Money 101 | finance-lectures.com1 Modern Money Daniel Folkinshteyn, PhD

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Presentation transcript:

Money 101 | finance-lectures.com1 Modern Money Daniel Folkinshteyn, PhD

Money 101 | finance-lectures.com2 Learning objectives Summarize nature of modern fiat money Describe the rise of banks as financial intermediaries Explain the efficiency gains from bank services

Money 101 | finance-lectures.com3 Representative money

Money 101 | finance-lectures.com4 Rise of intermediaries "paper money"

Money 101 | finance-lectures.com5 Paper money Banknote from Sweden, issued in 1666

Money 101 | finance-lectures.com6 U.S. paper money

Money 101 | finance-lectures.com7 Quiz 1 Since paper money isn't redeemable directly from the issuer for anything, why do you still accept paper dollars in exchange for valuable goods and services?

Money 101 | finance-lectures.com8 Fiat money

Money 101 | finance-lectures.com9 Banks Financial intermediaries

Money 101 | finance-lectures.com10 Additional reading The Ascent of Money: A Financial History of the World by Niall Ferguson

Money 101 | finance-lectures.com11 Attributions All images, unless otherwise noted, are sourced from pixabay.com or Wikimedia Commons, and are licensed under CC0, public domain. Image of Claudius II coin, sourced from Wikimedia Commons, by Classical Numismatic Group, CC-BY-SA 3.0.