Money - Knowledge

1868: 1513: 464: 1690: 40: 1505: 1375:". For example, between two parties in a barter system, one party may not have or make the item that the other wants, indicating the non-existence of the coincidence of wants. Having a medium of exchange can alleviate this issue because the former can have the freedom to spend time on other items, instead of being burdened to only serve the needs of the latter. Meanwhile, the latter can use the medium of exchange to seek for a party that can provide them with the item they want. 2448:, and many others. It turned out, however, that maintaining a monetary policy strategy of targeting the money supply did not work very well: The relation between money growth and inflation was not as tight as expected by monetarist theory, and the short-run relation between the money supply and the interest rate, which is the chief instrument through which the cental bank can influence output and inflation, was unreliable. Both problems were due to unpredictable shifts in the 4565: 1353:: its role as a store of value requires holding it without spending, whereas its role as a medium of exchange requires it to circulate. Others argue that storing of value is just deferral of the exchange, but does not diminish the fact that money is a medium of exchange that can be transported both across space and time. The term "financial capital" is a more general and inclusive term for all liquid instruments, whether or not they are a uniformly recognized tender. 1802: 4793: 2625: 1223: 4579: 4553: 2461: 2113: 1235: 2151: 1524: 4537: 1997: 2125:: keeping gold and silver paid but paying out in notes. This did not happen all around the world at the same time, but occurred sporadically, generally in times of war or financial crisis, beginning in the early part of the 20th century and continuing across the world until the late 20th century, when the regime of floating fiat currencies came into force. One of the last countries to break away from the 425:. The U.S. dollar was in turn fixed to gold. In 1971 the U.S. government suspended the convertibility of the dollar to gold. After this many countries de-pegged their currencies from the U.S. dollar, and most of the world's currencies became unbacked by anything except the governments' fiat of legal tender and the ability to convert the money into goods via payment. According to proponents of 218: 4462:

we accept as full payment in exchange for goods. The two main third parties whose promises we accept are the government and the banks ... money ... is not backed by anything physical, and instead relies on trust. Of course, that trust can be abused ... we continue to ignore the main game: what the banks do (for good and for ill) that really drives the economy."

331: 1934: 2194:. Commercial bank money differs from commodity and fiat money in two ways: firstly it is non-physical, as its existence is only reflected in the account ledgers of banks and other financial institutions, and secondly, there is some element of risk that the claim will not be fulfilled if the financial institution becomes insolvent. 1456:, money must be able to be reliably saved, stored, and retrieved—and be predictably usable as a medium of exchange when it is retrieved. The value of the money must also remain stable over time. Some have argued that inflation, by reducing the value of money, diminishes the ability of the money to function as a store of value. 2286: 1393:(in economics) is a standard numerical monetary unit of measurement of the market value of goods, services, and other transactions. Also known as a "measure" or "standard" of relative worth and deferred payment, a unit of account is a necessary prerequisite for the formulation of commercial agreements that involve debt. 2225:- factors which the central bank can influence, but not control completely. Contemporary central banks generally do not control the creation of money, nor do they try to, though their interest rate-setting monetary policies naturally affect the amount of loans and deposits that commercial banks create. 2075:

However, these advantages are held within their disadvantages. First, since a note has no intrinsic value, there was nothing to stop issuing authorities from printing more of it than they had specie to back it with. Second, because it increased the money supply, it increased inflationary pressures, a

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Fiat money or fiat currency is money whose value is not derived from any intrinsic value or guarantee that it can be converted into a valuable commodity (such as gold). Instead, it has value only by government order (fiat). Usually, the government declares the fiat currency (typically notes and coins

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in 1661. Sweden was rich in copper, thus, because of copper's low value, extraordinarily big coins (often weighing several kilograms) had to be made. The advantages of paper currency were numerous: it reduced transport of gold and silver, and thus lowered the risks; it made loaning gold or silver at

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In most countries, the majority of money is mostly created as M1/M2 by commercial banks making loans. Contrary to some popular misconceptions, banks do not act simply as intermediaries, lending out deposits that savers place with them, and do not depend on central bank money (M0) to create new loans

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argues, "Banks create money by issuing a loan to a borrower; they record the loan as an asset, and the money they deposit in the borrower's account as a liability. This, in one way, is no different to the way the Federal Reserve creates money ... money is simply a third party's promise to pay which

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In most major economies using coinage, copper, silver, and gold formed three tiers of coins. Gold coins were used for large purchases, payment of the military, and backing of state activities. Silver coins were used for midsized transactions, and as a unit of account for taxes, dues, contracts, and

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These factors led to the shift of the store of value being the metal itself: at first silver, then both silver and gold, and at one point there was bronze as well. Now we have copper coins and other non-precious metals as coins. Metals were mined, weighed, and stamped into coins. This was to assure

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of an economy. In other words, the money supply is the number of financial instruments within a specific economy available for purchasing goods or services. Since the money supply consists of various financial instruments (usually currency, demand deposits, and various other types of deposits), the

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The definition of money says it is money only "in a particular country or socio-economic context". In general, communities only use a single measure of value, which can be identified in the prices of goods listed for sale. There might be multiple media of exchange, which can be observed by what is

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salt industry. The Song government granted several shops the sole right to issue banknotes, and in the early 12th century the government finally took over these shops to produce state-issued currency. Yet the banknotes issued were still regionally valid and temporary; it was not until the mid 13th

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says that "bad money drives out good". That is, when buying a good, a person is more likely to pass on less-desirable items that qualify as "money" and hold on to more valuable ones. For example, coins with less silver in them (but which are still valid coins) are more likely to circulate in the

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Fiat money, if physically represented in the form of currency (paper or coins), can be accidentally damaged or destroyed. However, fiat money has an advantage over representative or commodity money, in that the same laws that created the money can also define rules for its replacement in case of

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could not keep up with the growth of the economy, gold became relatively more valuable, and prices (denominated in gold) would drop, causing deflation. Deflation was the more typical situation for over a century when gold and paper money backed by gold were used as money in the 18th and 19th

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in the 18th century. The result is that paper money would often lead to an inflationary bubble, which could collapse if people began demanding hard money, causing the demand for paper notes to fall to zero. The printing of paper money was also associated with wars, and financing of wars, and

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or other physical tokens such as certificates, that can be reliably exchanged for a fixed quantity of a commodity such as gold or silver. The value of representative money stands in direct and fixed relation to the commodity that backs it, while not itself being composed of that commodity.

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The development of computer technology in the second part of the twentieth century allowed money to be represented digitally. By 1990, in the United States all money transferred between its central bank and commercial banks was in electronic form. By the 2000s most money existed as

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withdrawal without giving the bank or financial institution any prior notice. Banks have the legal obligation to return funds held in demand deposits immediately upon demand (or 'at call'). Demand deposit withdrawals can be performed in person, via checks or bank drafts, using

1651:"Market liquidity" describes how easily an item can be traded for another item, or into the common currency within an economy. Money is the most liquid asset because it is universally recognized and accepted as a common currency. In this way, money gives consumers the 1568:

under $ 100,000; M3 is M2 plus larger time deposits and similar institutional accounts. M1 includes only the most liquid financial instruments, and M3 relatively illiquid instruments. The precise definition of M1, M2, etc. may be different in different countries.

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and the attempt to create a bimetallic standard where both gold and silver backed currency remained in circulation occupied the efforts of inflationists. Governments at this point could use currency as an instrument of policy, printing paper currency such as the

1720:. Commodity money value comes from the commodity out of which it is made. The commodity itself constitutes the money, and the money is the commodity. Examples of commodities that have been used as mediums of exchange include gold, silver, copper, rice, 1344:

There have been many historical disputes regarding the combination of money's functions, some arguing that they need more separation and that a single unit is insufficient to deal with them all. One of these arguments is that the role of money as a

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Counterfeit money is imitation currency produced without the legal sanction of the state or government. Producing or using counterfeit money is a form of fraud or forgery. Counterfeiting is almost as old as money itself. Plated copies (known as

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of the financial instrument used as money. The most commonly used monetary aggregates (or types of money) are conventionally designated M1, M2, and M3. These are successively larger aggregate categories: M1 is currency (coins and bills) plus

3314: 1724:, salt, peppercorns, large stones, decorated belts, shells, alcohol, cigarettes, cannabis, candy, etc. These items were sometimes used in a metric of perceived value in conjunction with one another, in various commodity valuation or 2452:. Consequently, starting in the early 1990s a fundamental reorientation took place in most major central banks, starting to target inflation directly instead of the money supply and using the interest rate as their main instrument. 2060:

interest easier since the specie (gold or silver) never left the possession of the lender until someone else redeemed the note; and it allowed for a division of currency into credit and specie backed forms. It enabled the sale of

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Some places do maintain two or more currencies, particularly in border towns or high-travel areas. Shops in these locations might list prices and accept payment in multiple currencies. Otherwise, foreign currency is treated as a

