دانلود مقاله ISI انگلیسی شماره 47360
عنوان فارسی مقاله

رقابت ارز: اثبات بخشی از هایک

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
47360 2006 27 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Currency competition: A partial vindication of Hayek ☆
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Monetary Economics, Volume 53, Issue 8, November 2006, Pages 2085–2111

کلمات کلیدی
رقابت ارز - هایک - پول خارج - پول شخصی - پول بدون پشتوانه
پیش نمایش مقاله
پیش نمایش مقاله رقابت ارز: اثبات بخشی از هایک

چکیده انگلیسی

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 overissuance is not a problem if agents believe that if an issuer produces more than some threshold number of notes, then only those notes issued up to the threshold will be valued; additional notes will be worthless. This result is very general, applying to any monetary economy in which equilibria with and without valued money exist if the money supply is finite. The paper also compares the allocation achieved by a monopolist to that achieved with competitive issuance in both a search and an overlapping-generations environment. The results depend on the environment considered, but two general conclusions arise. First, it is ambiguous whether competitive issuers can achieve a more desirable allocation than a monopolist. Second, with competitive issuance, a licensing agency can always improve on pure laissez-faire and achieve the efficient allocation in the long run.

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