网络经济学视角下的私人货币

货币是一种典型的网络产品。在直接网络外部性作用下,货币的演化具有标准化和统一化的趋势。但是,人们对支付工具的需求是差异化的,货币发行可以给发行者带来多种收益,因此市场上始终存在着私人货币生存的空间。电子私人货币的兴起是技术进步引发的金融创新,它对交易效率的提高是有益的,但私人货币不会威胁到法币的垄断地位。     

电子支付对货币政策中介指标的影响

电子支付与电子支付工具,正逐步走进我们的生活。从大额支付到零售贸易,伴随电子交易量的剧增,电子支付正以前所未有的速度向前发展。电子支付的快速发展加快了货币流通,减少了流通中的通货,从而对货币政策的中介指标产生了影响。     

浅谈支付工具史

伴随着全球化、网络化、知识经济和金融自由化的浪潮,金融业正面临有史以来最为深刻的变革.随着人类社会经济和科学技术的进步,作为商品交换和贸易发展的产物,支付工具也在不断地发展,不断地变化.在本文中,我着重介绍了支付工具的演变过程以及其的经济学现象,更加在网络普及化的情况下,介绍了新型电子支付工具以及储值卡.     

电子支付对货币政策中介指标的影响

电子支付与电子支付工具,正逐步走进我们的生活.从大额支付到零售贸易,伴随电子交易量的剧增,电子支付正以前所未有的速度向前发展.电子支付的快速发展加快了货币流通,减少了流通中的通货,从而对货币政策的中介指标产生了影响.     

我国电子支付工具与传统支付方式的竞争分析

本文讨论了电子支付工具与传统各种支付手段的特点,剖析了消费者偏好,分析了支付环境对不同支付方式的影响作用。本文认为,银联与各商业银行是电子支付产业的主体,第三方支付公司呈现激烈竞争的格局。     

关于电子货币应用的探讨

人们在各种活动和消费中习惯于现金支付、银行汇兑等传统的支付方式。随着电子商务的发展,电子支付工具越来越多。这些支付工具大致可以分为3类:一类是电     

论《电子支付与网络金融》精品课程建设——基于研究型教学模式

采用研究型教学模式是高等学校精品课程建设、教学改革及培养创新人才的必然选择和重要内容。本文借鉴国内研究型教学模式下精品课程建设的经验,分析了《电子支付与网络金融》精品课程建设面临的问题和对策,提出了基于研究型教学模式的《电子支付与网络金融》精品课程建设方案,以期为将研究型教学模式应用于精品课程的建设、提高教学质量、深化教学改革提供参考。     

我国法定数字货币对支付体系的影响

传统法定货币的支付功能虽然能够便捷实物现金支付,但是相对于跨时空的远程支付就显得"鞭长莫及",并且受困于货币形态大额支付实现起来也比较困难.传统法定货币支付增加了央行的监管难度,一定程度上降低了货币政策的有效性.央行发行的法定数字货币可以改变货币发行和流通形式,优化法币支付功能,降低对第三方支付机构的依赖,进而降低央行...     

美国经济中的电子支付方式及启示

网络经济 ,或者数字经济的发展 ,离不开一套高效、便利的电子支付体系 ,它是电子商务、网络银行等发展的必不可少的基础。目前国内尽管对电子商务的讨论 ,但对电子支付方式的研究却很少。本文对美国经济中的电子支付情况进行一些综合分析。美国的支付清算体系可以分为现金支付清算和非现金支付清算。现金的支付清算主要是银行间相互代理业务所形成的资金债务 ,在代理行之间以及通过联储进行。非现金支付结算则是利用支票、信用卡等支付工具进行的结算 ,它可以分为３个层次 ,依赖于４个并行的系统 ,即在１２个区行间进行的全国资金清算层 ;区…     

浅析中国电子支付的监管问题及对策

我国电子支付产业增长速度非常迅速,在以借记卡支付为基础发展起来的电子支付产业中,网络支付、移动支付、电话支付等多种新兴支付方式发展迅猛,成为了银行卡支付的有益补充.但在产业发展的同时.不可避免的会面临一些问题.我国的监管和决策机构应尽快出台完备的法规政策,明确监管主体及监管对象,加强电子支付监管,及时引导产业向积极的方向发展,创造一个良性的产业环境.     

On the coexistence of money and higher-return assets and its social role

This paper adopts mechanism design to investigate the coexistence of fiat money and higher-return assets. We consider an economy with pairwise meetings where fiat money and risk-free capital compete as means of payment, as in [28]. The trading mechanism in pairwise meetings is chosen among all individually rational, renegotiation-proof mechanisms to maximize society?s welfare. We show that in any stationary monetary equilibrium capital commands a higher rate of return than fiat money.     

Central Bank Digital Currency: optimization of the currency system and its issuance design

Central Bank Digital Currency (CBDC) contributes to optimizing payment functions of fiat money, reducing reliance on payment services provided by the private sector, alleviating regulatory burdens and pressure on the central bank, and strengthening the authority of fiat money. Moreover, issuance of CBDC helps to address dilemmas of modern monetary policies, including inefficiencies in policy transmission, difficulties in countercyclical control, flow of currency away from the real economy to the virtual economy and inadequate management of policy expectations. This paper proposes a CBDC issuance framework based on forward contingencies. The incorporation of time, sector, and loan rate contingencies in the activation of CBDC will realize real-time transmission of monetary policy, enable targeted supply of money and prevent the currency from circulating beyond the real economy. The economic state contingency makes it possible to exercise countercyclical control of currency. The embedment of these contingencies also enables currency to perform the function of forward guidance.     

