Temzelides and Williamson present a model of private currency issuance to study the effect of clearing arrangements on the prices at which private currencies trade, on the volume of exchange, and on welfare. Their findings hinge on three factors: the location of the issuers relative to the area in which their currencies circulate, whether there is an arrangement for clearing nonlocally issued c...

In the context of green finance, minibonds play a crucial role. This financial instrument was introduced in 2012 as valid alternative to bank credit for corporate financing, aimed mainly at small and medium-sized enterprises. Minibonds also represent useful support implementing ecological transaction agreed upon COP 21, held 2015 Paris. Indeed, 2017, this has been expanded from an environmental...

In recent years, we have observed an increase in low-income countries’ (LICs) access to international capital markets, especially after the Global Financial Crisis (GFC). This paper investigates what factors—country-specific macroeconomic fundamentals and/or external variables—have contributed surge bond issuance by these LICs, which refer our as ‘frontier economies’. Using data on public and p...

Encryption has always been a part of malware, from basic ROT13 string encoding to multi-layered packing algorithms. However, malware authors have discovered ways to exploit the existing strengths and weaknesses of public key cryptography in addition to their home-grown crypto. With the many layers that make up the Public Key Infrastructure (PKI) – certifi cate issuance, verifi cation, revocatio...

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...