LOTZ, Sébastien; ROCHETEAU, Guillaume - Départment d'économétrie et d'économie politique … - 2000
currency into the new one can ease the transition to the new currency only if it is combined with strict legal tender laws …This paper studies the launching of a new fiat currency within a search-theoretic framework. We show that legal tender … laws may not be sufficient to guarantee the acceptability of the new currency, and that the withdrawal of a large fraction …