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Indirect Convertibility and Irving Fisher's Compensated Dollar
Ist Teil von
Journal of money, credit and banking, 1996-02, Vol.28 (1), p.130-131
Ort / Verlag
Columbus: Ohio State University Press
Erscheinungsjahr
1996
Link zum Volltext
Quelle
Alma/SFX Local Collection
Beschreibungen/Notizen
Advocates of the private issue of money by banks have proposed to solve the problem of the credibility of such an issue by having the banks commit themselves to redeeming their money in terms of a standard bundle of goods. Since it would be inconvenient for both the banks and their customers actually to deal with such bundles, the proposal has been made to have the redemption take place with an amount of gold actually worth, at prevailing market prices, as many standard bundles as the Unit denominations of the banknotes and deposits being redeemed. This system of indirect convertibility has frequently been described as similar to Irving Fisher's proposal for a compensated dollar.