The Transactions Role of Financial Assets: a Survey

A critical survey of the literature examining the roles of various financial (and commodity) assets in the transactions process is undertaken. The financial assets considered include fiat money, government bonds, trade credit and bank credit. Insights from the surveyed literature are used to assess the recent tend towards the (generally ad hoc) imposition of cash constraints in monetary analyses. Some avenues for potential research, arising especially from the existing lack of satisfactory analyses of the roles bank and trade credit, are outlined.

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