NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Regulation of Private Money

Gary B. Gorton

NBER Working Paper No. 25891
Issued in May 2019

---- Acknowledgments ----

Thanks to Bob DeYoung for comments and suggestions. Forthcoming in Journal of Money, Credit and Banking. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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