Currency Competition In A Fundamental Model Of Money
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Currency Competition In A Fundamental Model Of Money
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Author : Gabriele Camera
language : en
Publisher:
Release Date : 2007
Currency Competition In A Fundamental Model Of Money written by Gabriele Camera and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
The authors study how two fiat monies, one safe and one risky, compete in a decentralized trading environment. The equilibrium value of the two currencies, their transaction velocities and agents' spending patterns are endogenously determined. The authors derive conditions under which agents holding diversified currency portfolios spend the safe currency first and hold the risky one for later purchases. They also examine when the reverse spending pattern is optimal. Traders generally favor dealing in the safe currency, unless trade frictions and the currency risk is low. As risk increases or trading becomes more difficult, the transaction velocity and value of the safe money increases.
Currency Competition In A Fundamental Model Of Money
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Author : Gabriele Camera
language : en
Publisher:
Release Date : 2003
Currency Competition In A Fundamental Model Of Money written by Gabriele Camera and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Currency substitution categories.
Denationalisation Of Money
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Author : Friedrich August Hayek
language : en
Publisher:
Release Date : 1976
Denationalisation Of Money written by Friedrich August Hayek and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1976 with Business & Economics categories.
Revised and enl. German translation published in 1977 under title: Entnationalisierung des Geldes. Label mounted on page 1 of cover: Transatlantic Arts, Levittown, N.Y., sole distributor for the U.S.A. Bibliography: p. 103-107.
Competition And Currency
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Author : Lawrence H. White
language : en
Publisher: NYU Press
Release Date : 1989
Competition And Currency written by Lawrence H. White and has been published by NYU Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Business & Economics categories.
"Lawrence H. White deals with a major issue of the 1990s—reprivatization of money. He makes a cogent argument and presents evidence that private, competing currencies would provide more monetary stability than do central banks. Surprisingly enough, modern private money may emerge first in Eastern Europe, where the gap between the economy's need and the government's money is greates." —Richard Rahn, Vice President and Chief Economists, U.S. Chamber of Commerce. "Boldly, White makes a persuasive case for free banking....In time, we may well look back and regard Competition and Currency as crucial in the development of the economy and economic thought of the future." — The New York City Tribune "White is a leading analyst of a laissez-faire monetary system featuring a privately issued money supply. HIs perceptive insights force a rethinking of our present regulated monetary system and of what kind of reforms will remedy its defects. Avery worthwhile collection of essays for all students of monetary theory." —Philip Cagan, Columbia University "White is a leading analyst of a laissez-faire monetary system featuring a privately issued money supply. HIs perceptive insights force a rethinking of our present regulated monetary system and of what kind of reforms will remedy its defects. A very worthwhile collection of essays for all students of monetary theory." —Phillip Cagan, Columbia University "Newcomers to the literature...would be recommended to start with White's volume, where each paper is self-contained in its handling of particular aspects of free banking...Highly recommended as clear, well-argued expositions of the case for free banking, challenging assumptions common to much of monetary economics. It is particularly apposite that these assumptions be questioned at a time when institutional reform is so much on the agenda." —Sheila C. Dow, The Economic Journal
The Rise Of Digital Money
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Author : Mr.Tobias Adrian
language : en
Publisher: International Monetary Fund
Release Date : 2019-07-15
The Rise Of Digital Money written by Mr.Tobias Adrian and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-15 with Business & Economics categories.
This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.
The Theory Of Monetary Institutions
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Author : Lawrence White
language : en
Publisher: Wiley-Blackwell
Release Date : 1999-06-18
The Theory Of Monetary Institutions written by Lawrence White and has been published by Wiley-Blackwell this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-06-18 with Business & Economics categories.
The Theory of Monetary Institutions covers free banking monetary thought and a theoretical account of the evolution of monetary institutions.
The Enigma Of Money
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Author : Makoto Nishibe
language : en
Publisher: Springer
Release Date : 2016-11-02
The Enigma Of Money written by Makoto Nishibe and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-11-02 with Business & Economics categories.
