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Global Money for the Poor

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13.08.2019

SÃO PAULO – In 2002, the Nobel laureate economist Thomas Sargent and François Velde, now a senior economist at the Federal Reserve Bank of Chicago, published The Big Problem of Small Change. The book’s title was inspired by the observations of economic historian Carlo Cipolla on the functioning of the medieval commodity-money system – particularly its persistent failure from the twelfth century onward to prevent shortages of small-denomination coins used mainly by the poor.

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    Today, the world faces the big problem of global small change. How, for example, can migrant workers in developed economies send money cheaply and securely to their families in developing countries? Remittances are........

    © Project Syndicate