| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11095 |
| DP11095 Can Currency Competition Work? | |
| Jesus Fernandez-Villaverde; Daniel Sanches | |
| 发表日期 | 2016-04-05 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Can competition among privately issued fiat currencies such as Bitcoin or Ethereum work? Only sometimes. To show this, we build a model of competition among privately issued fiat currencies. We modify the current workhorse of monetary economics, the Lagos-Wright environment, by including entrepreneurs who can issue their own fiat currencies in order to maximize their utility. Otherwise, the model is standard. We show that there exists an equilibrium in which price stability is consistent with competing private monies, but also that there exists a continuum of equilibrium trajectories with the property that the value of private currencies monotonically converges to zero. These latter equilibria disappear, however, when we introduce productive capital. We also investigate the properties of hybrid monetary arrangements with private and government monies, of automata issuing money, and the role of network effects. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Private money Currency competition Cryptocurrencies monetary policy |
| URL | https://cepr.org/publications/dp11095 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540031 |
| 推荐引用方式 GB/T 7714 | Jesus Fernandez-Villaverde,Daniel Sanches. DP11095 Can Currency Competition Work?. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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