Rate-of-return dominance and efficiency in an experimental economy

Summary. One of the main challenges for monetary economics is to explain the use of assets that are dominated in rate-of-return as media of exchange. We use experimental methods to study how a fiat money might come to be used in transactions when an identically marketable, dividend-bearing asset, a consol, is also available. Our experimental economies, which have an overlapping generations structure, have the property that the only stationary rational expectations equilibria (SREE) require exclusive use of the consol as the medium of exchange. In a baseline treatment, agents use the consol exclusively, as would occur in an SREE. However, in other treatments, we observe episodes of rate-of-return dominance,with consistent use of fiat money as a medium of exchange. The results show that two properties of our economies are associated with the rate of return dominance anomaly. The first is a history of trading with fiat money, prior to the introduction of the consol. The second is the timing of the dividend payment; when the dividend payment follows the execution of trades between generations, hoarding of the consol occurs on the part of the old, who earn dividends by hoarding. In our economies, settling transactions with a dividend-bearing asset does not improve allocations over those resulting from trading with fiat money. Received: July 11, 2002; revised version: July 25, 2002 RID="*" ID="*"We thank Anne Villamil, participants in the 2000 Purdue University Conference on Monetary Economics, the Summer 2000 meetings of the Economic Science Association, and a referee, for very helpful comments. We thank the Krannert School of Management and the Purdue University Center for International Business, Education and Research for financial support and Vivian Lei for research assistance. We also thank Ron Michener for referring us to the historical account of the early introduction of money into the American colonies, as reported by Benjamin Franklin. Correspondence to: G. Camera     

STICKY PRICES AND COSTLY CREDIT

We develop a theory of money and credit as competing payment instruments, then put it to work in applications. Agents use cash and credit because the former (latter) is subject to the inflation tax (transaction costs). Frictions that make the choice of payment method interesting also imply equilibrium price dispersion. We derive closed-form solutions for money demand, and show how to simultaneously account for the price-change facts, cash–credit shares in micro data, and money-interest correlations in macro data. The effects of inflation on welfare, price dispersion and markups are discussed, as are nonstationary equilibria with dynamics in the price distribution.     

Money,nonconvex preferences,and the existence of equilibrium: A note

Nonconvexities play a major role in several theories of money. This note suggests an additional such role. In particular, an economy is presented which fails to have a competitive equilibrium in the absence of fiat money. When fiat money is present, a steady-state competitive, equilibrium does exist and has the feature that money necessarily has value. This is because in any steady state, monetary equilibrium relative prices are bounded in such a way that the discontinuous portions of excess demand functions may become irrelevant.     

The upper turning point in the Austrian business cycle theory

This paper defends the relevance of Austrian Business Cycle theory (ABCT) within a fiat money regime, by providing an answer to whether a constant rate of credit expansion necessarily leads to a boom-bust cycle. We claim that this scenario has two potential outcomes, (1) a change in money demand brings the economy back towards equilibrium or (2) the economy will shift to a sub-optimal but still sustainable path. We identify capital heterogeneity effects and the Ricardo effect as distinctly Austrian explanations for an upper turning point, even in a fiat money regime.

     

On the complementarity of money and credit

I propose a model where agents choose to conduct their business using two payment instruments, money and bilateral credit. A friction in the timing of transactions rationalizes the use of both instruments and makes it optimal for agents to use money as a means of settlement for credit. Money and credit complement each other. With anticipated inflation, complementarity implies that the credit to money ratio decreases with inflation.     

Fiat money in the Kiyotaki-Wright model

Summary We study versions of the Kiyotaki-Wright (1989) model with fiat money and show that: (1) The use of a low storage cost fiat money may be necessary for specialization and trade, (2) there can be valued fiat money steady states which are indeterminate, (3) there are no nontrivial steady-states in which all trades consist of fiat money for goods, (4) fiat money may be valued even if it is not the least costly-to-store object, and lastly, (5) two fiat monies with different storage costs may both be valued.We thank Randall Wright for comments and helpful discussions.The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System.     

The optimality of nominal contracts

Summary. This paper presents a model in which agents choose to use money as a medium of exchange, a means of payment, and a unit of account. The paper defines conditions under which nominal contracts, promising future payment of a fixed number of units of fiat money, prove to be the optimal contract form in the presence of either relative or aggregate price risk. When relative prices are random, nominal contracts are optimal if individuals have ex ante similar preferences over future consumption. When the aggregate price level is random, whether from shocks to the money supply or aggregate output, nominal contracts (perhaps coupled with equity contracts) lead to optimal risk-sharing if individuals have the same degree of relative risk aversion. Finally, nominal contracts may be optimal if the repayment of contracts is subject to a binding cash-in-advance constraint. In this case, a contingent contract increases the risk of holding excessive cash balances. Received: March 29, 1996; revised version: February 25, 1997