Definition
Paper Money is the second album by the American hard rock band Montrose. It was produced by Ted Templeman and is the band’s final recording with original vocalist Sammy Hagar. It marks the arrival of new bass player Alan Fitzgerald, replacing original bassist Bill Church.
Paper Money
What is ‘Paper Money’
A country’s official, paper currency that is circulated for transaction-related purposes. The printing of paper money is typically regulated by a country’s central bank/treasury in order to keep the flow of money in line with monetary policy. Paper money tends to be updated with new versions that contain security features that seek to make it more difficult for counterfeiters to create illegal copies.
Explaining ‘Paper Money’
The first recorded use of paper money was believed to be in China during the 7th century A.D. as a means of reducing the need to carry heavy and cumbersome strings of metallic coins to conduct transactions. Similar to making a deposit at a modern bank, individuals would transfer their coins to a trustworthy party and then receive a note denoting how much money they had deposited. The note could then be redeemed for currency at a later date.
Further Reading
- Money laundering and the international financial system – ideas.repec.org [PDF]
- Inconvertible paper money, inflation and economic performance in early nineteenth century Argentina – www.jstor.org [PDF]
- When safe proved risky: Commercial paper during the financial crisis of 2007-2009 – www.aeaweb.org [PDF]
- Financial derivatives and the theory of money – www.tandfonline.com [PDF]
- Commercial paper, corporate finance, and the business cycle: a microeconomic perspective – www.sciencedirect.com [PDF]
- Financial liberalization, money demand, and monetary policy in Asian countries – ideas.repec.org [PDF]
- An empirical investigation between money supply government expenditure, output & prices: The Pakistan evidence – papers.ssrn.com [PDF]
