Money and Collateral

Leo Ferraris and Fabrizio Mattesini

Journal of Money, Credit and Banking, 2020, vol. 52, issue 7, 1617-1644

Abstract: 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.

Date: 2020
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https://doi.org/10.1111/jmcb.12724

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Persistent link: https://EconPapers.repec.org/RePEc:wly:jmoncb:v:52:y:2020:i:7:p:1617-1644

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