rights an individual may have with respect to tangible and intangible things. ‘Money’, ‘currency’, and ‘legal tender’ are … a community. Within the last decade, Bitcoin, a decentralised payment system denominated in its own unit of account … (‘bitcoin’), has emerged as an attractive form of investment and medium of exchange. Despite its widespread use, Bitcoin …

We develop a generic model of money and liquidity that identifies sources of liquidity bubbles and seignorage rents. We …

When does a swap between private and public money leave the equilibrium allocation and price system unchanged? To … answer this question, the paper sets up a generic model of money and liquidity which identifies sources of seignorage rents …

that Bitcoin has a unique \"hardness\", due to which this cryptocurrency is rightly called «digital gold». The article …

To support the understanding that banks' debt issuance means money creation, while centralized nonbank financial … notion of money creation as a result of banks' loan creation is compatible with the notion of liquid funding needs in a multi …

Cryptocurrencies provide an important dimension of innovation to the evolution of the exchange medium we call money …. There are now over 4,000 such currencies, and their potential and volume is growing. The impact of such currencies for money … of their traditional tools to control money supply and interest rates - such as reserve requirements and the discount …