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Dr. Mathy, Assistant Professor of Economics at American University in Washington, DC, will present his recent paper "Monetary Famine, Paper Money, and Constraints on Economic Growth: The Case of Colonial Quebec".
Abstract
Quebec, like most European colonies in the New World, suffered from a persist shortage of gold and silver coins. In this paper, we show why these shortages were particularly severe due to French mercantilist policies and the economic structure of Quebec at this time. We developing a simple model incorporating the tradeoffs between money and barter, the adverse terms of trade stemming from mercantilist policies, as well as the constrains on growth stemming from the shortage of money to buy imports. We then consider the introduction of the first paper money in the West in the form of playing card money in 1685. We then consider the effects of this monetary innovation on economic activity and the price level in 17th and 18th century Quebec combining archival sources with our modelling exercise. We also discuss the implications for other similar colonial economies such as the Thirteen Colonies.
Presented by the Economics Department at The New School of Social Research.
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