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Barley, Gold, or FiatToward a Pure Theory of Money$
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Thomas Quint and Martin Shubik

Print publication date: 2014

Print ISBN-13: 9780300188158

Published to Yale Scholarship Online: May 2014

DOI: 10.12987/yale/9780300188158.001.0001

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Clearinghouses, Credit, and Control

Clearinghouses, Credit, and Control

(p.137) Chapter 10 Clearinghouses, Credit, and Control
Barley, Gold, or Fiat

Thomas Quint

Martin Shubik

Yale University Press

This chapter is devoted to a discussion of payment systems, credit, and credit clearinghouses. We more fully analyze the variations on the Fisher equation as the system structure changes (as mentioned in chapter 2). That structure might change depending upon the actual transactions being talked about. Next, we diagram how trade, the legal system, and the credit market are interconnected. Finally, we present a variation of the fiat money, no-loan market of chapter 7, in which we also model credit. If there is complete credit (trust) in the market, consumption will be efficient no matter how much money the traders have.

Keywords:   clearinghouse, credit, credit evaluation, Fisher equation (equation of exchange), transaction size

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