2560:, the most prevalent method of counterfeiting involved mixing base metals with pure gold or silver. A form of counterfeiting is the production of documents by legitimate printers in response to fraudulent instructions. During 405:

where the medium of exchange are paper notes that are convertible into pre-set, fixed quantities of gold, replaced the use of gold coins as currency in the 17th–19th centuries in Europe. These gold standard notes were made

2085:. For these reasons, paper currency was held in suspicion and hostility in Europe and America. It was also addictive since the speculative profits of trade and capital creation were quite large. Major nations established 370:

that had been used since the 7th century. However, they did not displace commodity money and were used alongside coins. In the 13th century, paper money became known in Europe through the accounts of travellers, such as

2360:, high unemployment, shortages of imported goods, inability to export goods, and even total monetary collapse and the adoption of a much less efficient barter economy. This happened in Russia, for instance, after the 1853:(U.S. fiat money) if at least half of the physical note can be reconstructed, or if it can be otherwise proven to have been destroyed. By contrast, commodity money that has been lost or destroyed cannot be recovered. 260:-like methods may date back to at least 100,000 years ago, though there is no evidence of a society or economy that relied primarily on barter. Instead, non-monetary societies operated largely along the principles of 2592:

Money laundering is the process in which the proceeds of crime are transformed into ostensibly legitimate money or other assets. However, in several legal and regulatory systems the term money laundering has become

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which are thought to be among the first western coins. Historically, objects that were difficult to counterfeit (e.g. shells, rare stones, precious metals) were often chosen as money. Before the introduction of

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By 1900, most of the industrializing nations were on some form of a gold standard, with paper notes and silver coins constituting the circulating medium. Private banks and governments across the world followed

410:, and redemption into gold coins was discouraged. By the beginning of the 20th century, almost all countries had adopted the gold standard, backing their legal tender notes with fixed amounts of gold. 3961: 1426:, in those jurisdictions which have this concept, states that it may function for the discharge of debts. When debts are denominated in money, the real value of debts may change due to inflation and 2166:

are claims against financial institutions that can be used for the purchase of goods and services. A demand deposit account is an account from which funds can be withdrawn at any time by check or

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defines the word "fiat" to mean "a short order or warrant of a Judge or magistrate directing some act to be done; an authority issuing from some competent source for the doing of some legal act"

3324: 2109:, to pay for military expenditures. They could also set the terms at which they would redeem notes for specie, by limiting the amount of purchase, or the minimum amount that could be redeemed. 2527:

The money used by a community does not have to be a currency issued by a government. A famous example of community adopting a new form of money is prisoners-of-war using cigarettes to trade.

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Money acts as a standard measure and a common denomination of trade. It is thus a basis for quoting and bargaining of prices. It is necessary for developing efficient accounting systems like

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When gold and silver were used as money, the money supply could grow only if the supply of these metals was increased by mining. This rate of increase would accelerate during periods of

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Economists employ different ways to measure the stock of money or money supply, reflected in different types of monetary aggregates, using a categorization system that focuses on the

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period because there was virtually no new gold, silver, or copper introduced through mining or conquest. Thus the overall ratios of the three coinages remained roughly equivalent.

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given to purchase goods ("medium of exchange"), etc. In most countries, the government acts to encourage a particular forms of money, such as requiring it for taxes and punishing

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The Travels of Marco Polo, a Venetian, in the Thirteenth Century: Being a Description, by that Early Traveller, of Remarkable Places and Things, in the Eastern Parts of the World

3655: 148:). Bank money, whose value exists on the books of financial institutions and can be converted into physical notes or used for cashless payment, forms by far the largest part of 3493:, 1981), trans. H. E. Batson. Ch.3 Part One: The Nature of Money, Chapter 3: The Various Kinds of Money, Section 3: Commodity Money, Credit Money, and Fiat Money, Paragraph 25. 1629:

Bank money, whose value exists on the books of financial institutions and can be converted into physical notes or used for cashless payment, forms by far the largest part of

3927: 3890: 1744:, there is no record of their face value on either side of the coin. The rationale for this is that emphasis is laid on their direct link to the prevailing value of their 1418:

is distinguished by some texts, particularly older ones, other texts subsume this under other functions. A "standard of deferred payment" is an accepted way to settle a

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against a major currency with a stable inflation rate. In some cases, the central bank may pursue various supplementary goals. For example, it is clearly stated in the

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of a country. It is measured as currency plus deposits of banks and other institutions at the central bank. M0 is also the only money that can satisfy the

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The functions of money are that it is a medium of exchange, a unit of account, and a store of value. To fulfill these various functions, money must be:

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with other forms of financial crime, and sometimes used more generally to include misuse of the financial system (involving things such as securities,

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century that a standard and uniform government issue of paper money was made into an acceptable nationwide currency. The already widespread methods of

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the individual taking the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but they also created a new

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Modern-day monetary systems are based on fiat money and are no longer tied to the value of gold. The amount of money in the economy is influenced by

1622:(M1/M2) is the money created by private banks through the recording of loans as deposits of borrowing clients, with partial support indicated by the 2100:

between the two grew over the 19th century, with the increase both in the supply of these metals, particularly silver, and of trade. This is called

1265: 109:; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the 390: 2436:

should be the primary means of regulating economic activity. The stability of the demand for money prior to the 1980s was a key finding of

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weight of the metal, and thus the value of a coin could be determined, even if it had been shaved, debased or otherwise tampered with (see

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This couplet would later become widely popular in macroeconomics textbooks. Most modern textbooks now list only three functions, that of

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was created during the 7th–12th centuries on the basis of the expanding levels of circulation of a stable high-value currency (the

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that can fulfill the functions of money (detailed above). These financial instruments together are collectively referred to as the

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A failed monetary policy can have significant detrimental effects on an economy and the society that depends on it. These include

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in bank databases. In 2012, by number of transaction, 20 to 58 percent of transactions were electronic (dependent on country).

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deposited. Eventually, these receipts became generally accepted as a means of payment and were used as money. Paper money or

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at Rome was the place where the mint of Ancient Rome was located. The name "Juno" may have derived from the Etruscan goddess

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should seek "to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates."

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Monetary policy strategies have changed over time. Some of the tools used to conduct contemporary monetary policy include:

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from shops of wholesalers, notes that were valid for temporary use in a small regional territory. In the 10th century, the

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A Law Dictionary Containing Definitions Of The Terms And Phrases Of American And English Jurisprudence, Ancient And Modern

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and "Moneta" either from the Latin word "monere" (remind, warn, or instruct) or the Greek word "moneres" (alone, unique).

5202: 5125: 4458: 4413: 4080: 2501: 350:. This occurred because gold and silver merchants or banks would issue receipts to their depositors, redeemable for the 4475: 3637: 3188: 2515:

The money used by a community can change on a smaller scale. This can come through innovation, such as the adoption of

936: 784: 4388: 3619: 3302: 2895: 1512: 1341:, not considering a standard of deferred payment as a distinguished function, but rather subsuming it in the others. 391:

How the Great Kaan Causeth the Bark of Trees, Made Into Something Like Paper, to Pass for Money All Over his Country

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influences the economy to achieve specific goals. Often, the goal of monetary policy is to maintain low and stable

877: 2500:. This can happen intentionally, when a government issues a new currency. For example, when Brazil moved from the 1805:

Gold coins are an example of legal tender that are traded for their intrinsic value, rather than their face value.

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economies. The use of commodity money is similar to barter, but a commodity money provides a simple and automatic

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because of their high quality and likeness to the real U.S. dollar. There has been significant counterfeiting of

1251: 2016:). Innovations introduced by economists, traders and merchants of the Muslim world include the earliest uses of 1818:, making it unlawful not to accept the fiat currency as a means of repayment for all debts, public and private. 6238: 5636: 3846: 3485: 3416: 2089:

to print money and mint coins, and branches of their treasury to collect taxes and hold gold and silver stock.

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fealty, while copper coins represented the coinage of common transaction. This system had been used in ancient

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banknotes and coins since the launch of the currency in 2002, but considerably less than for the U.S. dollar.

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theory presents the process of creating commercial bank money as a multiple (greater than 1) of the amount of

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printing by the 11th century was the impetus for the massive production of paper money in premodern China.

