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The last decade has seen the burgeoning of several hundred local community currency institutions in cities across the world. Although residents of these communities claim that local currency promotes local development, how if at all it does so has hitherto been unexplored. This paper argues that...
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We explore the interaction between central bank digital currencies and cryptocurrencies using a game-theoretic model. The solution of this model is characterized by a multiplicity of equilibria, delimited by the regulatory capability of the central bank and its interaction with the financial...
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with the game theory of Proof-of-Work as rent-seeking contest and a lively account of the different ways of trust that … applied game theory and political economy (critical explorations in the theory of the current democracy, between populism and … new rights) and has contributed original papers in portfolio theory (with spin glasses applications) and Hicksian …
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Central Bank Digital Currencies (CBDCs) enable negative interest rates. A game is analyzed between a central bank (accounting for the government’s interest) and a representative household choosing to consume, hold CBDC, or hold non-CBDC. The central bank chooses negative interest rate when it...
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