Self-Insurance and the Risk-Sharing Role of Money
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Russell Wong: Federal Reserve Bank of Richmond, https://www.richmondfed.org/research/economists/bios/wong_bio
Economic Quarterly, 2018, issue 1Q, 35-52
Overcoming the lack of coincidence of wants is a well-acknowledged role of money. In this review, I illustrate that the use of money also promotes risk-sharing in the society: when individuals hold money, it helps other individuals mitigate their own liquidity risks.
Keywords: self-insurance; money; risk-sharing; toy model (search for similar items in EconPapers)
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