Abstract The coexistence of fiat money (cash) and digital monies constitutes a system parallel currencies as media exchange. This paper asks whether new (digital) currency is essential: Does allow for better resource allocation even if fully accepted in circulation remains circulation? Using the dual search model Kiyotaki Wright (1993. A search-theoretic approach to monetary economics. Am. Econ...

The presence of rational price bubbles during the German hyperinflation is tested under two different structural assumptions on the money process. If the money supply is constrained to be exogenous to the current inflation rate, the hypothesis of no bubble can be rejected. However, this is no longer found to be true when a feedback rule from inflation to money creation is allowed. The analysis ...

Design and construction of hydrogeological information systems is now a necessity. For proper functionality of these systems, it is necessary to create them in accordance with widely accepted international standards regarding geospatial information. Geomatics research tools allow for creation of basic models of hydrogeological data, consistent with these standards. The models can be based upon ...

The evidence based assessment (EBA) movement stresses the importance of psychological measures with strong psychometric properties and clinical utility. The Functional Idiographic Assessment Template system (FIAT; Callaghan, 2006) is a functional analytic behavioral approach to the assessment of interpersonal functioning for use with therapies like Functional Analytic Psychotherapy (FAP; Kohlen...

We study the use of intermediated assets as media of exchange in a neoclassical growth model. An intermediary is delegated control over productive capital and finances itself by issuing claims against the revenue generated by its operations. Unlike physical capital, intermediated claims are assumed to be liquid—they constitute a form of asset-backed money. The intermediary is assumed to control...

The benefits offered by cryptocurrencies are a great many: transaction cost and speed, security transparency, to name few. Yet, there is also major drawback represented their extremely high volatility. Stablecoins offer an ideal solution since they preserve all the advantages of blockchain-based currencies, while reducing considerably volatility issue. Currently, stablecoins almost exclusively ...

Recent global developments have transformed the environment in which monetary policy operates, throwing up opportunities as well as challenges. Globalisation has expanded economic interdependence and interaction of countries greatly. This has created the need for greater coordination in terms of the design of appropriate institutional architecture as well as standardisation reflected in the ado...