This paper develops a two-agent worker-capitalist heterogeneous household monetary Schumpeterian growth model to examine the effects of R&D and monetary policies on economic growth and inequality. The model is then calibrated to the South African economy, an upper-middle-income African country...

Private entities have recently attempted to invade the realm of central banking activities. This Article identifies this activity as “Shadow Central Banking,” and draws analogies with the previous emergence of “shadow banking” more generally. The “shadow banking” system emerged as a...

The antecedent studies have designed new funding with the intellectual capital money (IKM) upon trading the intellectual capital (IK) to ensure unimpeded access to it and spur its generation and exploitation. This piece examines the static and dynamic behavior of IKM in an open economy. The...

The pros and cons of CBDCs have been examined in numerous writings but much less research has focused on specific economies or regions. This paper attempts to fill that gap for the Latin American and Caribbean (LAC) economies. It first examines the views of central banks in the region toward...

This paper analyzes how the determinants of two entrepreneurs’ choice whether to conduct product innovation R&D projects alone, or in a cross license agreement, or in a research joint venture depend on the intrinsic nature of the R&D projects. Results show that in fundamental research -- which...

In the course of their growth and their more recent crisis, cryptocurrencies suffered from tremendous volatility. Volatility impaired cryptocurrencies' ability to serve the needs generally associated with currencies, i.e. serve as a store of value as well as a medium of exchange and a unit of...

Over a decade has passed since a mysterious creator under the alias Satoshi Nakamoto (a pseudonym) launched Bitcoin in January 2009, who designed it as a decentralized (permissionless) purely peer-to-peer network of electronic cash that runs on blockchain using cryptography and distributed...

Unlike Central banks, cryptocurrencies can easily adjust their inflation rate with simple changes to code. Bitcoin, with a finite eventual supply of tokens, is increasingly gaining acceptance as an alternative long-term digital store of value with similar anti-inflationary characteristics to...