2009•Voprosy EkonomikiRequires access
Financial Crisis and Economics
Vitaly Tambovtsev
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Abstract
Treating the money as "under-way-contracts", or "under-executed contracts", the author describes its properties as an economic good. It is shown that the money is a private good with valuable externalities, i.e. a merit good. From this fact the necessity of financial markets state regulation oriented at minimizing negative externalities by restriction of using the most risky contracts is drawn.