This paper presents a model in which collateralized monetary loans are essential as trading instruments. Money and private debt collateralized by real assets complement each other as allocative tools in an environment with informational and commitment limitations. Public debt may play a socially beneficial role when collateral is scarce.
Ferraris, L., Mattesini, F. (2020). Money and Collateral. JOURNAL OF MONEY, CREDIT, AND BANKING, 52(7 (October 2020)), 1617-1644 [10.1111/jmcb.12724].
Money and Collateral
Ferraris, L
;
2020
Abstract
This paper presents a model in which collateralized monetary loans are essential as trading instruments. Money and private debt collateralized by real assets complement each other as allocative tools in an environment with informational and commitment limitations. Public debt may play a socially beneficial role when collateral is scarce.
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