1409: 1305: 921: 909: 429:, fiat money is also backed by taxes. By imposing taxes, states create demand for the currency they issue. 79: 4583: 4569: 4482: 2907: 1948:, the need for credit and for circulating a medium that was less of a burden than exchanging thousands of 6228: 6183: 6164: 5741: 5586: 5552: 5537: 5516: 5511: 4487: 4435: 3363: 811: 641: 565: 493: 2190:, while the banks maintain an obligation to redeem all these deposits upon demand - a practise known as 1371:. It thereby avoids the inefficiencies of a barter system, such as the inability to permanently ensure " 1367:

When money is used to intermediate the exchange of goods and services, it is performing a function as a

268:. When barter did in fact occur, it was usually between either complete strangers or potential enemies. 66:, in a particular country or socio-economic context. The primary functions which distinguish money are: 6158: 5734: 5424: 5414: 4624: 4523: 4195: 2330: 2191: 931: 914: 794: 180:, one of Rome's seven hills. In the ancient world, Juno was often associated with money. The temple of 2568:

forged British pounds and American dollars. Today some of the finest counterfeit banknotes are called

5304: 3605: 2414: 1717: 816: 385: 4509:, "The Invention of Money: How the heresies of two bankers became the basis of our modern economy", 4222:

Money and Macroeconomics: The Selected Essays of David Laidler (Economists of the Twentieth Century)

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amount of money in an economy is measured by adding together these financial instruments creating a

6188: 6134: 5877: 5832: 5671: 5542: 5419: 5021: 4959: 2172: 1892: 1694: 1397: 1005: 970: 806: 418: 5892: 5842: 5676: 5666: 5656: 5646: 5384: 5374: 5334: 5324: 5197: 5118: 2669: 2610: 2490: 975: 897: 892: 864: 447: 121: 3338: 6012: 5857: 5717: 5660: 5616: 5579: 5329: 5269: 5244: 5214: 5187: 5080: 5009: 4969: 4545: 4169:"An International Perspective on Monetary Policy Implementation Systems | Bulletin – June 2022" 3791: 3211: 2739: 1826: 1811: 1771: 1283: 1207: 958: 774: 769: 754: 721: 580: 31: 17: 4057: 3155: 3048: 6144: 5827: 5802: 5787: 5761: 5700: 5379: 5319: 5299: 5294: 5063: 4492: 2863: 2855: 2797: 2729: 2508:. It can also happen spontaneously, when the people refuse to accept a currency experiencing 2497: 2406: 2378: 2065: 2029: 1504: 1047: 1022: 926: 859: 585: 548: 526: 521: 137: 4357: 4340: 3783: 2186:(held as cash and other highly liquid assets) typically constitute only a fraction of their 6193: 5897: 5641: 5611: 5564: 5527: 5453: 5404: 5369: 5309: 5274: 5209: 5192: 4942: 4762: 3388: 3290: 2719: 2694: 2302: 1850: 1775: 1765: 1581: 1536: 1372: 965: 779: 624: 422: 347: 110: 5142: 3580: 1689: 8: 6123: 5932: 5751: 5651: 5631: 5591: 5547: 5532: 5488: 5429: 5354: 5344: 5314: 5237: 5090: 3956: 3319: 2639: 2602: 2391: 2334: 2326: 2268: 2214: 2045: 1830: 1749: 1745: 1471:: its individual units must be capable of mutual substitution (i.e., interchangeability). 1175: 1052: 887: 849: 590: 553: 426: 132:

currently issued) and, depending on the particular definition used, one or more types of

5792: 5224: 2980:"The Myth of the Myth of the Myth of Barter and the Return of the Armchair Ethnologists" 1956:. This economic phenomenon was a slow and gradual process that took place from the late 1012: 6178: 6149: 6107: 5912: 5621: 5601: 5569: 5483: 5478: 5458: 5409: 5349: 5339: 5284: 5279: 5111: 4852: 4647: 4370: 4300: 4220: 3779: 3757: 3741: 3502: 3490: 2704: 2338: 2247:

Anonymous digital currencies were developed in the early 2000s. Early examples include

2106: 2005: 1982: 1362: 1346: 1330: 1288: 1127: 854: 821: 759: 438: 376: 67: 55: 3205: 2387:, i.e. publishing forecasts to communicate the likely future course of monetary policy 6233: 6042: 6017: 5927: 5807: 5695: 5498: 5434: 5399: 5389: 5259: 5085: 5031: 4994: 4879: 4842: 4602: 4464: 4374: 4362: 4292: 4251: 4226: 4199: 4086: 4079:

Department, International Monetary Fund Monetary and Capital Markets (26 July 2023).

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During the 1970s and 1980s monetary policy in several countries was influenced by an

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at which the central bank loans money to (or borrows money from) the commercial banks

1879: 1202: 1190: 1147: 992: 987: 711: 636: 363: 39: 5967: 3858: 3545: 1612:(M0) is the cash created by a Central Bank by minting coins and printing banknotes. 1062: 101:. Its value is consequently derived by social convention, having been declared by a 6092: 6037: 6022: 6007: 5992: 5922: 5902: 5882: 5837: 5444: 5394: 5364: 5359: 5249: 5175: 5068: 5053: 4998: 4949: 4911: 4901: 4592:, BBC Radio 4 discussion with Niall Ferguson, Richard J. Evans and Jane Humphries ( 4352: 4284: 3854: 3842: 3725: 3667: 3010: 2770: 2714: 2659: 2598: 2587: 2520: 2449: 2384: 2267:

in 2008, which introduced the concept of a decentralised currency that requires no

2241: 2198: 2122: 2097: 2017: 2009: 1945: 1937: 1667: 1663: 1646: 1585: 1552: 1137: 1122: 648: 619: 607: 597: 533: 513: 483: 478: 394: 367: 212: 173: 5972: 3949:"The role of banks, non- banks and the central bank in the money creation process" 3028: 6203: 6097: 6062: 6027: 5962: 5887: 5872: 5766: 5722: 5559: 5493: 5468: 5463: 5439: 5170: 5155: 5048: 4976: 4906: 4884: 4857: 4683: 4655: 4506: 4120: 4113: 3922: 3531: 3509: 3035: 2984: 2806: 2644: 2486: 2465: 2437: 2418: 2398: 2314: 2305:. This caused inflation, as the value of gold went down. However, if the rate of 2280: 2218: 2210: 2133: 2049: 2025: 1969: 1888: 1729: 1701: 1684: 1561: 1384: 1334: 1297: 1239: 1142: 1102: 1082: 948: 749: 744: 739: 706: 678: 538: 402: 351: 343: 272: 185: 141: 90: 71: 3989: 6243: 6223: 6117: 6102: 6067: 6052: 6032: 6002: 5822: 5473: 5182: 5150: 5075: 5058: 5043: 4689: 4511: 4441: 2749: 2734: 2689: 2674: 2509: 2505: 2469: 2349: 2187: 2176: 2163: 2155: 2145: 1908: 1875: 1849:

damage or destruction. For example, the U.S. government will replace mutilated

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Modern money theory: a primer on macroeconomics for sovereign monetary systems

1032: 6217: 6082: 6072: 6047: 5987: 5982: 5977: 5957: 5947: 5917: 5907: 5812: 5712: 5685: 5449: 4733: 4541: 4366: 4296: 3753: 3737: 3687: 3679: 3671: 2445: 2441: 2410: 2372: 2285: 2234: 2202: 2183: 2126: 2082: 2037: 1912: 1822: 1132: 1117: 1092: 1077: 1072: 1067: 1042: 1037: 701: 663: 560: 398: 145: 4589: 4318: 3108: 2942: 1964:(960–1279). It began as a means for merchants to exchange heavy coinage for 6112: 6057: 5952: 5942: 5937: 5862: 5707: 5232: 5160: 4964: 4954: 4891: 4798: 4011: 3260: 3050:

Toward an anthropological theory of value: the false coin of our own dreams

2962: 2679: 2630: 2561: 2552: 2433: 2409:. Other central banks with a significant impact on global finances are the 2318: 2206: 2132:

No country anywhere in the world today has an enforceable gold standard or

2093: 1990: 1973: 1961: 1957: 1834: 1815: 1741: 1725: 1577: 1565: 1540: 1517: 1499: 1423: 1227: 1152: 1097: 1057: 844: 716: 683: 673: 631: 508: 503: 414: 407: 380: 359: 280: 261: 229: 117: 106: 4557: 3424: 3183:. Houndmills, Basingstoke, Hampshire: Palgrave Macmillan. pp. 45–50. 1716:, beads, etc., as well as many other things that are thought of as having 291:

circa 3000 BC. Societies in the Americas, Asia, Africa and Australia used

6087: 6077: 5867: 5746: 5690: 5165: 4864: 4818: 4770: 4717: 4712: 3891:"Teaching the Linkage Between Banks and the Fed: R.I.P. Money Multiplier" 3815: 3007:"What is Debt? – An Interview with Economic Anthropologist David Graeber" 2724: 2606: 2570: 2353: 2306: 2101: 2086: 1977: 1953: 1900: 1783: 1709: 1630: 1468: 1435: 1157: 668: 653: 320: 292: 288: 245: 181: 149: 4564: 1801: 193: 5997: 5797: 5574: 5026: 5014: 4814: 4671: 4665: 4454: 4304: 4272: 3745: 2594: 2429: 2077: 1842: 1796: 1779: 1753: 1737: 1733: 1670:

between the prices to buy and sell the instrument being used as money.

