Counterfeiting, screening and government policy

Kang, Kee-Youn

doi:10.1016/j.jet.2017.08.002

Journal of Economic Theory

2017

DOI: 10.1016/j.jet.2017.08.002

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Counterfeiting, screening and government policy

Kee-Youn Kang

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Cited by 6 publications

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“…In these studies, counterfeit does not happen in the equilibrium because genuine money/asset holders can use signalling Shao (2014). replaces the signalling game with a competitive search setting under adverse selection Kang (2017). considers a costly technology that can screen counterfeits Quercioli and Smith (2015).…”

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Should the Central Bank Issue E-Money?

2018

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Should a central bank take over the provision of e-money, a circulable electronic liability? We discuss how e-money technology changes the tradeoff between public and private provision, and the tradeoff between e-money and a central bank's existing liabilities like bank notes and reserves. The tradeoffs depend on i) the technological setup of the e-money system (as a token or an account; centralized or decentralized); ii) the potential improvement in the implementation and transmission of monetary policy; iii) the risks to safety and privacy from cyber attacks; and iv) the uncertain impact on banks' efficiency and financial stability. The most compelling argument for central banks to issue e-money is to address competition problems in the banking sector.

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Should the Central Bank Issue E-Money?

2018

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Optimal contract for asset trades: Collateralizing or selling?

Kang

2021

Journal of Financial Markets

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Endogenous liquidity and volatility

Rocheteau

Wang

2023

Journal of Economic Theory

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Counterfeiting, screening and government policy

Cited by 6 publications

References 19 publications

Should the Central Bank Issue E-Money?

Should the Central Bank Issue E-Money?

Optimal contract for asset trades: Collateralizing or selling?

Endogenous liquidity and volatility

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