. Money and private debt collateralized by real assets complement each other as allocative tools in an environment with informational and commitment limitations. Public debt may play a socially beneficial role when collateral is scarce.
ISSN:0022-2879
1538-4616
DOI:10.1111/jmcb.12724