We present an integrated framework for the study of the international financial economy with trade, fiat money, monetary and fiscal policy, endogenous default and regulation. Money is introduced via a cash-in-advance requirement and real trade is endogenous. The standard international finance pricing results obtain. Market incompleteness and positive default in equilibrium allow for the study o...

The competitive market structure of a decentralized economy is converted into a self-policing system treating the bureaucracy and enforcement of the legal system endogenously. In particular we consider money systems as constructs to make agents’ economic strategies predictable from knowledge of their preferences and endowments, and thus to support coordinated resource production and distributio...

The current post-modern private currencies including cryptocurrencies and community are becoming extremely diverse. We need a clear-cut framework to put our present situation in perspective understand the diversity evolution of money human history consider status quo future money. purpose this paper is place such diversified as well previous forms evolutionary tree diagram money, grasp essentia...

The paper offers a new formulation of the old hypothesis that money exists due to shortage of other financial assets. The theory admits various monetary regimes, ranging from a strict gold standard to interest-bearing fiat money in the form of nominal government bonds. A central assumption is that claims on currently non-existing real assets, which will be productive in the future, are not trad...

We build a one-period general equilibrium model with money. Equilibrium exists, and fiat money has positive value, as long as the ratio of outside money to inside money is less than the gains to trade available at autarky. We show that the nominal effects of government fiscal and monetary policy can be completely described by a diagram identical in form to the IS-LM curves introduced by Hicks t...

The monetary character of trade, the existence of a common medium of exchange, is derived as an outcome of the economic general equilibrium in a class of examples. Two constructs are added to an Arrow-Debreu general equilibrium model: market segmentation with multiple budget constraints (one at each transaction) and transaction costs. The multiplicity of budget constraints creates a demand for ...

The increasing use of private digital currency can affect the effectiveness monetary policy, putting government under pressure to adopt Central Bank Digital Currency (CBDC). This study aims analyze factors that influence economic actors in CBDC. results showed and safety may increase consumer satisfaction with using CBDC publicity influences changes behavior conversion fiat money