نتائج البحث - "Fiat money"

1

Cryptocurrency in context of fiat money functions

المؤلفون: Laura Levulytė, Alfreda Šapkauskienė

المصدر: The Quarterly Review of Economics and Finance. 82:44-54

مصطلحات موضوعية: Economics and Econometrics, Cryptocurrency, Store of value, Currency, Financial economics, Fiat money, Liberian dollar, Economics, Unit of account, Medium of exchange, Stock market index, Finance

الوصف: The purpose of this paper is to investigate the ability of cryptocurrencies to fulfill three main money functions: medium of exchange, a unit of account, and store of value by applying a designated methodical approach to examine each currency function separately. The paper contributes to the scant literature on the subject as well as combines the accumulated knowledge of cryptocurrencies and comprehensively examines cryptocurrencies according to the mentioned functions. In this paper, cryptocurrencies are examined and studied not only from the perspective of strong fiat currencies but also include the currencies of developing countries, thus expanding the range of research on this topic and providing a broader approach. The cryptocurrencies examined are Bitcoin, Ethereum, and Ripple. In addition, data were collected on major exchange rates with respect to the Euro, namely, the United States dollar, Australian dollar, Swiss franc, Swedish krona, Japanese yen, Chinese Yuan, Russian ruble, Mexican peso, Argentine peso, South African rand. Finally, the following major stock market indices were selected: S&P500, FTSE, as well as commodity Gold. The study applied statistical analysis methods, Spearman correlation, cluster analysis, linear regression.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::d291f8c57a6bae9b1ff40dfa450f3bd3Test
https://doi.org/10.1016/j.qref.2021.07.003Test

2

Numéraire problems and market adjustments

المؤلفون: Sergio Parrinello

المصدر: Metroeconomica. 73:126-143

مصطلحات موضوعية: Economics and Econometrics, Numéraire, Fiat money, Economics, Monetary economics

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::c4796cddeead50883a71d3901b80915cTest
https://doi.org/10.1111/meca.12357Test

3

Do cryptocurrencies really have (no) intrinsic value?

المؤلفون: Horst Treiblmaier

المصدر: Electronic Markets. 32:1749-1758

مصطلحات موضوعية: Marketing, Economics and Econometrics, Cryptocurrency, Financial economics, media_common.quotation_subject, Fiat money, Computer Science Applications, Intrinsic value (finance), Order (exchange), Currency, Management of Technology and Innovation, Debt, Economics, Business and International Management, Economic stability, media_common, Valuation (finance)

الوصف: Depending on the chosen perspective, cryptocurrencies either constitute a unique opportunity to end national patronizing built on debt-based fiat money (currency) or a menace to a well-established financial order that ensures economic stability. A central issue in the heated debate surrounding cryptocurrencies is whether they have any intrinsic value at all. In this conceptual position paper, we briefly summarize existing standpoints and suggest three alternative propositions: (1) to avoid using the term “intrinsic value” for the valuation of cryptocurrencies, (2) to refer to the sum total of all properties that could potentially qualify them as money, and (3) to consider the amount of capital and energy that is needed to create them. These suggestions bear substantial implications for the economic classification of cryptocurrencies.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::2734f1fa3533e89cbbd5962e0aabe6a4Test
https://doi.org/10.1007/s12525-021-00491-2Test

4

On the coexistence of cryptocurrency and fiat money

المؤلفون: Zhixiu Yu

المصدر: Review of Economic Dynamics.

مصطلحات موضوعية: Rate of return, History, Cryptocurrency, Economics and Econometrics, Polymers and Plastics, Fiat money, Monetary economics, Industrial and Manufacturing Engineering, Competition (economics), Currency, Issuer, Economics, Private money, Business and International Management, Medium of exchange

الوصف: Cryptocurrency is private money and is costly to produce. In this paper, I ask whether cryptocurrency can serve as a medium of exchange, and whether it can coexist with fiat money as a widely accepted medium of exchange. To answer these questions, I develop two search-theoretic models: a model of monetary exchange in an economy with cryptocurrency only and a model of currency competition between cryptocurrency and fiat money. In my models, profit-maximizing miners produce cryptocurrency. In the economy with cryptocurrency only, unlike fiat money models, there is no equilibrium in which the stock of cryptocurrency grows at a constant rate. In a stationary equilibrium in which cryptocurrency is valued, the stock of cryptocurrency must be constant. In the two-currency economy, cryptocurrency and fiat money differ in terms of issuers, production costs, supply rules, and degrees of acceptability in decentralized markets. Different from the traditional two-fiat money models in which currencies have the same rate of return in equilibrium, cryptocurrency and fiat money can circulate in equilibrium with different rates of return. Further, Gresham’s Law does not hold in the sense that, even if cryptocurrency is costly to produce and less acceptable, cryptocurrency can coexist with fiat money, a widely accepted asset that is costless to produce.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::11974f2f75d32e31fead49699d45bc12Test
https://doi.org/10.1016/j.red.2022.08.001Test

