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I discuss private and central-bank-issued digital currencies, summarizing my prior research. I argue that prices of private digital currencies such as bitcoin follow random walks or, more generally, risk-adjusted martingales. For central bank digital currencies, I argue that they enhance the...
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Chapter 1.Introduction: Money, Finance, & Production in Contemporary Commercial Republics -- Chapter 2.Money, Capital, & Investment: Fixing Some Critical Terms & Relations -- Chapter 3.Franchise Finance: A Brief Exposition & Exposé -- Chapter 4.Franchise Finance: Why & How We Got Here --...
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