1573: 1474: 1431: 1087: 1017: 953: 904: 372: 177: 102: 94: 4250:(Eighth, global ed.). Harlow, England: Pearson. p. 505-507. 3889:

Ihrig, Jane; Weinbach, Gretchen C.; Wolla, Scott A. (September 2021).

2548: 2524:

community. This may effectively change the money used by a community.

1976:

government began circulating these notes amongst the traders in their

5847: 5777: 5134: 5004: 4616: 4189: 4082:

Annual Report on Exchange Arrangements and Exchange Restrictions 2022

2709: 2557: 2425: 2357: 2322: 2298: 2294: 2222: 1838: 1427: 1185: 1027: 658: 543: 498: 355: 316: 308: 241: 233: 98: 4288: 2489:

in the local market. Foreign currency is commonly bought or sold on

5626: 4874: 4832: 4827: 4694: 2460: 2402: 2252: 1986: 1928: 1916: 1896: 1895:

provided the next link: coins could now be easily tested for their

1659: 1422:—a unit in which debts are denominated, and the status of money as 1314:. By 1919, Jevons's four functions of money were summarized in the 279:

was a unit of weight, and relied on the mass of something like 160

225: 125: 4578: 4142:"Federal Reserve Board - Historical Approaches to Monetary Policy" 2112: 4552: 3790:. Upper Saddle River, New Jersey: Pearson Prentice Hall. p. 2664: 2264: 2260: 1965: 1845:(which is usually only a small fraction of their bullion value). 1652: 1602:

In current economic systems, money is created by two procedures:

1315: 312: 237: 51: 4339:

Gourinchas, Pierre-Olivier; Rey, Hélène; Sauzet, Maxime (2019).

2150: 1523: 421:, most countries adopted fiat currencies that were fixed to the 4937: 4896: 4847: 4739: 4706: 4536: 2967:

The Gift: The Form and Reason for Exchange in Archaic Societies

2516: 2069: 2056: 2033: 2021: 1996: 1871: 1721: 1713: 1528: 1234: 284: 276: 271:

Many cultures around the world eventually developed the use of

257: 222: 50:

is any item or verifiable record that is generally accepted as

3916:

McLeay, Michael; Radia, Amar; Thomas, Ryland (14 March 2014).

3716:

Labib, Subhi Y. (March 1969). "Capitalism in Medieval Islam".

3295:

Money: Understanding and Creating Alternatives to Legal Tender

1732:

for the commodity which is being used as money. Although some

191:

In the Western world a prevalent term for coin-money has been

93:; nearly all contemporary money systems are based on unbacked 4745: 3297:, White River Junction, Vt: Chelsea Green Publishing (2001). 2565: 2496:

Communities can change the money they use, which is known as

2478: 2248: 2061: 2013: 1655:

to trade goods and services easily without having to barter.

826: 324: 296: 249: 63: 5103: 4601: 2401:

is responsible for conducting monetary policy, while in the

2301:

and brought back gold and silver to Spain, or when gold was

323:. It is thought by modern scholars that these first stamped 248:. It is thought by modern scholars that these first stamped 4916: 4869: 4700: 4677: 4412:

Brzezinski, Adam; Palma, Nuno; Velde, François R. (2024). "

3131:

History of the weksel: Bill of exchange and promissory note

2575: 2182:

Commercial bank money is created by commercial banks whose

2167: 2116:

Banknotes of different currencies with a face value of 5000

2041: 1949: 1862: 1419: 265: 172:. The Latin word is believed to originate from a temple of 129: 59: 3040: 2213:

of banks imposed by financial regulators (e.g., potential

330: 4751: 4124: 4060:. International Monetary Funds, Finance & Development 2777:(Alternate ed.). Boston: Addison Wesley. p. 8. 1933: 217: 3578: 3460:"Money creation in the modern economy | Bank of England" 1626:. Currently, bank money is created as electronic money. 1486:

Acceptable: most people must accept the money as payment

3626:. Vol. 13, no. 5. New York Media. p. 34. 2820:"money : The New Palgrave Dictionary of Economics" 2297:

and discoveries, such as when Columbus traveled to the

2263:. Not much innovation occurred until the conception of 1752:

are imprinted with their gold content and legal tender

3774: 2775:

The Economics of Money, Banking, and Financial Markets

2096:, and accepted by governments for taxes. However, the 1286:

famously analyzed money in terms of four functions: a

397:

in 1661 and were again also used alongside coins. The

4446:

The Ascent of Money: A Financial History of the World

3656:"Islam, the Mediterranean and the Rise of Capitalism" 2886:

D'Eprio, Peter & Pinkowish, Mary Desmond (1998).

2862:(6th ed.). New York: Worth Publishers. pp. 2601:, credit cards, and traditional currency), including 4788: 2620: 4338: 2512:(even if its use is encouraged by the government). 1833:are legal tender, however, they trade based on the 1508:

