On the Origins and Evolving Role of Money

Jean-Paul Chavas () and Daniel Bromley

Journal of Institutional and Theoretical Economics (JITE), 2008, vol. 164, issue 4, 624-651

Abstract: This paper explores the origins and evolving role of money. It stresses the role of money in solving coordination problems. This role is present with or without exchange. A historical overview of money stresses the evolutionary aspects of monetary institutions. The analysis develops a general evaluation of economic efficiency under transaction costs and imperfect information, and in the presence of public goods and externalities. It identities a nonneutral role for money. It argues that the efficiency gains from exchange are only part of the benefits of a monetary economy.

JEL-codes: E4 E5 G2 N2 (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (3)

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