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The Fundamentals of Money and Financial Systems by Shahdad Naghshpour

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CHAPTER 5

Federal Reserve System

Where Does Money Come From?

The public has a notion about money that is often limited to currency, both coins and bills. Because economists need to have a precise definition of every concept to build appropriate theories that explain the economy, the previous chapters provided several different descriptions of money. In summary, anything that fulfills the different functions of money is money. Different types of money are defined based on the degree of their liquidity. Chapter 6 provides concrete definitions for different types of money.

Money consists of both currency and noncurrency forms. Paper money, which is also called the Federal Reserve Note or the United States Banknote, is printed by the Bureau of Engraving ...

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