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Money and the Monetization of Credit

Martin Shubik

Working Papers from Santa Fe Institute

Abstract: The relationship between money and credit is developed in terms of "know-who" networks. It is suggested that the link between dynamics and equilibrium theory in economics can be built by regarding the noncooperative no-credit and the general equilibrium models as providing lower and upper bounds to the dynamics. The dynamics involves the reinforcement of trust in "know-who" networks. Some suggestions for the measurement of the velocity of money and credit are made.

Keywords: Networks; money; information; credit; trust (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba and nep-mon
Date: 2001-12
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