Money Base, M1 and M2 in the U.S. from 1981 to 2012

4389:"Counterfeiting statistics for several currencies" 3888: 3572: 3106: 2940: 2154:A check, used as a means of converting funds in a 2092:At this time both silver and gold were considered 1778:". Representative money is money that consists of 1572:Another measure of money, M0, is also used. M0 is 1489:Scarce: its supply in circulation must be limited. 4612:. Vol. 18 (11th ed.). pp. 694–708. 4341:"The International Monetary and Financial System" 4028: 3915: 3583:. Department of Economics, University of Michigan 3581:"Deardorff's Glossary of International Economics" 3358: 3356: 379:. Marco Polo's account of paper money during the 6215: 4192:Monetary History of the United States, 1867–1960 4190:Milton Friedman; Anna Jacobson Schwartz (1971). 4146:Board of Governors of the Federal Reserve System 4129:Board of Governors of the Federal Reserve System 3254: 3252: 1576:, or the amount of money actually issued by the 1430:, and for sovereign and international debts via 3822:(11th ed.), Worth Publishers, p. 82, 2055:In Europe, paper money was first introduced in 1403: 4381: 3353: 2209:, the multiple itself being a function of the 315:were the first people to introduce the use of 240:were the first people to introduce the use of 5119: 4632: 4414:Understanding Money Using Historical Evidence 4218: 3520: 3518: 3249: 3046: 1259: 4273:"The Economic Organisation of a P.O.W. Camp" 3638:Shredded & Mutilated: Mutilated Currency 3258: 2081:therefore regarded as part of maintaining a 1915:. In Europe, this system worked through the 1516:Printing paper money at a printing press in 393:." Banknotes were first issued in Europe by 167: 4167:Baker, Nick; Rafter, Sally (16 June 2022). 4166: 3617: 3267:(5th ed.). Pearson. pp. 266–269. 1560:(such as checking accounts); M2 is M1 plus 198: 161: 160:The word money derives from the Latin word 5126: 5112: 4639: 4625: 4485:. I've Always Wondered... (story series). 4078: 3594: 3515: 3395:. The Disinformation Company. p. 37. 3238: 3236: 3207:The economic foundations of reconstruction 3153: 3147: 3128: 2685:Intelligent banknote neutralisation system 1280:Money and the Mechanism of Exchange (1875) 1266: 1252: 4515:, 5 & 12 August 2019, pp. 28–31. 4356: 4245: 2809:By John N. Smithin. Retrieved July-17-09. 1774:described the money used at the time as " 1483:Portable: easily carried and transported. 1325:A Medium, a Measure, a Standard, a Store. 383:is the subject of a chapter of his book, 4599: 3851:The New Palgrave Dictionary of Economics 3841: 3835: 3711: 3709: 3286: 3284: 3197: 3053:. Palgrave Macmillan. pp. 153–154. 2888:What Are the Seven Wonders of the World? 2846: 2844: 2842: 2840: 2824:The New Palgrave Dictionary of Economics 2459: 2284: 2228: 2149: 2111: 1995: 1932: 1866: 1800: 1688: 1658:Liquid financial instruments are easily 1522: 1511: 1503: 329: 287:. The first usage of the term came from 216: 38: 4483:"How Much Money Is There in the World?" 4480: 4358:10.1146/annurev-economics-080217-053518 4270: 4058:"Inflation Targeting: Holding the Line" 3853:. Palgrave Macmillan UK. pp. 1–5. 3447:A Primer on Money and Banking, and Gold 3233: 3224: 3218: 2769: 14: 6216: 4646: 4522:(2009). by a cultural anthropologist. 4481:Hartman, Mitchell (October 30, 2017). 4459:"What Is Money and How Is It Created?" 4029:Wallace, Benjamin (23 November 2011). 3918:"Money creation in the modern economy" 3814: 3653: 3647: 3543: 3537: 3203: 2850: 1527:A person counts a bundle of different 576:Measures of national income and output 5107: 5005:Commodity theory of money (Metallism) 4620: 4131:, (2005-07-05). Retrieved 2007-05-15. 3715: 3706: 3477: 3387: 3281: 2837: 2381:including currency purchases or sales 1356: 4319:"A Case for the World's Oldest Coin" 4037:from the original on 31 October 2013 3178: 2000:Paper money from different countries 1591: 1480:Divisible: divisible to small units. 358:were first used in China during the 346:eventually evolved into a system of 89:that possessed intrinsic value as a 27:Object or record accepted as payment 5203:Agent-based computational economics 4016:"The truth about the death of cash" 4010: 3897:. Federal Reserve Bank of St. Louis 3550:Money and the Mechanism of Exchange 3246:, Worth Publishers, New York (2006) 2581: 2530: 1640: 1378: 1322:Money's a matter of functions four, 166:with the meaning "coin" via French 24: 4600:Bastable, Charles Francis (1911). 4430:Davies, Glyn, and Duncan Connors. 4406: 4114:'Monetary Policy and the Economy". 3988:. 2 September 2003. Archived from 3242:Krugman, Paul & Wells, Robin, 2405:the respective institution is the 2317:, which is the process by which a 2274: 2217:) beside the business policies of 2139: 1666:. There should be no (or minimal) 338:, the world's earliest paper money 327:were minted around 650 to 600 BC. 25: 6255: 4982:Akkadian standards of measurement 4529: 4434:(4th ed. U of Wales Press, 2016) 4055: 3579:Deardorff, Prof. Alan V. (2008). 3227:Macroeconomics: Theory and Policy 3107:Goldsborough, Reid (2003-10-02). 2941:Goldsborough, Reid (2003-10-02). 2535: 1841:, rather than their legal tender 1810:from a central bank, such as the 1759: 1477:: able to withstand repeated use. 1441: 252:were minted around 650 to 600 BC. 5661:neoclassical–Keynesian synthesis 4791: 4577: 4563: 4551: 4535: 4391:. Itsamoneything.com. 2012-06-09 4271:Radford, R. A. (November 1945). 3960:. Monthly Report April 2017/13. 3642:Bureau of Engraving and Printing 3544:Jevons, William Stanley (1875). 3449:, Wiley, 2008 edition, pp. 29–39 3369:. Federal Reserve Bank of Dallas 3229:. Tata McGraw-Hill. p. 182. 2623: 2468:illustrated in a former Finnish 2303:discovered in California in 1848 1891:, which helped lead to banking. 1233: 1221: 462: 4668:(W. Mesoamerica & N. Andes) 4425:A History of Money: from AD 800 4332: 4311: 4264: 4239: 4212: 4183: 4160: 4134: 4106: 4085:. International Monetary Fund. 4072: 4049: 4022: 4004: 3978: 3967:from the original on 2019-09-17 3941: 3930:from the original on 2019-11-12 3909: 3882: 3859:10.1057/978-1-349-95121-5_997-1 3808: 3786:Economics: Principles in Action 3768: 3718:The Journal of Economic History 3631: 3611: 3496: 3452: 3439: 3409: 3381: 3331: 3307: 3210:. Macdonald and Evans. p. 3172: 3122: 3100: 3087: 3074: 3017: 2999: 2972: 2129:was the United States in 1971. 2004:At around the same time in the 1770:In 1875, the British economist 1493: 4031:"The Rise and Fall of Bitcoin" 3604:, p. 494. West Publishing Co. 3600:Black, Henry Campbell (1910). 3486:The Theory of Money and Credit 2956: 2934: 2921: 2900: 2880: 2812: 2791: 2763: 2432:argued that management of the 2329:strategy, or indirectly via a 2068:, and the redemption of those 1181:Publications in macroeconomics 13: 1: 5597:Critique of political economy 5133: 4985: 4933:List of historical currencies 4838:Central bank digital currency 4568:The dictionary definition of 3341:. International Monetary Fund 2908:"Online Etymology Dictionary" 2756: 2700:Local exchange trading system 2650:Commons-based peer production 2343:Federal Open Market Committee 2040:, the transfer of credit and 1700:Many items have been used as 1459: 1349:conflicts with its role as a 362:. These banknotes, known as " 5039:Standard of deferred payment 3323:. 2017-10-11. Archived from 2890:First Anchor Books, p. 192. 1678: 1416:standard of deferred payment 1410:Standard of deferred payment 1404:Standard of deferred payment 1306:standard of deferred payment 432: 155: 80:standard of deferred payment 7: 4246:Blanchard, Olivier (2021). 