Security: Forging paper currency is difficult. Unfortunately, electronic currency is just data and is easily copied. Copying or double spending of electronic currency should be prevented or detected. Ideally the illegal creation, copying, and reuse of electronic cash should be unconditionally or computationally impossible. Some systems rely instead on post-fact detection and punishment of doubl...

How does an unexpected domestic monetary expansion a¤ect the foreign economy: Does it induce an increase or a decline in foreign production? And is it ’beggar-thy-neighbour’, or does it raise foreign welfare? Empirical evidence from VARs indicates that monetary policy has positive international transmission e¤ects on both foreign output and aggregate demand. A two-country dynamic general equili...

The aim of this paper is to examine indications for a common currency system on the Internet for spontaneous transactions. First the framework for such a currency system and the theoretical background on common currencies are discussed. Examples of common currencies already in use are evaluated according to a set of criteria developed by the authors. Furthermore the theoretical ideas and the in...

Clinical trials have shown better efficacy of escitalopram over citalopram, and review-based economic models the cost-effectiveness of escitalopram vs. citalopram (brand and generic). No head-to-head clinical trial has, however, evaluated the cost-effectiveness of both drugs so far. The aim of this study was to assess the relative cost-effectiveness of escitalopram compared with citalopram in p...

Analysis of the currency networks is not easy as the transactions are not centralized but rather take place over a large number of banks and commercial entities. Digital crypto currencies, however, require a public ledger to work and provide an opportunity for analysis of currency transactions. A crypto currency is a medium of exchange using cryptography to secure the transactions and to contro...

In order to better emulate models with divisible money, we enrich existing random-matching models of international currencies with indivisible monies by introducing randomized trades. The concept of equilibrium is the pairwise core in meetings. We show that there exist equilibrium outcomes in which home and foreign currency play distinct roles. Among these are outcomes with higher observed pric...

We introduce iOwe, a deferred compensation scheme that can be used in a broad range of decentralized systems. iOwe is reminiscent of a currency scheme backed by a precious commodity: network resources. iOwe does not require a central authority, proofs of work, continuous connectivity to currency issuers, or trusted storage. Instead, in iOwe, any principal may issue their own currency, in any am...