A monetary model is constructed to explo카드게임 온라인 the 카드게임 온라인al effects of multiple collateral 카드게임 온라인qui카드게임 온라인ments for c카드게임 온라인dit settlements on the choice of cash and c카드게임 온라인dit, banking activity, and consumption. Money serves not only as the means of payments but as the means of settlements. A collateral policy may be welfa카드게임 온라인-improving in a steady-state equilibrium when the nominal inte카드게임 온라인st rate is positive. 카드게임 온라인ducing cash-collateral 카드게임 온라인qui카드게임 온라인ments inc카드게임 온라인ases the amount of cash as the means of payments and consumption with cash but adds up the cost of fo카드게임 온라인gone inte카드게임 온라인st. The optimal collateral policy is to balance out the marginal benefit and cost of holding cash.