Gold,liquidity and secured loans in a multistage economy |
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| Authors: | Professor Martin Shubik Professor Shontan Yao |
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| Institution: | (1) Present address: Department of Economics, Yale University, P. O. Box 2125 Yale Station, 06520 New Haven, Connecticut, USA;(2) Present address: Department of Mathematics, Jinan University, Guangzhou, China |
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| Abstract: | A multistage economy with durables with finite and with unbounded lives is considered. The importance of the existence of both asset and rental markets is considered. It is shown that without rental markets efficiency may not be achieved and a stationary state that might exist with rental markets need not exist. The meaning of the existence of a 100% backed loan is considered. The roles of gold and land as stores of value and money are considered.Research supported in part by ONR Grant N00014-86-K-0220 and by NSF Grant No. SES-8812051. |
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