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Moneychangers and Commodity Money

Vincent Bignon () and Richard Dutu ()

No 2006-9, EconomiX Working Papers from University of Paris Nanterre, EconomiX

Abstract: We study the role played by coin experts, called moneychangers, in the metallic money system. To do that, we introduce intermediaries that can expertise and certify coins into the VeldeWeber and Wright’s (1999) model of commodity money with imperfectly recognizable coins. We show under which conditions buyers have their coins certified, how circulation by weight and circulation by tale equilibria are affected by moneychangers, and whether moneychangers increase welfare.

Keywords: Commodity money; Search; Information; Moneychangers. (search for similar items in EconPapers)
JEL-codes: D82 E42 N23 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac and nep-mon
Date: 2006
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