Abstract

North Carolina’s colonial assembly emitted its own paper money and maintained some amount in public circulation during its entire history as a separate colony. No systematic or statistical analysis of North Carolina’s paper money regime exits in the literature. We correct that here. We model and estimate how the market value of this money was determined. We compare the quantity theory of money with an asset-pricing model to see which explains the observed market value of the paper money better. Finally, we explore counterfactual redemption architectures to show how redemption affected monetary performance in periods of value collapse.

中文翻译：

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北卡罗来纳殖民地的纸币制度，1712-1774：价值分解和表现

摘要

北卡罗来纳州的殖民议会发行自己的纸币，并在其整个历史上作为一个独立的殖民地在公共流通中保持一定数量的纸币。文献中没有关于北卡罗来纳州纸币制度的系统或统计分析。我们在这里更正。我们建模并估计这笔钱的市场价值是如何确定的。我们将货币数量理论与资产定价模型进行比较，看看哪个更好地解释了观察到的纸币市场价值。最后，我们探索了反事实的赎回架构，以展示赎回如何影响价值崩溃时期的货币表现。