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文章基本信息

  • 标题:Reconsidering Colonial Maryland’s Bills of Credit 1767–1775
  • 本地全文:下载
  • 作者:Ronald W. Michener
  • 期刊名称:Econ Journal Watch
  • 印刷版ISSN:1933-527X
  • 电子版ISSN:1933-527X
  • 出版年度:2018
  • 卷号:15
  • 期号:2
  • 页码:158-167
  • 出版社:Institute of Spontaneous Order Economics
  • 摘要:

    In the Economic History Review , James Celia and Farley Grubb (2016) liken colonial Maryland’s dollar-denominated bills of credit to discount securities, circulating at less than their face value. This note argues that the bills in question circulated at par with specie and were treated as interchangeable with specie dollars. Celia and Grubb arrive at their conclusion by misstating the par of exchange.

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