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-free asset over time. The four models specify this single asset to be private bonds, public bonds, public money, or private money … refers to the limits on private issue of money or bonds, or the supplies of publicly issued bonds or money.) …
Persistent link: https://www.econbiz.de/10012770986
In a recent article, Yermack (2015) argues that bitcoin is not money because it functions poorly as a medium of … classifies an item as money if and only if it functions as a commonly-accepted medium of exchange. Then, we show that the demand … for bitcoin is comparable to the demand for many government-issued monies. Finally, we argue that bitcoin is money …
Persistent link: https://www.econbiz.de/10012870614
The quantum money (q-money) as a possible convenient, socially innovative, technologically attractive and user … a number of topics: 1. The historical evolution of the money in the financial systems within the economies of the scales … and scopes over the centuries. 2. The definition on the electronic money in the financial systems within the economies of …
Persistent link: https://www.econbiz.de/10013011623
The fungibility of money is a characteristic which contributes to the quality of money. Fungibleness is itself related … to the identity of money. The identity of an individual unit of exchange is increasingly important as cash becomes less … common, and banks require more information about the provenance of money. Private currencies, including Bitcoin and Libra …
Persistent link: https://www.econbiz.de/10012851904
This paper addresses the concern that why is ‘money' treated as a unique asset in the finance literature. The paper … presence of money alters individual behaviors in a variety of ways and in a variety of contexts. Analyzing such theories on … money can enrich our understanding of Islamic finance principles. Existing theory on Islamic finance mostly aims to provide …
Persistent link: https://www.econbiz.de/10012984937
allows limited record-keeping and enforcement. An equilibrium with money and credit is shown to exist if the cost of using …
Persistent link: https://www.econbiz.de/10013039827
The concept of money is regarded as difficult and complex. Today, lawyers leave the discussion of money to economists …. Economists see money as a creation of the law and quietly presuppose its existence, so much so that money has disappeared as a …-tier system of money creation and the money multiplication within the fractional reserve banking system, that money is an unusual …
Persistent link: https://www.econbiz.de/10013045256
The properties of money commonly referenced in the economics literature were originally identified by Jevons (1876) and … Menger (1892) in the late 1800s and were intended to describe physical currencies, such as commodity money, metallic coins … quantum money. These forms of money have novel properties that have not been studied extensively within the economics …
Persistent link: https://www.econbiz.de/10012660126
We argue that long-run inflation has nonlinear and state-dependent effects on unemployment, output, and welfare. Using panel data from the OECD, we document three correlations. First, there is a positive long-run relationship between anticipated inflation and unemployment. Second, there is also...
Persistent link: https://www.econbiz.de/10012625516
The purpose of this article is to show that money is not an entity but hic et nunc a genuine mode of circulation … associated with a genuine social organisation. Criticising money hypostasis may help to to: (i) elucidate the ambivalence of … nothing but imperfect forms of our modern money and show that exotic societies are worth studying for themselves; and (iii …
Persistent link: https://www.econbiz.de/10012716555