E-Money: Legal Restrictions Theory and Monetary Policy

Kwon, Ohik; Park, Jaevin

doi:10.2139/ssrn.3198493

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Would We Like Central Bank Digital Currencies and Cryptocurr1

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2018

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“…The basic properties of the cryptocurrencies can be modified, at least theoretically, by proposing alternative payment technologies, such as digital trade coins (DTC) (Lipton et al ). In such cases, the holding of real assets—or the holding of government bonds (Kwon and Park ) —is intertwined with the use of the distributed ledger technology to address the problem of the stability of the store‐of‐value property.…”

Section: Would We Like Central Bank Digital Currencies and Cryptocurrmentioning

confidence: 99%

Central Bank Digital Cash and Cryptocurrencies: Insights from a New Baumol–Friedman Demand for Money

Masciandaro

2018

Australian Economic Review

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This article analyses ongoing changes in the supply of alternative media of payments (MOPs). The comparison between old (cash and deposits) and new (cryptocurrencies and central bank digital currencies) MOPs is based on a novel definition of money where a MOP has three properties: the first two are the standard functions of medium of exchange (liquidity costs) and store of value (opportunity costs) and the third is the novel function of store of information (privacy costs). Given such properties and that the evolution of the different MOPs likely depends on individual preferences, the relevance of experimental economics is highlighted.

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Section: Would We Like Central Bank Digital Currencies and Cryptocurrmentioning

confidence: 99%

Central Bank Digital Cash and Cryptocurrencies: Insights from a New Baumol–Friedman Demand for Money

Masciandaro

2018

Australian Economic Review

View full text Add to dashboard Cite

show abstract

E-Money: Legal Restrictions Theory and Monetary Policy

Cited by 1 publication

References 17 publications

Central Bank Digital Cash and Cryptocurrencies: Insights from a New Baumol–Friedman Demand for Money

Central Bank Digital Cash and Cryptocurrencies: Insights from a New Baumol–Friedman Demand for Money

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