Behavioral economics has demonstrated systematic decision-making biases in both lab and field data. Do these biases extend across contexts, cultures, or even species? We investigate this question by introducing fiat currency and trade to a colony of capuchin monkeys and recovering their preferences over a range of goods and gambles. We show that capuchins react rationally to both price and weal...

In this paper, we analyze the use of fiscal and monetary instruments to improve long-run welfare when productive investment is irreversible and uncollateralizable and there is no insurance. Only fiat money or government-issued bonds provide self-insurance. We demonstrate that an increase in precautionary savings reduces irreversible productive investment. Hence, subsidies to promote productive ...

The welfare-maximizing income tax structure, rate of money creation, and amounts of intergenerational transfers are jointly determined for given rates of government consumption. When government consumption is zero, it is found for the parameter values examined that the income tax structure is progressive, the rate of money change is negative, and positive transfers are made to the old. As gover...

Nigeria is the first African country to issue a central bank digital currency (CBDC) or fiat called eNaira. The eNaira CBDC was issued as money equivalent be used alongside with paper Naira. This presents features, opportunities and risks of in Nigeria. which present include improved conduct monetary policy, convenience, efficient payments increased financial inclusion. Some identified illitera...

This article examines applied aspects of Modern Monetary Theory (MMT). Currently, this theory has gained popularity in wide academic circles and is the subject discourse among both theoretical economists practical economists. Scholars evaluate ambiguously, many researchers believe its main provisions are divorced from economic realities, contradictory and, therefore, not acceptable as instrumen...

The money has tracked a historical course from the barter economy, cash, fiat money, deposit, digital and crypto money. widespread blockchain technology managed to such as Bitcoin, Ripple Ethereum being ubiquitous in financial markets after 2011. While quest for new currencies substitute payment systems international economic have continued, it is observed that these progresses are appraised te...

In networks and entity groupings that have sensitive resources, user identification is a crucial requirement for secure access, communication and transactions involving those resources. However, there are networks and entity groupings that require entity authentication while preserving the privacy of the entity being authenticated. There are several zero-knowledge protocols (ZKP) including the ...

The Stability and Growth Pact, originally designed to protect the integrity of monetary union based on price stability and fiscal discipline, has created a rift between states and institutions. Larger states like Germany and France have repeatedly violated the terms of the pact, while smaller states like the Netherlands and Austria have steadfastly defended it. This paper explores how size has ...

Abstract Today’s central banks wield extraordinary powers, both monetary and regulatory, with a capacity to substitute for elected governments tempted pass the buck. Debates about banking’s powers legitimacy barely touch, however, on whether how independence fits values that drive constitutionalism. It turns out that, modern economies using fiat money, is corollary of higher level separation (f...