Commodity money under private information

Article Abstract:

Previous research has uncovered several underlying factors behind the use of money. These include the qualitative uncertainty and impediments to exchange that may exist with a certain commodity that has been chosen to serve as a medium of exchange. These factors are considered in a model based on a 1989 model in which intrinsic properties and extrinsic beliefs account for the endogenous emergence of certain commodities as media of exchange. Use of the model shows that commodities suffering from qualitative uncertainty may still be used as media of exchange in the face of a not-so-severe private information problem.

Research, Models, Money, Uncertainty (Information theory)

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An empirical comparison of default risk forecasts from alternative credit rating philosophies

Article Abstract:

Under the proposals of the New Basel Capital Accord for the revision of minimum requirements for banks' risk capital, the measurement of credit risk and forecast probabilities of default is examined from the differences between forecasts generated by Through the Cycle and Point in Time Ratings.

Germany, Venture Analysis, Methods, Risk assessment, Comparative analysis, Credit ratings, Forecasting

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Banks, private money, and government regulation

Article Abstract:

The effect of a government's monetary regulations on bank's decision to redeem claims and on private money flows is analyzed.

Taiwan, Analysis, Interpretation and construction, Monetary policy, Bond repurchasing

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