Another Example of a Credit System that Co‐Exists with Money
研究匿名个体在随机货币交易与确定性信用交易之间选择的经济体，证明当记录与执行技术的成本足够低时，货币与信用可以共存，且违约现象在均衡中也会出现。
We study an economy in which exchange occurs pairwise, there is no commitment, and anonymous agents choose between random monetary trade or deterministic credit trade. To accomplish the latter, agents can exploit a costly technology that allows limited record‐keeping, and enforcement. An equilibrium with money and credit is shown to exist if the cost of using the technology is sufficiently small. Anonymity, record‐keeping, and enforcement limitations also permit some incidence of default, in equilibrium.