4225:. Edward Elgar Publishing. 4171:. Reserve Bank of Australia 3546:"XVI: Representative Money" 3129:Moshenskyi, Sergii (2008). 2616: 2455: 1952:led to the introduction of 1535:In economics, money is any 120:of a country comprises all 105:or regulatory entity to be 10: 6260: 5735:Real business-cycle theory 4418:Annual Review of Economics 4345:Annual Review of Economics 4196:Princeton University Press 3618:Tom Bethell (1980-02-04). 3025:Debt: The First 5000 Years 2585: 2539: 2493:by travelers and traders. 2331:fixed exchange rate system 2278: 2232: 2192:fractional-reserve banking 2143: 1926: 1860: 1856: 1837:of the metal content as a 1794: 1763: 1682: 1644: 1595: 1497: 1445: 1407: 1382: 1360: 932:New neoclassical synthesis 915:Real business-cycle theory 436: 295:—often, the shells of the 210: 206: 87:emergent market phenomenon 85:Money was historically an 29: 6175: 6133: 5775: 5509: 5258: 5223: 5141: 4925: 4808: 4786: 4761: 4726: 4654: 4472:A Global History of Money 4427:(Psychology Press, 1994). 3730:10.1017/S0022050700097837 3179:Wray, L. Randall (2012). 2444:supported by the work of 2390:raising or lowering bank 2205:created by the country's 2173:automatic teller machines 2162:Commercial bank money or 1704:such as naturally scarce 386:The Travels of Marco Polo 5022:Quantity theory of money 4843:Chattel/movable property 3672:10.1163/156920607X171591 2491:foreign exchange markets 2362:fall of the Soviet Union 2098:instability in the ratio 1922: 1673: 1633:in developed countries. 1398:double-entry bookkeeping 937:Saltwater and freshwater 419:Bretton Woods Conference 152:in developed countries. 5375:Industrial organization 5198:Computational economics 4609:Encyclopædia Britannica 3895:research.stlouisfed.org 3654:Banaji, Jairus (2007). 3644:. Retrieved 2007-05-09. 3534:. Retrieved July-18-09. 3512:. Retrieved July-18-09. 3464:www.bankofengland.co.uk 3204:Milnes, Alfred (1919). 3082:History Begins at Sumer 2670:Foreign exchange market 2611:international sanctions 2221:and the preferences of 2107:United States greenback 1790: 1294:common measure of value 865:International economics 790:Overlapping generations 122:currency in circulation 5580:Modern monetary theory 5245:Experimental economics 5215:Pluralism in economics 5188:Mathematical economics 5081:Complementary currency 5010:Credit theory of money 4970:Depository institution 4556:Quotations related to 4548:) at Wikimedia Commons 4219:David Laidler (1997). 3660:Historical Materialism 3606:Black's Law Dictionary 3047:David Graeber (2001). 2740:Universal basic income 2473: 2415:People's Bank of China 2379:open market operations 2290: 2159: 2117: 2030:transactional accounts 2006:medieval Islamic world 2001: 1941: 1911:since the time of the 1883: 1827:Australian Gold Nugget 1812:Federal Reserve System 1806: 1772:William Stanley Jevons 1697: 1532: 1520: 1509: 1284:William Stanley Jevons 1208:Mathematical economics 959:Modern monetary theory 722:Universal basic income 339: 253: 199: 197:, stemming from Latin 168: 162: 136:(the balances held in 44: 32:Money (disambiguation) 6239:Economic anthropology 5064:Digital gold currency 4493:American Public Media 4112:The Federal Reserve. 3620:"Crazy as a Gold Bug" 3489:, (Indianapolis, IN: 3393:The Little Money Book 3027:, Melville 2011. Cf. 2730:Slang terms for money 2551:) have been found of 2498:currency substitution 2463: 2428:known as monetarism. 2407:European Central Bank 2288: 2229:Digital or electronic 2153: 2115: 2066:joint stock companies 1999: 1968:of deposit issued as 1936: 1893:Archimedes' principle 1870: 1851:Federal Reserve Notes 1804: 1692: 1526: 1515: 1507: 1048:Wesley Clair Mitchell 1023:Thomas Robert Malthus 860:Development economics 333: 220: 203:, meaning "in kind". 144:, and other types of 42: 5454:Social choice theory 5210:Behavioral economics 5193:Complexity economics 4943:Coincidence of wants 4763:Representative money 4520:The history of money 3986:"How Currency Works" 3628:Retrieved July-18-09 3327:on October 18, 2015. 3315:"Functions of Money" 3225:Dwivedi, DN (2005). 3109:"World's First Coin" 2943:"World's First Coin" 2771:Mishkin, Frederic S. 2720:Non-monetary economy 2695:Leprosy colony money 2392:reserve requirements 2215:reserve requirements 2046:banking institutions 1776:representative money 1766:Representative money 1582:reserve requirements 1537:financial instrument 1373:coincidence of wants 785:Ramsey–Cass–Koopmans 625:Liquidity preference 348:representative money 111:United States dollar 30:For other uses, see 5538:American (National) 5238:Economic statistics 5091:Time-based currency 4518:Weatherford, Jack. 4474:(Routledge, 2020). 3957:Deutsche Bundesbank 3780:Sheffrin, Steven M. 3483:Mises, Ludwig von. 3427:on 24 February 2015 3154:Marco Polo (1818). 2640:Calculation in kind 2603:terrorism financing 2335:Federal Reserve Act 2327:inflation targeting 2289:US dollar banknotes 2269:trusted third party 2175:(ATMs), or through 1960:(618–907) into the 1872:Ancient Jewish coin 1814:in the U.S.) to be 1240:Business portal 1176:Macroeconomic model 1053:John Maynard Keynes 850:Economic statistics 795:General equilibrium 427:modern money theory 275:. The Mesopotamian 221:A 640 BC one-third 43:Banknotes and coins 6229:Monetary economics 4960:Clearinghouse bank 4648:Medium of exchange 4432:A History of Money 4194:. Princeton, N.J: 4119:2007-06-20 at the 3816:Mankiw, N. Gregory 3776:O'Sullivan, Arthur 3530:2016-08-20 at the 3508:2013-07-22 at the 3491:Liberty Fund, Inc. 3445:Bernstein, Peter, 3417:"History of Money" 3160:. pp. 353–355 3111:. rg.ancients.info 3034:2020-04-20 at the 2945:. rg.ancients.info 2852:Mankiw, N. Gregory 2805:2022-12-05 at the 2705:Monetary economics 2599:digital currencies 2502:Brazilian cruzeiro 2474: 2472:banknote from 1980 2339:Board of Governors 2325:, directly via an 2291: 2160: 2118: 2002: 1983:woodblock printing 1942: 1884: 1807: 1698: 1546:monetary aggregate 1533: 1521: 1510: 1369:medium of exchange 1363:Medium of exchange 1357:Medium of exchange 1347:medium of exchange 1331:medium of exchange 1289:medium of exchange 1128:Edward C. Prescott 855:Monetary economics 439:Monetary economics 377:William of Rubruck 340: 254: 68:medium of exchange 56:goods and services 45: 6211: 6210: 5742:New institutional 5101: 5100: 5086:Sectoral currency 5032:Market monetarism 4995:Code of Hammurabi 4784: 4783: 4776:Gold certificates 4582:Works related to 4540:Media related to 4470:Kuroda, Akinobu. 4457:(February 2015). 4257:978-0-134-89789-9 4232:978-1-85898-596-1 4205:978-0-691-00354-2 4092:979-8-4002-3526-9 3868:978-1-349-95121-5 3843:Goodhart, Charles 3829:978-1-319-26390-4 3801:978-0-13-063085-8 3559:978-1-59605-260-4 3402:978-1-932857-26-9 3274:978-0-201-32789-2 3140:978-1-4363-0694-2 3060:978-0-312-24045-5 2873:978-0-7167-6213-3 2784:978-0-321-42177-7 2745:Velocity of Money 2655:Counterfeit money 2609:, and evading of 2542:Counterfeit money 2397:In the U.S., the 2136:currency system. 