17 Pages Posted: 18 May 2020
Date Written: March 01, 2020
This paper analyzes the evolution of money and monetary institutions in the context of the functional aspects of money. The different monetary standards in history are discussed in terms of the interplay of economic and political motives. The institutions supporting the existence, evolution and innovations of the medium of exchange, store of value and unit of account are discussed. Empirical evidence on velocity and demand for money is provided.
Keywords: Money, History, Institutions
JEL Classification: E
Suggested Citation: Suggested Citation