Can currency competition work?
نویسندگان
چکیده
منابع مشابه
Currency Competition: A Partial Vindication of Hayek
This paper establishes the existence of equilibria for environments in which outside money is issued competitively. Such equilibria are typically believed not to exist because of a classic overissue problem: if money is valued in equilibrium, an issuer produces money until its value is driven to zero. By backward induction, money cannot have value in the first place. This paper shows that overi...
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ژورنال
عنوان ژورنال: Journal of Monetary Economics
سال: 2019
ISSN: 0304-3932
DOI: 10.1016/j.jmoneco.2019.07.003