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This book-entry payment system was developed during the fourteenth century, probably in Genoa and Florence (Copeland, 1981, p. 254, fn 6).
, p. 325, our translation), 'at that period, money is not made of paper; it is rather already book-entry money'.
This creation may of course take different physical forms depending on the technological and institutional framework, but is always an endogenous phenomenon, as it stems from the agents' demand for a means of final payment - be it in the form of gold coins, paper money, or purely book-entry money.
, pp. 324-5) are also clear in noting that book-entry payments existed long before bank notes or their precursors, say a goldsmith's certificates, appeared on earth.
Behaviour, however, cannot affect an ontological principle: the nature of money is a social relationship that results from debt (see Innes, 1913), the material scaffold of the book-entry record being of no fundamental relevance at all for a conceptual analysis.
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