Disagreements over the nature of money and consequent confusions regarding liquidity contribute to difficulties integrating monetary theory into the theory of value. For example, an abundance of market liquidity is assumed in asset pricing, whereas a scarcity of monetary liquidity is deemed necessary for consumer price-level determinacy. This paper builds on the insights gained from the evolution of finance to introduce a distinction between exchange liquidity and redemption liquidity as a means of resolving this conceptual dissonance. Both exchange and redemption liquidity can be conceptualised as types of financial option differing in the exercise mechanism offered to the option holder by the option-writer.

中文翻译：

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交易所流动性和赎回流动性

关于货币性质的分歧以及随之而来的关于流动性的混乱导致难以将货币理论整合到价值理论中。例如，资产定价假设市场流动性充足，而货币流动性稀缺被认为是消费者价格水平决定所必需的。本文以从金融发展中获得的见解为基础，引入了交换流动性和赎回流动性之间的区别，作为解决这种概念不一致的一种手段。交换和赎回流动性都可以概念化为不同类型的金融期权，不同的是期权卖方向期权持有人提供的行使机制。