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Currency Substitution under Transaction Costs
Schilling, Linda - 2019
A major selling point and feature of cryptocurrencies is that they allow anonymous payments around the globe without a third party watching. For payments of certain goods, this censorship resistance feature makes cryptocurrencies more suitable or less costly a medium of exchange than traditional...
Persistent link: https://www.econbiz.de/10012895164
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Is a secondary currency essential? : on the welfare effects of a new currency
Fuchs, Max; Michaelis, Jochen - 2022
The coexistence of cash and digital currencies constitutes a system of parallel currencies. This paper tackles the question whether a new (digital) currency is essential: Does a new currency allow for a better resource allocation even if a fully accepted currency is in circulation and still...
Persistent link: https://www.econbiz.de/10012819285
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Free Banking as a Monetary Gauge
Dennis, Eric - 2014
Selgin's Theorem -- that a free banking system operating on a fixed supply of commodity reserves acts to stabilize total nominal spending per year -- provides an analytical bridge between this alternative regime and conventional monetary theory. For a system of competing banks subject to...
Persistent link: https://www.econbiz.de/10013051647
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Is a secondary currency essential? : on the welfare effects of a new currency
Fuchs, Max; Michaelis, Jochen - In: Jahrbücher für Nationalökonomie und Statistik 243 (2023) 2, pp. 153-167
The coexistence of fiat money (cash) and digital monies constitutes a system of parallel currencies as media of exchange. This paper asks whether a new (digital) currency is essential: Does a new currency allow for a better resource allocation even if a fully accepted currency is in circulation...
Persistent link: https://www.econbiz.de/10014514105
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Currency Substitution and the Moneyness of Monetary Assets
Morón, Eduardo A. - 1998
The previous literature on dollarization processes has two basic problems. First is the poor empirical methods of … been successfully addressed. Foreign currency holdings cannot be measured directly, and the dollarization ratios are very … differential. Using the Peruvian dollarization experience (1978-1996), we found significant evidence supporting these hypotheses …
Persistent link: https://www.econbiz.de/10014068081
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Ratchet effects in currency substitution : an application to Nigeria
Bawa, Sani; Omotosho, Babatunde S.; Doguwa, Sani I. - In: CBN journal of applied statistics 6 (2015) 2, pp. 19-37
This study examines the persistence of currency substitution in Nigeria by applying the Bounds testing approach to cointegration and including a ratchet variable in the estimated Autoregressive Distributed Lag (ARDL) model. Empirical results show that factors such as exchange rate risks,...
Persistent link: https://www.econbiz.de/10011460447
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The demand for currency substitution
Seater, John J. (contributor) - 2008
the model. Independent empirical work provides support for the theory. -- Currency substitution ; dollarization …
Persistent link: https://www.econbiz.de/10003773384
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Issues in stability of European money demand : adjustment speed versus error variance
Läufer, Nikolaus - 1997
The current discussion about stability of the European money demand function is flawed by a confusion of two different concepts of stability (adjustment speed versus error variance). The meaning and importance of the underlying notions of stability is clarified. It is demonstrated that necessary...
Persistent link: https://www.econbiz.de/10009755225
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The Hysteresis of Currency Substitution : Currency Risk Vs Network Externalities
Valev, Neven T. - 2007
relatively high, does not play a major role in sustaining the dollarization of transactions. Conversely, preferences for the use …
Persistent link: https://www.econbiz.de/10012730002
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Currency Substitution and Network Externalities
Reding, Paul; Morales, Juan Antonio - 2004
illustrated by the case of Bolivia, where dollarization has remained at a particularly high level after stabilization. The paper …
Persistent link: https://www.econbiz.de/10014071614