Privately issued money often bears default risk, which creates transaction frictions when used as a medium of exchange. The late 19th century US provides a unique context to evaluate the real effects of supplying a new type of money that is safe from default. We measure the local change in “monetary” transaction frictions with a market access approach derived from general equilibrium trade theory. Consistent with theories hypothesizing that lowering transaction frictions benefits the traded and inputs-intensive sectors, we find an increase in traded goods production, in the share of manufacturing output and employment, and in innovation.

中文翻译：

---

提供安全私人资金的实际影响


私人发行的货币通常具有违约风险，在用作交换媒介时会产生交易摩擦。 19 世纪末的美国提供了一个独特的背景来评估提供一种不会违约的新型货币的实际效果。我们使用源自一般均衡贸易理论的市场准入方法来衡量“货币”交易摩擦的局部变化。与减少交易摩擦有利于贸易和投入密集型部门的理论假设相一致，我们发现贸易商品产量、制造业产出和就业份额以及创新都有所增加。