5

Money and monetary stability in Europe, 1300–1914

المؤلفون: K. Kıvanç Karaman, Şevket Pamuk, Seçil Yıldırım-Karaman

المساهمون: Yıldırım-Karaman, Seçil

المصدر: Journal of Monetary Economics. 115:279-300

الوصف: WOS:000579856000017 This paper investigates the determinants of monetary stability in Europe from the late medieval era until World War I. Through this period, the anchor for monetary policy was the silver or gold value of the monetary unit. States, however, frequently abandoned this anchor, some depreciating their monetary units against silver and gold less than 10-fold and others more than 10,000-fold between 150 0 and 1914. To understand the determinants of these differences, we compile a new and comprehensive monetary history dataset for all major states in Europe and test alternative theories. We find strong evidence that political factors, and in particular, fiscal capacity, political regime and warfare explain patterns of monetary stability. This finding is robust to addressing endogeneity, controlling for the instability induced by the mechanics of the monetary system and accounting for the impacts of new monetary technologies and the advent of fiat standard. (c) 2019 Elsevier B.V. All rights reserved. TUBITAK 1001 ProgramTurkiye Bilimsel ve Teknolojik Arastirma Kurumu (TUBITAK) [117K203]; BAGEP 2016 grant from Science Academy, Istanbul Seminar participants at Bogazici University, Koc University, Marmara University, Stanford University, University of California, Davis and University of Warwick in Venice and conference participants at the fifth Asian Historical Economics Conference, the third CEPR Economic History Symposium and the twelfth European Historical Economics Society Conference provided invaluable comments on earlier versions of the article. We would also like to thank Robert C. Allen, Michael D. Bordo, Selva Demiralp, Antonio Castro Henriques, Clemens Jobst, Mikolaj Malinowski, Nuno Palma, Michael Pammer, Luciano Pezzolo, Leandro Prados de la Escosura, Jaime Reis, Thomas Scheiber, Rita Martins de Sousa and Francois R. Velde for their comments and generous help with the data. This research project was supported by TUBITAK 1001 Program project number 117K203. K. KivancKaraman was also supported by BAGEP 2016 grant from Science Academy, Istanbul.

وصف الملف: application/pdf

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::31958babafb3e9a8c73bfceb62e320e2Test
https://doi.org/10.1016/j.jmoneco.2019.07.007Test

6

Dynamic inefficiency and fiscal interventions in an economy with land and transaction costs

المؤلفون: Martin Hellwig

المصدر: German Economic Review. 23:21-60

مصطلحات موضوعية: Transaction cost, Economics and Econometrics, Debt, media_common.quotation_subject, Fiat money, Pareto principle, Economics, Monetary economics, Asset (economics), Real interest rate, Inefficiency, media_common, Fiscal policy

الوصف: The paper contributes to the discussion on whether real interest rates below real growth rates can be taken as evidence of dynamic inefficiency so that some fiscal intervention may be called for. A seemingly killing objection points to land, a non-produced durable asset in positive supply, as a reason why dynamic inefficiency can be ruled out. If real interest rates were expected to be below real growth rates forever, the value of land would be unbounded, which is incompatible with equilibrium. The paper shows that this objection is not robust to the presence of an arbitrarily small per-unit-of-value transaction cost. The paper also specifies fiscal interventions that provide for Pareto improvements even though they involve a resource cost. For the debate about public debt policy, the land argument is a red herring because it is incompatible with the presence of fiat money and debt denominated in units of fiat money.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::2e930688b4cb065cfd39e1278dd457bfTest
https://doi.org/10.1515/ger-2020-0110Test

7

Revisiting speculative hyperinflations in monetary models

المؤلفون: Maurice Obstfeld, Kenneth Rogoff

المصدر: Review of Economic Dynamics

الوصف: This paper revisits the debate on ruling out speculative hyperinflations in monetary models. Although apparently a narrow issue, studying these extreme economies turns out to be quite illuminating in understanding the fundamentals of price level determination. It is also relevant in evaluating the broader claims that advocates of the fiscal theory of the price level have made. In Obstfeld and Rogoff ( 1983 , 1986 ) we show that in pure fiat money models with rational expectations, where the government gives no backing whatsoever to currency, there is in fact no reasonable way to rule out speculative hyperinflations where the value of money goes to zero, even if the money supply itself is exogenous and constant. Such perverse equilibria are ruled out, however, if the government provides even a very small real backing to the currency – a fiscal mechanism, but one that comes into play only as a backstop. Indeed that backing does not have to be certain. Cochrane ( 2011 , 2019 ), however, argues that this result is wrong, and that fractional currency backing is a Maginot line that is insufficient to rule out hyperinflation. We show here why, in fact, his analysis involves a subtle change in model specification that adds a distinct monetary fragility to our model. Our baseline analysis uses a canonical money-in-the-utility-function setup due to Brock ( 1974 , 1975 ), but following Wallace (1981) , we show the same results go through in an overlapping-generations model of money.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::5b7ccf49ae21c97fa2f437c1e74f2fe8Test
https://doi.org/10.1016/j.red.2020.08.004Test