2076:fact observed by 1880:Hasmoneon kingdom 1664:transaction costs 1592:Creation of money 1302:standard of value 1276: 1275: 1203:Political economy 1158:N. Gregory Mankiw 1148:Thomas J. Sargent 993:Market monetarism 807:Endogenous growth 637:National accounts 301:Cypraea moneta L. 138:checking accounts 78:and sometimes, a 58:and repayment of 16:(Redirected from 6251: 5415:Natural resource 5250:Economic history 5176:Mechanism design 5128: 5121: 5114: 5105: 5104: 5069:Virtual currency 5054:Digital currency 4990: 4987: 4950:Bureau de change 4801: 4796: 4795: 4794: 4727:Domestic animals 4724: 4723: 4641: 4634: 4627: 4618: 4617: 4613: 4605: 4581: 4567: 4555: 4539: 4507:Lanchester, John 4503: 4501: 4499: 4400: 4399: 4397: 4396: 4385: 4379: 4378: 4360: 4336: 4330: 4329: 4327: 4325: 4315: 4309: 4308: 4268: 4262: 4261: 4243: 4237: 4236: 4216: 4210: 4209: 4187: 4181: 4180: 4178: 4176: 4164: 4158: 4157: 4155: 4153: 4138: 4132: 4110: 4104: 4103: 4101: 4099: 4076: 4070: 4069: 4067: 4065: 4053: 4047: 4046: 4044: 4042: 4026: 4020: 4019: 4008: 4002: 4001: 3999: 3997: 3982: 3976: 3975: 3973: 3972: 3966: 3953: 3945: 3939: 3938: 3936: 3935: 3913: 3907: 3906: 3904: 3902: 3886: 3880: 3879: 3877: 3875: 3839: 3833: 3832: 3812: 3806: 3805: 3789: 3772: 3766: 3765: 3713: 3704: 3703: 3701: 3699: 3690:. 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Archived from 3413: 3407: 3406: 3385: 3379: 3378: 3376: 3374: 3368: 3360: 3351: 3350: 3348: 3346: 3339:"What is Money?" 3335: 3329: 3328: 3311: 3305: 3288: 3279: 3278: 3256: 3247: 3240: 3231: 3230: 3222: 3216: 3215: 3201: 3195: 3194: 3176: 3170: 3169: 3167: 3165: 3151: 3145: 3144: 3126: 3120: 3119: 3117: 3116: 3104: 3098: 3091: 3085: 3078: 3072: 3071: 3069: 3067: 3044: 3038: 3021: 3015: 3014: 3011:Naked Capitalism 3003: 2997: 2996: 2994: 2993: 2976: 2970: 2960: 2954: 2953: 2951: 2950: 2938: 2932: 2925: 2919: 2918: 2916: 2915: 2910:. etymonline.com 2904: 2898: 2884: 2878: 2877: 2848: 2835: 2834: 2832: 2830: 2816: 2810: 2795: 2789: 2788: 2767: 2715:Money management 2660:Digital currency 2633: 2628: 2627: 2626: 2588:Money laundering 2582:Money laundering 2531:Financial crimes 2517:cheques (checks) 2450:demand for money 2385:forward guidance 2242:digital currency 2219:commercial banks 2211:legal regulation 2199:money multiplier 2026:savings accounts 2010:monetary economy 1970:promissory notes 1940:, issued in 1160 1647:Market liquidity 1641:Market liquidity 1586:commercial banks 1562:savings accounts 1379:Measure of value 1268: 1261: 1254: 1238: 1237: 1228:Money portal 1226: 1225: 1224: 1138:William Nordhaus 1123:Robert Lucas Jr. 1013:François Quesnay 649:Nominal rigidity 620:Demand for money 598:Microfoundations 534:Financial crisis 514:Effective demand 484:Aggregate supply 479:Aggregate demand 466: 443: 442: 395:Stockholms Banco 368:promissory notes 366:", evolved from 307:). According to 232:. According to 213:History of money 202: 171: 165: 142:savings accounts 21: 6259: 6258: 6254: 6253: 6252: 6250: 6249: 6248: 6214: 6213: 6212: 6207: 6204:Business portal 6171: 6170: 6169: 6129: 5893:von Böhm-Bawerk 5781: 5780: 5771: 5543:Ancient thought 5521: 5520: 5514: 5505: 5504: 5503: 5254: 5219: 5171:Contract theory 5156:Decision theory 5137: 5132: 5102: 5097: 5049:Unit of account 4988: 4921: 4907:Promissory note 4885:Deposit account 4858:Cheque clearing 4812: 4804: 4797: 4792: 4790: 4780: 4757: 4722: 4690:Precious metals 4657: 4650: 4645: 4596:, Mar. 1, 2001) 4532: 4497: 4495: 4442:Ferguson, Niall 4423:Chown, John F. 4409: 4407:Further reading 4404: 4403: 4394: 4392: 4387: 4386: 4382: 4337: 4333: 4323: 4321: 4317: 4316: 4312: 4289:10.2307/2550133 4283:(48): 189–201. 4269: 4265: 4258: 4244: 4240: 4233: 4217: 4213: 4206: 4188: 4184: 4174: 4172: 4165: 4161: 4151: 4149: 4140: 4139: 4135: 4121:Wayback Machine 4111: 4107: 4097: 4095: 4093: 4077: 4073: 4063: 4061: 4056:Jahan, Sarwat. 4054: 4050: 4040: 4038: 4027: 4023: 4009: 4005: 3995: 3993: 3992:on 30 July 2019 3984: 3983: 3979: 3970: 3968: 3964: 3951: 3947: 3946: 3942: 3933: 3931: 3923:Bank of England 3914: 3910: 3900: 3898: 3887: 3883: 3873: 3871: 3869: 3847:"Monetary Base" 3840: 3836: 3830: 3813: 3809: 3802: 3773: 3769: 3714: 3707: 3697: 3695: 3694:on May 23, 2009 3652: 3648: 3636: 3632: 3616: 3612: 3599: 3595: 3586: 3584: 3577: 3573: 3564: 3562: 3560: 3542: 3538: 3532:Wayback Machine 3523: 3516: 3510:Wayback Machine 3501: 3497: 3482: 3478: 3469: 3467: 3466:. 14 March 2014 3458: 3457: 3453: 3444: 3440: 3430: 3428: 3415: 3414: 3410: 3403: 3386: 3382: 3372: 3370: 3366: 3362: 3361: 3354: 3344: 3342: 3337: 3336: 3332: 3313: 3312: 3308: 3289: 3282: 3275: 3257: 3250: 3241: 3234: 3223: 3219: 3202: 3198: 3191: 3177: 3173: 3163: 3161: 3152: 3148: 3141: 3127: 3123: 3114: 3112: 3105: 3101: 3092: 3088: 3079: 3075: 3065: 3063: 3061: 3045: 3041: 3036:Wayback Machine 3023:David Graeber: 3022: 3018: 3005: 3004: 3000: 2991: 2989: 2985:Bella Caledonia 2978: 2977: 2973: 2961: 2957: 2948: 2946: 2939: 2935: 2926: 2922: 2913: 2911: 2906: 2905: 2901: 2885: 2881: 2874: 2849: 2838: 2828: 2826: 2818: 2817: 2813: 2807:Wayback Machine 2796: 2792: 2785: 2768: 2764: 2759: 2754: 2645:Coin of account 2629: 2624: 2622: 2619: 2590: 2584: 2544: 2538: 2533: 2487:financial asset 2466:J. 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Paasikivi 2458: 2438:Milton Friedman 2426:economic theory 2419:Bank of England 2399:Federal Reserve 2315:monetary policy 2283: 2281:Monetary policy 2277: 2275:Monetary policy 2237: 2231: 2164:demand deposits 2148: 2142: 2140:Commercial bank 2134:silver standard 1946:premodern China 1931: 1925: 1889:unit of account 1865: 1859: 1799: 1793: 1768: 1762: 1750:American Eagles 1740:are considered 1730:unit of account 1706:precious metals 1702:commodity money 1693:A 1914 British 1687: 1685:Commodity money 1681: 1676: 1649: 1643: 1600: 1594: 1558:demand deposits 1502: 1496: 1462: 1450: 1444: 1412: 1406: 1391:unit of account 1387: 1385:Unit of account 1381: 1365: 1359: 1335:unit of account 1298:unit of account 1272: 1232: 1222: 1220: 1213: 1212: 1171: 1163: 1162: 1143:Joseph Stiglitz 1103:Milton Friedman 1083:Friedrich Hayek 1008: 998: 997: 880: 870: 869: 840: 832: 831: 817:Mundell–Fleming 812:Matching theory 750:Keynesian cross 735: 727: 726: 697: 689: 688: 474: 441: 435: 403:monetary system 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3401: 3380: 3352: 3330: 3306: 3280: 3273: 3265:Macroeconomics 3259:Abel, Andrew; 3248: 3232: 3217: 3196: 3190:978-0230368897 3189: 3171: 3146: 3139: 3133:. p. 55. 3121: 3099: 3086: 3073: 3059: 3039: 3016: 2998: 2971: 2955: 2933: 2920: 2899: 2879: 2872: 2860:Macroeconomics 2836: 2811: 2799:What Is Money? 2790: 2783: 2761: 2760: 2758: 2755: 2753: 2752: 2750:World currency 2747: 2742: 2737: 2735:Social capital 2732: 2727: 2722: 2717: 2712: 2707: 2702: 2697: 2692: 2690:Labour voucher 2687: 2682: 2677: 2675:Free Money Day 2672: 2667: 2662: 2657: 2652: 2647: 2642: 2636: 2635: 2634: 2618: 2615: 2586:Main article: 2583: 2580: 2540:Main article: 2537: 2536:Counterfeiting 2534: 2532: 2529: 2510:hyperinflation 2506:Brazilian real 2457: 2454: 2395: 2394: 2388: 2382: 2376: 2350:hyperinflation 2279:Main article: 2276: 2273: 2233:Main article: 2230: 2227: 2177:online banking 2156:demand deposit 2146:Demand deposit 2144:Main article: 2141: 2138: 2072:in the paper. 2048:for loans and 2038:exchange rates 1938:Huizi currency 1927:Main article: 1924: 1921: 1861:Main article: 1858: 1855: 1831:American Eagle 1795:Main article: 1792: 1789: 1764:Main article: 1761: 1760:Representative 1758: 1695:gold sovereign 1683:Main article: 1680: 1677: 1675: 1672: 1645:Main article: 1642: 1639: 1637:and deposits. 