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List of Discussion Paper Series
- No.1999-02 (Aug 1999)
- Money and Good, Liquidity and Acceptability
- Atsuyuki FUKAURA (Professor, Faculty of Economics, Nagasaki University)
- Abstract:
- This paper analyzed the differences between the single money economy and the multi-money economy where all goods in the economy perform the function of medium of exchange. We concluded that single money economy is the ultimate outcome of the process wherein the less liquid goods are excluded in turn. The most impressive finding is that moneyness, the total exchange feasibility of the economy, does not change during this exclusion process. However, the economy can attain a more efficient situation when one good supports the total moneyness and all other goods can be consumed physically or put into the production process.