8

On the monetary exchange with multiple equilibrium money holdings distributions: An experimental approach

المؤلفون: Hajime Kobayashi, Tatsuhiro Shichijo, Kazuya Kamiya, Takashi Shimizu

المصدر: Journal of Economic Behavior & Organization. 183:206-232

مصطلحات موضوعية: Organizational Behavior and Human Resource Management, Economics and Econometrics, Multiple equilibrium, Fiat money, 05 social sciences, TheoryofComputation_GENERAL, Monetary economics, Search model, 0502 economics and business, Economics, ComputingMilieux_COMPUTERSANDSOCIETY, 050207 economics, Database transaction, 050205 econometrics

الوصف: In this study, we investigate a search model with divisible fiat money in a laboratory setting. In the model, there are multiple equilibria with various money holdings distributions. The purpose of this study is to investigate the behavior of subjects and the efficiency of endogenously determined money holdings distributions and transaction prices in this environment. We find that such endogenizing enhanced the coordination of subjects through monetary exchange. The subjects endogenously reduced the trade friction of monetary exchanges and chose relatively efficient money holdings distributions and transaction prices.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::43544f465754b34fbbf4a63bf4a6f860Test
https://doi.org/10.1016/j.jebo.2020.12.014Test

9

Making money for COVID-19

المؤلفون: Michael Ward

المصدر: Emerald Emerging Markets Case Studies. 10:1-9

مصطلحات موضوعية: Modern Monetary Theory, Inflation, Economics and Econometrics, Strategy and Management, Fiat money, media_common.quotation_subject, Monetary policy, Barter, Financial system, Deflation, Education, Currency, Quantitative easing, Economics, Business and International Management, Finance, media_common

الوصف: Learning outcomes The case describes the origins of money, touching on the gold standard, the Fed’s 1942 purchase of US debt to fund the “war effort”, Bretton Woods (1944), Nixon’s 1971 pulling the currency peg and descent of money from gold to fiat. It also touches on theories of inflation and deflation, quantitative easing (QE) post the 2008 crisis and the “swamp” of (unorthodox) modern monetary theory (MMT). Aside from providing a brief history of monetary policy and economics, the case study seeks to widen students’ understanding of key economic issues including: fiat money, QE, government funding mechanisms, taxation, economic stimulation, inflation/deflation – and of course, the need for an ombudsman to limit excess. Case overview/synopsis In May 2020, South Africa’s deputy finance minister David Masondo announced that he would support the South African Reserve Bank’s lending to the government. This statement followed President Ramaposa’s earlier announcement of a R500bn COVID-19 stimulus package. The case explores the economic history of money, from barter to gold to cryptos. The case examines the origins of central banks’ printing of money, initially to support the Second World War effort and more recently the 2008 global financial crisis and now the COVID-19 crisis. In particular, the case raises the question of central bank independence – “democratically elected governments always need money, is it appropriate for central banks provide it? And are there limits?” Complexity academic level MBA and Executive Education Supplementary materials Teaching Notes are available for educators only. Subject code CSS: 1 Accounting and Finance.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::97f0ce67bf0c06a7a77fc71f90ea4cd0Test
https://doi.org/10.1108/eemcs-05-2020-0154Test

10

Nominal contracts and the payment system

المؤلفون: Hajime Tomura

المصدر: The Japanese Economic Review. 72:185-216

مصطلحات موضوعية: Economics and Econometrics, Coincidence of wants, business.industry, Fiat money, media_common.quotation_subject, Money supply, Payment system, Monetary economics, Payment, Debt, Economics, business, Legal tender, media_common, Discount window

الوصف: This paper introduces into an overlapping generations model the civil court’s inability to distinguish different qualities of goods of the same kind. This friction prevents the enforcement of real credit contracts through the civil court. Given this environment, fiat money is introduced into the model as an intrinsically useless, but recognizable instrument for the court. With fiat money, there exists an equilibrium in which agents write pledgeable nominal debt contracts, while fiat money circulates as both a means of debt repayment and a means of payment for goods. This result does not require dynamic inefficiency or lack of double coincidence of wants. However, there can occur a shortage of real money balances for debt repayments, because lenders must pay fiat money for borrowers’ output before receiving the repayment of debt, in order for borrowers to obtain fiat money to repay debt. The central bank can resolve this bottleneck if it provides an elastic money supply through a discount window within each period. These results replicate two institutional features of the current monetary system—that is, fiat money being legal tender and a discount window offered by the central bank—in an unified framework.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::5d1f8043f92eb291f51efeb95b994298Test
https://doi.org/10.1007/s42973-020-00054-8Test

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