; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Laissez-Faire Banking and Circulating Media of Exchange"; ; "batchuser@example.com"; "Williamson, Stephen D."; "Federal Reserve Bank of Minneapolis"; "Laissez faire banking", "Assymetric information", "Monetary economics", "Fiat money", "Private information", "Currency", "Money", "Free banking", "Monetary exchange"; "D82 - Asymmetric and Private Information; Mechanism Design", "E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems"; "A model with private information is constructed that supports conventional arguments for a government monopoly in supplying circulating media of exchange. The model also yields predictions, including rate-of-return dominance of circulating media of exchange, that are consistent with observations from free banking regimes and fiat money regimes. In a laissez faire banking equilibrium, fiat money is not valued, and the resulting allocation is not Pareto optimal. However, if private agents are restricted from issuing circulating notes, there exists an equilibrium with valued fiat money that Pareto dominates the laissez faire equilibrium and is constrained Pareto optimal."^^; "1988-03"; "2018-03-13T20:49:55.660385713+00:00"^^; "https://doi.org/10.21034/wp.382"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2020-05-08T16:13:39.686465939+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "847"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "382"; "Monetary exchange", "Currency", "Fiat money", "Monetary economics", "Private information", "Free banking", "Money", "Assymetric information", "Laissez faire banking"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in _Journal of Financial Intermediation_ (vol. 2, iss. 2, June 1992, pp. 134-167), https://doi.org/10.1016/1042-9573(92)90006-Y."^^; ; "Publication" . ; .