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1. What is money? In the contemporary global economy, why has fiat money supplanted commodity money in economic and financial transactions? 2. Discuss the importance

1. What is money? In the contemporary global economy, why has fiat money supplanted commodity money in economic and financial transactions?

2. Discuss the importance of depository institutions in the contemporary global financial system. Over the years, some banks have failed woefully; with reference to any two banks, briefly explain the reasons for bank failures

Please answer in full sentences. thank you

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