内陆汇票:没有银行的私人货币生产+

IF 2.6 1区 历史学 Q1 ECONOMICS Explorations in Economic History Pub Date : 2023-11-03 DOI:10.1016/j.eeh.2023.101547
Gary Gorton
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引用次数: 0

摘要

我研究了1762-1850年期间482张英国内陆汇票(汇票的所有当事人都在英国)的样本。在英格兰北部的工业革命期间,内陆票据被用作交换媒介。在此期间,它们通过背书流通,承诺每个背书人的个人财富来支持票据。背书数量是衡量票据流动性/流通速度的指标。我问纸币的哪些特征与更高的速度有关。我还调查了由银行支持的票据和仅由背书人连带责任支持的其他票据是否具有不同的速度。银行支持票据比非银行支持票据更具流动性,这与Dang、Gorton和Holmström(2018)(DGH)的理论一致,即私人货币的最佳设计是债务支持的债务。
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Inland Bills of Exchange: Private Money Production without Banks+

I study a sample of 482 English inland bills of exchange (where all parties to the bill were in England) during the period 1762-1850. Inland bills were used as a medium of exchange during the Industrial Revolution in the north of England. During this period, they circulated via indorsements, committing each indorser's personal wealth to back the bill. The number of endorsements is a measure of the liquidity/velocity of the bills. I ask what bill characteristics are associated with greater velocity. I also investigate whether bills backed by banks and others backed only by the joint liability of indorsers had different velocities. Bank-backed bills were more liquid than nonbank-backed bills, consistent with the Dang, Gorton, and Holmström (2018) (DGH) theory that the optimal design of private money is debt backed by debt.

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来源期刊
CiteScore
2.50
自引率
8.70%
发文量
27
期刊介绍: Explorations in Economic History provides broad coverage of the application of economic analysis to historical episodes. The journal has a tradition of innovative applications of theory and quantitative techniques, and it explores all aspects of economic change, all historical periods, all geographical locations, and all political and social systems. The journal includes papers by economists, economic historians, demographers, geographers, and sociologists. Explorations in Economic History is the only journal where you will find "Essays in Exploration." This unique department alerts economic historians to the potential in a new area of research, surveying the recent literature and then identifying the most promising issues to pursue.
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