Gold, liquidity and secured loans in a multistage economy. I: Gold as money (Q1118513): Difference between revisions
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Revision as of 00:50, 29 February 2024
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English | Gold, liquidity and secured loans in a multistage economy. I: Gold as money |
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Gold, liquidity and secured loans in a multistage economy. I: Gold as money (English)
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1989
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The existence of active low information non-cooperative equilibria in a multistage finite and infinite horizon strategic market game is established where gold is utilized as money. Conditions for the existence of a stationary state are noted. By considering a payments time lag a natural way to define liquidity is introduced. In general if there is any non-symmetry in the lag in payments there is no close relationship between the non-cooperative equilibria (NE's) and the competitive equilibria (CE's) of the related exchange economy. The meaning of a fully secured loan is specified and the strategic market game with secured loans and an endogenous rate of interest is considered.
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existence
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low information non-cooperative equilibria
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multistage finite and infinite horizon strategic market game
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gold
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stationary state
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competitive equilibria
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exchange economy
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fully secured loan
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