"It took hundreds of years to create money that was traded at par"

Nov. 28, 2016

At the time of the first financial crises, there was no central bank and the value of a bank note could not be taken for granted."It took hundreds of years to create a coin that was traded at par", explains Gary Gorton, professor at Yale School of Management.Watch professor Gorton tell the story of how money was created – and why.Interviewed by Bo Becker, professor at Swedish House of Finance.