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Then, using historical process-tracing analysis, we show that this convergence was engineered by national politicians who wanted banknote reform for mimetic and domestic political reasons, and central bank bureaucrats who wanted banknote reform for professional reasons.
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More specifically, let H be the monetary base before the reform, which is made of banknotes and of banks' reserves at the central bank.
Currency reform had driven his family, wholesalers in banknote paper, out of business.
Kim Jong Uns business sense isnt perfect: The late 2009 currency reform, lopping a couple of zeroes off North Korean banknotes, was said at the time to have had his backing; when it failed, not he but a veteran economic guru got the blame and may have been executed.
Chinese 100-yuan banknote (back side).
Running De La Rue, the banknote printer.
But surely perfect for a banknote.
Fifty-riyal banknote from Saudi Arabia (front side).
Fifty-riyal banknote from Saudi Arabia (back side).
Chinese 100-yuan banknote (front side).
-I pay three banknotes [1 banknote is most probably 100 dollars].
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