Quarterly Journal of Austrian Economics
Author:
Malavika Nair
Online Publish Date:
Volume 14, Number 2; Summer 2011 Selgin (2009) questions the practicality of 100 percent reserve requirements applied to small change. He interprets the private coinage of small change in 18th century England as embodying fiduciary media and concludes that requiring 100 percent reserves would have led to very high costs. This paper provides