| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13943 |
| DP13943 Cryptocurrencies, Currency Competition, and The Impossible Trinity | |
| PIerpaolo Benigno; Harald Uhlig; Linda Schilling | |
| 发表日期 | 2022-02-21 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We analyze a two-country economy with complete markets, featuring two national currencies as well as a global (crypto)currency. If the global currency is used in both countries, the national nominal interest rates must be equal and the exchange rate between the national currencies is a risk-adjusted martingale. Deviation from interest rate equality implies the risk of approaching the zero lower bound or the abandonment of the national currency. We call this result Crypto-Enforced Monetary Policy Synchronization (CEMPS). If the global currency is backed by interest- bearing assets, additional and tight restrictions on monetary policy arise. Thus, the classic Impossible Trinity becomes even less reconcilable. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Currency competition Cryptocurrency Impossible trinity Exchange rates Uncovered interest parity Independent monetary policy |
| URL | https://cepr.org/publications/dp13943-0 |
| 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/546012 |
| 推荐引用方式 GB/T 7714 | PIerpaolo Benigno,Harald Uhlig,Linda Schilling. DP13943 Cryptocurrencies, Currency Competition, and The Impossible Trinity. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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