Money: A Market Microstructure Approach

Malte Krueger

Journal of Money, Credit and Banking, 2012, vol. 44, issue 6, 1245-1258

Abstract: The new monetary economics predicts that deregulation and financial innovation will lead to a moneyless world. This paper uses a market microstructure approach to show that a common medium of exchange that serves as unit of account will remain a necessary instrument to reduce transaction costs. This finding is supported by empirical evidence from foreign exchange markets.

Date: 2012
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https://doi.org/10.1111/j.1538-4616.2012.00530.x

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Journal Article: Money: A Market Microstructure Approach (2012)
Working Paper: Money: A Market Microstructure Approach (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:wly:jmoncb:v:44:y:2012:i:6:p:1245-1258

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