Banknote

Banknote is also known as a bill, paper money or fiat money. Banknote is a note issued by government or bank, which is licensed by authorities and broadly accepted by market participants. Banknotes are called fiat money, as they are not backed by any commodity, as it used to be during the gold standard.

References

• Wray L. R. (2012), Introduction to an Alternative History of Money. Levy Economics Institute, working paper No 717.
• Solomon D. and Spurling T. (2014), The Plastic Banknote: From Concept to Reality. CSIRO Publishing, Australia, Collingswood.
• Lannoye V. (2015), The History of Money for Understanding Economics, Vincent Lannoye.

Author: Nikita Shtemenko