"It took hundreds of years to create money that was traded at par"

At the time of the first financial crises, there was no central bank and the value of a bank note could not be taken for granted."It took hundreds of years to create a coin that was traded at par", explains Gary Gorton, professor at Yale School of Management.Watch professor Gorton tell the story of how money was created – and why.Interviewed by Bo Becker, professor at Swedish House of Finance.