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When Does the Introduction of a New Currency Improve Welfare?
In recent years, cryptocurrencies such as Bitcoin have emerged, in upcoming years, corporate currencies such as Libra (Diem) and central bank digital currencies will emerge even in low-inflation developed economies. Using the dual currency search model of Kiyotaki and Wright (1993), we show how the...
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| Xuất bản năm: | MAGKS - Joint Discussion Paper Series in Economics (Band 06-2021) |
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| Những tác giả chính: | , |
| Định dạng: | Bài viết |
| Ngôn ngữ: | Tiếng Anh |
| Được phát hành: |
Philipps-Universität Marburg
2021
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| Những chủ đề: | |
| Truy cập trực tuyến: | Bài toàn văn PDF |
| Các nhãn: |
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| Tóm tắt: | In recent years, cryptocurrencies such as Bitcoin have emerged, in upcoming
years, corporate currencies such as Libra (Diem) and central bank digital currencies will emerge even in low-inflation developed economies. Using the dual currency search model of Kiyotaki and Wright (1993), we show how the introduction of a supplement to traditional money affects average utility. The room for a welfare improvement depends on differences in returns and costs, but, in particular, on the fraction of cash traders who will be replaced by digital money traders. |
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| Mô tả vật lý: | 10 Seiten |
| số ISSN: | 1867-3678 |
| DOI: | 10.17192/es2024.0682 |