The expected utilities for bankers are weakly increasing in states.
Because of the symmetry imposed on the allocation, meetings between bankers do not involve the transfer of inside money.
The states of bankers represent some combination of asset holdings and trading histories.
The essay argues that in considering transnationalism and private bankers, emphasis needs to be placed on the centrality of personal ties.
Indeed, bankers' acceptances, or bank-issued bills of exchange in gold (without gold backing) eliminate the scarcity of gold.
First, central bankers gain more direct insight into inflation expectations.
At the same time, the old bankers arrive at a central island.
Second, given the amount of funds required, the earliest attempts seem to have focused on soliciting funding from domestic bankers rather than conventional village lenders.
