caa a22 4500 397544871 CHVBK 20180308164736.0 cr unu---uuuuu 161202e199610 xx s 000 0 eng 10.2307/2297797 doi (NATIONALLICENCE)oxford-10.2307/2297797 Shi Shouyong Queen's University Credit and Money in a Search Model with Divisible Commodities [Elektronische Daten] [Shouyong Shi] This paper examines the competition between money and credit in a search model with divisible commodities. It is shown that fiat money can be valuable even though it yields a lower rate of return than the coexisting credit. The competition between money and credit increases efficiency. The monetary equilibrium with credit Pareto dominates the monetary equilibrium without credit whenever the two coexist. When a credit is repaid with money, the competition also bounds the purchasing power of money from below by that of credit and so eliminates the weak inefficient monetary equilibrium found in previous search models. With numerical examples, three different monetary equilibria are ranked and the properties of the interest rate are examined. © 1996 The Review of Economic Studies Limited The Review of Economic Studies Wiley-Blackwell 63/4(1996-10), 627-652 0034-6527 63:4<627 1996 63 restud https://doi.org/10.2307/2297797 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.2307/2297797 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Shi Shouyong Queen's University NATIONALLICENCE 773 0- The Review of Economic Studies Wiley-Blackwell 63/4(1996-10), 627-652 0034-6527 63:4<627 1996 63 restud Metadata rights reserved CC BY-NC-4.0 http://creativecommons.org/licenses/by-nc/4.0 nationallicence SWISSBIB 217160565 BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-oxford