This book provides a new way of understanding modern money and markets by stressing their self-fulfilling/self-destructive properties as institutions from evolutionary perspectives. In contrast to an unrealistic view of the neoclassical general equilibrium theory that models the price mechanism of a “concentrated market” without using money, presented here is an alternative theory of markets on how a realistic “dispersive market” using a stock of money and inventory as buffers can work as a multilayered price-quantitative adjustment system. The central features of modern sovereign moneys seen in inconvertible IOUs of central banknotes can be depicted as “The Emperor's New Clothes” that correspond to the U.S. dollar and the Euro void of their own value. The image captures such characteristics of national currencies as “self-fulfilling ideas” by the inertia of conventions in the past and expectations of an uncertain future. Both ideas normally make money more acceptable and circulative so that its value can become more stable unless expectations for the future turn very pessimistic. The same logic also applies to such other currencies as Bitcoin and community currencies. Their recent diffusion has shown that Hayek's idea of denationalization of money and competition between multiple currencies in terms of its qualities, not its quantities sought as in ongoing quantitative easing, become more relevant under current situations. The qualities of money refer not only to stable monetary values and low transaction costs, but also to high ability in creating, sharing, and communicating social and cultural value. The potential of the logic of self-fulfillment of ideas can thus open up a new economic society when we realize that such various non-national currencies all depend on the same logic of money.
Currency Competition And Monetary Union
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Author : Pascal Salin
language : en
Publisher:
Release Date : 1984
Currency Competition And Monetary Union written by Pascal Salin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with categories.
Keynesian Economics And Price Theory
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Author : Masayuki Otaki
language : en
Publisher: Springer
Release Date : 2015-02-04
Keynesian Economics And Price Theory written by Masayuki Otaki and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-02-04 with Business & Economics categories.
This book reconstructs Keynesian macroeconomics so that it is compatible with the neoclassical dynamic microeconomic theory. This theory adopts three postulates: rational expectations, perfect price flexibility, and exclusion of the money in utility function (MIU). Based on the new theoretical finding that the Lucas model (1972) contains multiple equilibria, the author unifies Keynesian and monetarist theories within the same framework. The book applies the above basic theory to international macroeconomics and economic growth theory. New Keynesian theory contains logical inconsistencies: menu costs that have no close relationship with microeconomics and MIU, which implies that the money accumulated as wealth is never spent. These two assumptions do not proximate the real world. In this volume, the author discusses how various segregated theoretical approaches in macroeconomics relate to one another and proposes how to integrate them.
Money Payments And Liquidity Second Edition
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Author : Guillaume Rocheteau
language : en
Publisher: MIT Press
Release Date : 2017-05-19
Money Payments And Liquidity Second Edition written by Guillaume Rocheteau and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-19 with Business & Economics categories.
A new edition of a book presenting a unified framework for studying the role of money and liquid assets in the economy, revised and updated. In Money, Payments, and Liquidity, Guillaume Rocheteau and Ed Nosal provide a comprehensive investigation into the economics of money, liquidity, and payments by explicitly modeling the mechanics of trade and its various frictions (including search, private information, and limited commitment). Adopting the last generation of the New Monetarist framework developed by Ricardo Lagos and Randall Wright, among others, Nosal and Rocheteau provide a dynamic general equilibrium framework to examine the frictions in the economy that make money and liquid assets play a useful role in trade. They discuss such topics as cashless economies; the properties of an asset that make it suitable to be used as a medium of exchange; the optimal monetary policy and the cost of inflation; the coexistence of money and credit; and the relationships among liquidity, asset prices, monetary policy; and the different measures of liquidity in over-the-counter markets. The second edition has been revised to reflect recent progress in the New Monetarist approach to payments and liquidity. Rocheteau and Nosal have added three new chapters: on unemployment and payments, on asset price dynamics and bubbles, and on crashes and recoveries in over-the-counter markets. The chapter on the role of money has been entirely rewritten, adopting a mechanism design approach. Other chapters have been revised and updated, with new material on credit economies under limited commitment, open-market operations and liquidity traps, and the limited pledgeability of assets under informational frictions.