Crowding Out in a Dual Currency Regime? Digital Versus Fiat Currency
- Authors
- Hong, KiHoon; Park, Kyounghoon; Yu, Jongmin
- Issue Date
- 2018
- Publisher
- ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
- Keywords
- Bitcoin; crowding out; digital currency; dual currency
- Citation
- EMERGING MARKETS FINANCE AND TRADE, v.54, no.11, pp.2495 - 2515
- Journal Title
- EMERGING MARKETS FINANCE AND TRADE
- Volume
- 54
- Number
- 11
- Start Page
- 2495
- End Page
- 2515
- URI
- https://scholarworks.bwise.kr/hongik/handle/2020.sw.hongik/4816
- DOI
- 10.1080/1540496X.2018.1452732
- ISSN
- 1540-496X
- Abstract
- In this article, we analyze a dual currency regime with fiat currency and digital currency and investigate potential crowding-out effects of fiat currency or digital currency under the framework of the traditional monetary economic model. We find that crowding out occurs only under extreme assumptions, i.e., extremely high costs associated with the use (medium of exchange and store of value) of one currency and extremely low costs associated with the use of the other currency.
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- Appears in
Collections - School of Economics > Economics Major > 1. Journal Articles
- College of Business Administration > Business Administration Major > 1. Journal Articles
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