[2004] Gresham’s law in the late Chosun Korea
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전용덕·김영용·양재철
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2019-11-25 19:03
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Applied Economics Letters
전용덕 & 김영용 & 양재철 - Gresham’s law in the late Chosun Korea (다운로드) |
Abstract
The issue of Gresham's law in the late Chosun Korea is addressed. Available historical records are interpreted to provide evidence that undervalued money was taken out of circulation because of both the legal tender law and Rolnick and Weber's law. Later, however, undervalued money replaced overvalued money because of the inflationary effect of the latter.
- INTRODUCTION
- HISTORICAL BACKGROUND: THE 100-CASH
- THE OPERATION OF GRESHAM’S LAW
- The game model
- Exchange under legal tender law
- Laissez-faire exchange
- INFLATIONARY CYCLE AND GRESHAM’S LAW
- CONCLUDING SUMMARY
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