1598:Money creation 1596:Main article: 1593: 1590: 1498:Main article: 1495: 1492: 1491: 1490: 1487: 1484: 1481: 1478: 1472: 1461: 1458: 1454:store of value 1448:Store of value 1446:Main article: 1443: 1442:Store of value 1440: 1408:Main article: 1405: 1402: 1383:Main article: 1380: 1377: 1361:Main article: 1358: 1355: 1351:store of value 1339:store of value 1327: 1326: 1323: 1311:store of value 1274: 1273: 1271: 1270: 1263: 1256: 1248: 1245: 1244: 1243: 1242: 1230: 1215: 1214: 1211: 1210: 1205: 1200: 1198:Microeconomics 1195: 1194: 1193: 1183: 1178: 1172: 1169: 1168: 1165: 1164: 1161: 1160: 1155: 1150: 1145: 1140: 1135: 1130: 1125: 1120: 1115: 1113:Lawrence Klein 1110: 1108:Paul Samuelson 1105: 1100: 1095: 1090: 1085: 1080: 1075: 1070: 1065: 1063:Michał Kalecki 1060: 1055: 1050: 1045: 1040: 1035: 1030: 1025: 1020: 1015: 1009: 1004: 1003: 1000: 999: 996: 995: 990: 985: 983:Disequilibrium 980: 979: 978: 971:Post-Keynesian 968: 963: 962: 961: 951: 940: 939: 934: 929: 924: 919: 918: 917: 907: 902: 901: 900: 895: 881: 876: 875: 872: 871: 868: 867: 862: 857: 852: 847: 841: 839:Related fields 838: 837: 834: 833: 830: 829: 824: 819: 814: 809: 804: 803: 802: 792: 787: 782: 777: 772: 767: 765:Phillips curve 762: 757: 752: 747: 742: 736: 733: 732: 729: 728: 725: 724: 719: 714: 709: 704: 698: 695: 694: 691: 690: 687: 686: 681: 676: 671: 666: 661: 656: 651: 646: 645: 644: 634: 629: 628: 627: 617: 615:Money creation 612: 611: 610: 600: 595: 594: 593: 588: 583: 573: 571:Liquidity trap 568: 563: 558: 557: 556: 551: 541: 536: 531: 530: 529: 524: 516: 511: 506: 501: 496: 491: 489:Business cycle 486: 481: 475: 473:Basic concepts 472: 471: 468: 467: 459: 458: 456:Macroeconomics 452: 451: 434: 431: 342:The system of 211:Main article: 208: 205: 157: 154: 76:store of value 26: 9: 6: 4: 3: 2: 6256: 6245: 6242: 6240: 6237: 6235: 6232: 6230: 6227: 6225: 6222: 6221: 6219: 6205: 6202: 6200: 6197: 6195: 6192: 6190: 6187: 6185: 6182: 6180: 6177: 6174: 6166: 6163: 6160: 6156: 6153: 6151: 6148: 6146: 6143: 6142: 6138: 6136: 6132: 6126: 6125: 6121: 6119: 6116: 6114: 6111: 6109: 6106: 6104: 6101: 6099: 6096: 6094: 6091: 6089: 6086: 6084: 6081: 6079: 6076: 6074: 6071: 6069: 6066: 6064: 6061: 6059: 6056: 6054: 6051: 6049: 6046: 6044: 6041: 6039: 6036: 6034: 6031: 6029: 6026: 6024: 6021: 6019: 6016: 6014: 6011: 6009: 6006: 6004: 6001: 5999: 5996: 5994: 5991: 5989: 5986: 5984: 5981: 5979: 5976: 5974: 5971: 5969: 5966: 5964: 5961: 5959: 5956: 5954: 5951: 5949: 5946: 5944: 5941: 5939: 5936: 5934: 5931: 5929: 5926: 5924: 5921: 5919: 5916: 5914: 5911: 5909: 5906: 5904: 5901: 5899: 5896: 5894: 5891: 5889: 5886: 5884: 5881: 5879: 5876: 5874: 5871: 5869: 5866: 5864: 5861: 5859: 5856: 5854: 5851: 5849: 5846: 5844: 5841: 5839: 5836: 5834: 5831: 5829: 5826: 5824: 5821: 5819: 5816: 5814: 5811: 5809: 5806: 5804: 5801: 5799: 5796: 5794: 5791: 5789: 5788:de Mandeville 5786: 5785: 5783: 5779: 5774: 5768: 5765: 5763: 5760: 5758: 5755: 5753: 5750: 5748: 5745: 5743: 5740: 5736: 5733: 5732: 5731: 5730:New classical 5728: 5724: 5721: 5720: 5719: 5716: 5714: 5711: 5709: 5706: 5702: 5699: 5698: 5697: 5694: 5692: 5689: 5687: 5686:Malthusianism 5684: 5678: 5675: 5674: 5673: 5670: 5668: 5665: 5662: 5658: 5655: 5654: 5653: 5650: 5648: 5647:Institutional 5645: 5643: 5640: 5638: 5635: 5633: 5630: 5628: 5625: 5623: 5620: 5618: 5615: 5613: 5610: 5608: 5605: 5603: 5600: 5598: 5595: 5593: 5590: 5588: 5585: 5581: 5578: 5577: 5576: 5573: 5571: 5568: 5566: 5563: 5561: 5558: 5554: 5551: 5550: 5549: 5546: 5544: 5541: 5539: 5536: 5534: 5531: 5529: 5526: 5525: 5523: 5518: 5513: 5508: 5500: 5497: 5495: 5492: 5490: 5487: 5485: 5482: 5480: 5477: 5475: 5472: 5470: 5467: 5465: 5462: 5460: 5457: 5455: 5451: 5450:Public choice 5448: 5446: 5443: 5441: 5438: 5436: 5433: 5431: 5428: 5426: 5425:Participation 5423: 5421: 5418: 5416: 5413: 5411: 5408: 5406: 5403: 5401: 5398: 5396: 5393: 5391: 5388: 5386: 5385:Institutional 5383: 5381: 5378: 5376: 5373: 5371: 5368: 5366: 5363: 5361: 5358: 5356: 5353: 5351: 5348: 5346: 5343: 5341: 5338: 5336: 5335:Expeditionary 5333: 5331: 5328: 5326: 5325:Environmental 5323: 5321: 5318: 5316: 5313: 5311: 5308: 5306: 5303: 5301: 5298: 5296: 5293: 5291: 5288: 5286: 5283: 5281: 5278: 5276: 5273: 5271: 5268: 5267: 5263: 5261: 5257: 5251: 5248: 5246: 5243: 5239: 5236: 5235: 5234: 5231: 5230: 5228: 5226: 5222: 5216: 5213: 5211: 5208: 5204: 5201: 5200: 5199: 5196: 5194: 5191: 5189: 5186: 5184: 5181: 5177: 5174: 5172: 5169: 5167: 5164: 5162: 5159: 5157: 5154: 5153: 5152: 5149: 5148: 5146: 5144: 5140: 5136: 5129: 5124: 5122: 5117: 5115: 5110: 5109: 5106: 5092: 5089: 5087: 5084: 5082: 5079: 5078: 5077: 5074: 5070: 5067: 5065: 5062: 5060: 5057: 5056: 5055: 5052: 5050: 5047: 5045: 5042: 5040: 5037: 5033: 5030: 5028: 5025: 5024: 5023: 5020: 5016: 5013: 5012: 5011: 5008: 5006: 5003: 5001:; c. 1750 BC) 5000: 4996: 4993: 4983: 4980: 4978: 4975: 4971: 4968: 4967: 4966: 4963: 4961: 4958: 4956: 4953: 4951: 4948: 4944: 4941: 4940: 4939: 4936: 4934: 4931: 4930: 4928: 4924: 4918: 4915: 4913: 4910: 4908: 4905: 4903: 4900: 4898: 4895: 4893: 4890: 4886: 4883: 4882: 4881: 4878: 4876: 4873: 4871: 4868: 4866: 4863: 4859: 4856: 4855: 4854: 4851: 4849: 4846: 4844: 4841: 4839: 4836: 4834: 4831: 4829: 4826: 4825: 4823: 4820: 4816: 4811: 4807: 4800: 4789: 4777: 4774: 4772: 4769: 4768: 4766: 4764: 4760: 4753: 4750: 4747: 4744: 4741: 4738: 4735: 4734:Water buffalo 4732: 4731: 4729: 4725: 4719: 4716: 4714: 4711: 4708: 4705: 4703:(Roman world) 4702: 4699: 4696: 4693: 4691: 4688: 4685: 4682: 4679: 4676: 4674:(Mesoamerica) 4673: 4670: 4667: 4664: 4663: 4661: 4659: 4653: 4649: 4642: 4637: 4635: 4630: 4628: 4623: 4622: 4619: 4611: 4610: 4604: 4603:"Money" 4598: 4595: 4591: 4588: 4586:at Wikisource 4585: 4580: 4576: 4574:at Wiktionary 4573: 4572: 4566: 4562: 4559: 4554: 4550: 4547: 4543: 4538: 4534: 4533: 4525: 4521: 4517: 4514: 4513: 4508: 4505: 4494: 4490: 4489: 4484: 4479: 4477: 4473: 4469: 4467: 4466: 4460: 4456: 4453: 4451: 4447: 4443: 4440: 4437: 4433: 4429: 4426: 4422: 4419: 4415: 4411: 4410: 4390: 4384: 4376: 4372: 4368: 4364: 4359: 4354: 4350: 4346: 4342: 4335: 4320: 4314: 4306: 4302: 4298: 4294: 4290: 4286: 4282: 4278: 4274: 4267: 4259: 4253: 4249: 4242: 4234: 4228: 4224: 4223: 4215: 4207: 4201: 4197: 4193: 4186: 4170: 4163: 4147: 4143: 4137: 4130: 4126: 4122: 4118: 4115: 4109: 4094: 4088: 4084: 4083: 4075: 4059: 4052: 4036: 4032: 4025: 4017: 4013: 4012:Eveleth, Rose 4007: 3991: 3987: 3981: 3963: 3959: 3958: 3950: 3944: 3929: 3925: 3924: 3919: 3912: 3896: 3892: 3885: 3870: 3864: 3860: 3856: 3852: 3848: 3844: 3838: 3831: 3825: 3821: 3817: 3811: 3803: 3797: 3793: 3788: 3787: 3781: 3777: 3771: 3763: 3759: 3755: 3751: 3747: 3743: 3739: 3735: 3731: 3727: 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"7". 3262: 3261:Bernanke, Ben 3255: 3253: 3245: 3239: 3237: 3228: 3221: 3213: 3209: 3208: 3200: 3192: 3186: 3182: 3175: 3159: 3158: 3150: 3142: 3136: 3132: 3125: 3110: 3103: 3096: 3090: 3083: 3077: 3062: 3056: 3052: 3051: 3043: 3037: 3033: 3030: 3026: 3020: 3013:. 2011-08-26. 3012: 3008: 3002: 2987: 2986: 2981: 2975: 2968: 2964: 2963:Mauss, Marcel 2959: 2944: 2937: 2930: 2924: 2909: 2903: 2897: 2896:0-385-49062-3 2893: 2889: 2883: 2875: 2869: 2865: 2861: 2857: 2853: 2847: 2845: 2843: 2841: 2825: 2821: 2815: 2808: 2804: 2801: 2800: 2794: 2786: 2780: 2776: 2772: 2766: 2762: 2751: 2748: 2746: 2743: 2741: 2738: 2736: 2733: 2731: 2728: 2726: 2723: 2721: 2718: 2716: 2713: 2711: 2708: 2706: 2703: 2701: 2698: 2696: 2693: 2691: 2688: 2686: 2683: 2681: 2678: 2676: 2673: 2671: 2668: 2666: 2663: 2661: 2658: 2656: 2653: 2651: 2648: 2646: 2643: 2641: 2638: 2637: 2632: 2621: 2614: 2612: 2608: 2604: 2600: 2596: 2589: 2579: 2577: 2573: 2572: 2567: 2563: 2559: 2554: 2550: 2543: 2528: 2525: 2522: 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