IDEAS home Printed from https://ideas.repec.org/p/ysm/somwrk/ysm257.html
   My bibliography  Save this paper

Money and the Monetization of Credit

Author

Listed:
  • Martin Shubik

    (School of Management)

Abstract

The relationship between money and credit is discussed in terms of network linkage. Fiat money is the only instrument with the universal recognition of its issuer. Near monies such as bank money and money substitutes such as gasoline credit cards can be classified in terms of their network links. This leads to a way of considering the velocity of money.

Suggested Citation

  • Martin Shubik, 2002. "Money and the Monetization of Credit," Yale School of Management Working Papers ysm257, Yale School of Management.
    • Handle: RePEc:ysm:somwrk:ysm257
    as

    Download full text from publisher

    File URL: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=295728
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Martin Shubik, 2000. "The Theory of Money," Working Papers 00-03-021, Santa Fe Institute.
    2. Arthur, W Brian, 1989. "Competing Technologies, Increasing Returns, and Lock-In by Historical Events," Economic Journal, Royal Economic Society, vol. 99(394), pages 116-131, March.
    3. Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-954, August.
    4. Dubey, Pradeep & Mas-Colell, Andreau & Shubik, Martin, 1980. "Efficiency properties of strategies market games: An axiomatic approach," Journal of Economic Theory, Elsevier, vol. 22(2), pages 339-362, April.
    5. Per Bak & Simon F. Norrelykke & Martin Shubik, 1998. "The Dynamics of Money," Research in Economics 98-11-102e, Santa Fe Institute.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Guido Fioretti, 2005. "Credit Rationing in a Basic Agent-Based Model," Finance 0505002, University Library of Munich, Germany.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Martin Shubik, 2007. "The Theory of Money and Financial Institutions: A Summary of a Game Theoretic Approach," The IUP Journal of Monetary Economics, IUP Publications, vol. 0(2), pages 6-26, May.
    2. E. Samanidou & E. Zschischang & D. Stauffer & T. Lux, 2001. "Microscopic Models of Financial Markets," Papers cond-mat/0110354, arXiv.org.
    3. E. Samanidou & E. Zschischang & D. Stauffer & T. Lux, 2007. "Agent-based Models of Financial Markets," Papers physics/0701140, arXiv.org.
    4. Zakaria Babutsidze & Maurizio Iacopetta, 2016. "Innovation, growth and financial markets," Journal of Evolutionary Economics, Springer, vol. 26(1), pages 1-24, March.
    5. Nagel, Kai & Shubik, Martin & Paczuski, Maya & Bak, Per, 2000. "Spatial competition and price formation," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 287(3), pages 546-562.
    6. Howitt, Peter & Clower, Robert, 2000. "The emergence of economic organization," Journal of Economic Behavior & Organization, Elsevier, vol. 41(1), pages 55-84, January.
    7. Martin Shubik & Eric Smith, 2007. "Structure, Clearinghouses and Symmetry," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 30(3), pages 587-597, March.
    8. Dubey, Pradeep & Sahi, Siddhartha & Shubik, Martin, 2018. "Money as minimal complexity," Games and Economic Behavior, Elsevier, vol. 108(C), pages 432-451.
    9. Meissner, Christopher M. & Oomes, Nienke, 2009. "Why do countries peg the way they peg? The determinants of anchor currency choice," Journal of International Money and Finance, Elsevier, vol. 28(3), pages 522-547, April.
    10. Pradeep Dubey & Siddhartha Sahi & Martin Shubik, 2014. "Minimally complex exchange mechanisms: Emergence of prices, markets, and money," Department of Economics Working Papers 14-01, Stony Brook University, Department of Economics.
    11. Thomas Quint & Martin Shubik, 2004. "A Consumable Money. An Elementary Discussion of Commodity Money, Fiat Money and Credit: Part I," Cowles Foundation Discussion Papers 1455, Cowles Foundation for Research in Economics, Yale University.
    12. Lamarche-Perrin, Alex & Orléan, André & Jensen, Pablo, 2018. "Coexistence of several currencies in presence of increasing returns to adoption," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 496(C), pages 612-619.
    13. Mengdi Song, 2018. "Network Effects of Countries’ Exchange Rate Regime Choices: A Spatial Analysis," Open Economies Review, Springer, vol. 29(5), pages 1061-1093, November.
    14. Lamarche-Perrin, Alex & Orléan, André & Jensen, Pablo, 2018. "Coexistence of several currencies in presence of increasing returns to adoption," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 496(C), pages 612-619.
    15. Alex Lamarche-Perrin & Andr'e Orl'ean & Pablo Jensen, 2018. "Coexistence of several currencies in presence of increasing returns to adoption," Papers 1801.04218, arXiv.org.
    16. Dubey, Pradeep & Sahi, Siddhartha & Shubik, Martin, 2018. "Graphical exchange mechanisms," Games and Economic Behavior, Elsevier, vol. 108(C), pages 452-465.
    17. Aggio, Gustavo de Oliveira, 2011. "Emergência de convenções sociais - Uma análise a partir da simulação de interações descentralizadas caracterizadas pela disposição a imitação de comportamento," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 65(1), March.
    18. Thomas Quint & Martin Shubik, 2015. "The demonetization of gold: transactions and the change in control," Annals of Finance, Springer, vol. 11(1), pages 109-149, February.
    19. George Selgin, 2003. "Adaptive Learning and the Transition to Fiat Money," Economic Journal, Royal Economic Society, vol. 113(484), pages 147-165, January.
    20. Chae, Suchan & Song, Jaehee, 2017. "Price competition between random and assortive matchmakers," Mathematical Social Sciences, Elsevier, vol. 90(C), pages 63-72.

    More about this item

    Keywords

    Credit; Fiat Money; Networks; Trust; Velocity;
    All these keywords.

    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ysm:somwrk:ysm257. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/smyalus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.