This thesis re-examines the suspension of the gold standard rule in Britain between 1797 and 1821 within the framework of the theory of credible and time consistent monetary policy. By combining both historical and theoretical analysis the thesis challenges the prevailing theory…
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In three essays, I consider the monetary system of Somalia. The first chapter challenges the notion that positively valued fiat money cannot exist after the sovereign disappears. Economists commonly invoke sovereign powers to explain the acceptance of unbacked paper money at a p…