Monetary capacity
Monetary capacity refers to a state’s capacity to circulate money that is accepted by the public, while fiscal capacity refers to its capacity to tax. We argue that monetary and fiscal capacity, and by extension, markets and states are complements. The long-run European evidence since antiquity show...
| Main Authors: | , , , |
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| Format: | Working paper |
| Language: | English |
| Published: |
University of Oxford
2020
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