| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26214 |
| 来源ID | Working Paper 26214 |
| Cryptocurrencies, Currency Competition, and the Impossible Trinity | |
| Pierpaolo Benigno; Linda M. Schilling; Harald Uhlig | |
| 发表日期 | 2019-09-02 |
| 出版年 | 2019 |
| 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 | Microeconomics ; General Equilibrium ; Macroeconomics ; Money and Interest Rates ; International Economics ; International Finance ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w26214 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583885 |
| 推荐引用方式 GB/T 7714 | Pierpaolo Benigno,Linda M. Schilling,Harald Uhlig. Cryptocurrencies, Currency Competition, and the Impossible Trinity. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26214.pdf（561KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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