TY - JOUR
T1 - From private banking to central banking
T2 - Ingredients of a welfare analysis
AU - Wallace, Neil
PY - 2005/5
Y1 - 2005/5
N2 - An earlier analysis of Cavalcanti and Wallace showing that the set of allocations achievable using outside (government) money is a subset of those achievable using inside (private) money is extended. Here, the class of outside-money allocations is enriched by allowing the planner to make transfers in the form of outside money. At the same time, punishments for defection are weakened. It is shown that the subset result continues to hold, although for a different reason than in the Cavalcanti and Wallace analysis.
AB - An earlier analysis of Cavalcanti and Wallace showing that the set of allocations achievable using outside (government) money is a subset of those achievable using inside (private) money is extended. Here, the class of outside-money allocations is enriched by allowing the planner to make transfers in the form of outside money. At the same time, punishments for defection are weakened. It is shown that the subset result continues to hold, although for a different reason than in the Cavalcanti and Wallace analysis.
UR - http://www.scopus.com/inward/record.url?scp=27744437518&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=27744437518&partnerID=8YFLogxK
U2 - 10.1111/j.1468-2354.2005.00337.x
DO - 10.1111/j.1468-2354.2005.00337.x
M3 - Article
AN - SCOPUS:27744437518
SN - 0020-6598
VL - 46
SP - 619
EP - 631
JO - International Economic Review
JF - International Economic Review
IS - 2
ER -