Fiat money
Fiat money is a currency (a medium of exchange) made as money, often by government laws. Fiat money does not have value. It has value only because a government gives its value, or because parties are taking part in exchange agree on its value.[1] It was used as an alternative to commodity money.[2]
Fiat Money Media
Yuan dynasty banknotes are a medieval form of fiat money.
Song Dynasty Jiaozi, the world's earliest paper money.
References
- ↑ Goldberg, Dror (2005). "Famous Myths of "Fiat Money"". Journal of Money, Credit and Banking. 37 (5): 957–967. doi:10.1353/mcb.2005.0052. JSTOR 3839155. S2CID 54713138.
- ↑ Walsh, Carl E. (2003). Monetary Theory and Policy. The MIT Press. ISBN 978-0-262-23231-9.
