Money: A Market Microstructure Approach
Copyright policy )Money: A Market Microstructure Approach
The new monetary economics predicts that deregulation and financial innovation will lead to a moneyless world. This paper uses a market microstructure approach to show that a common medium of exchange that serves as unit of account will remain a necessary instrument to reduce transaction costs. This finding is supported by empirical evidence from foreign exchange markets.
Standards, ddc:330, market microstructure theory, monetary theory, G20 - General, E44 - Financial Markets and the Macroeconomy, E42 - Monetary Systems, moneyless world, financial innovation, monetary separation, Payment Systems, Government and the Monetary System, E44, G20, Regimes, New monetary economics, monetary separation, market microstructure theory, monetary theory, moneyless world, financial innovation, E42, New monetary economics, jel: jel:E44, jel: jel:G20, jel: jel:E42
Standards, ddc:330, market microstructure theory, monetary theory, G20 - General, E44 - Financial Markets and the Macroeconomy, E42 - Monetary Systems, moneyless world, financial innovation, monetary separation, Payment Systems, Government and the Monetary System, E44, G20, Regimes, New monetary economics, monetary separation, market microstructure theory, monetary theory, moneyless world, financial innovation, E42, New monetary economics, jel: jel:E44, jel: jel:G20, jel: jel:E42
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