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An examination of fiat money as a mechanism for solving coordination problems in decentralized markets.

机译：检验法定货币作为解决分散市场中协调问题的一种机制。

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摘要

Trade developed through barter, an institution requiring the double coincidence of wants. Fiat money subsequently arose to provide traders with a mechanism for exchange in decentralized markets while avoiding the problems associated with commodity monies. Currently, every major modern economy uses fiat money and numerous Internet economies are developing private fiat monies, yet traditional economic theories, such as general equilibrium or Walrasian models, provide little insight. This work develops the concept of a coordination equilibrium model, which maintains fiat money's role as a medium of exchange.;The potential instability of fiat money is apparent from observed hyperinflationary episodes. Civil unrest and real purchases financed by printing money are also associated with hyperinflations. These factors lead to an experimental design addressing the stability of intrinsically valueless money. Via controlled laboratory experiments, subjects trade fictitious commodities for fiat money in a circular flow economy. The experimental results indicate that under a long trading horizon with no money creation, fiat money provides a stable medium of exchange and the economy realizes almost maximum efficiency, a result consistent with the coordination equilibrium model but not with standard economic models. Shortening the trade horizon causes a decrease in efficiency. However, the ability to create money leads to hyperinflationary trade patterns independent of the horizon. Further, the experimental results demonstrate that the collapse is not caused by an increasing money supply but rather the result of interference in the real price discovery process.;As the party issuing money is often an active participant, this economic instability creates a problem in the design of decentralized economic systems. Forcing the monetary authority to balance fiscal spending with the level of tax collection is a potential solution. Experimental evidence demonstrates that a balanced budget results in a pattern of market activity similar to that observed in fiat money economies when the government is inactive. This level of trade is achieved by private agents "crowding out" the government. Further, this effect is not due to the introduction of inside money, money that derives value within the system as tender for tax payment.
机译：贸易通过易货贸易发展起来，易货贸易是需要双重需求的机构。随后产生了法定货币，为交易者提供了一种在分散市场上进行交易的机制，同时避免了与商品货币有关的问题。当前，每个主要的现代经济体都使用法定货币，并且众多的互联网经济体都在发展私人法定货币，但是传统的经济理论（例如一般均衡或Walrasian模型）提供的见解很少。这项工作提出了协调均衡模型的概念，该模型可以维持法定货币作为交换媒介的作用。从观察到的恶性通货膨胀事件可以明显看出法定货币的潜在不稳定性。内乱和通过印钞资助的实际购买也与过度通货膨胀相关。这些因素导致了针对本质上无价值的货币的稳定性的实验设计。通过受控的实验室实验，受试者可以在循环经济中将虚拟商品交易为法定货币。实验结果表明，在没有货币创造的漫长交易视野下，法定货币提供了一种稳定的交换媒介，经济几乎实现了最高效率，其结果与协调均衡模型一致，但与标准经济模型不一致。缩短贸易时限会导致效率下降。但是，创造货币的能力导致独立于地平线的恶性通货膨胀贸易模式。此外，实验结果表明，崩溃不是由货币供应量增加引起的，而是对实际价格发现过程干扰的结果。;由于发行方经常是积极的参与者，这种经济的不稳定性在货币发行中造成了问题。分权经济体系的设计。强迫货币当局平衡财政支出和税收水平是一种潜在的解决方案。实验证据表明，平衡的预算会导致市场活动的模式与在政府不活跃时在法定货币经济体中观察到的模式类似。这种贸易水平是由私人代理人“挤出”政府来实现的。此外，这种影响并不是由于引入了内部货币，即内部货币在系统中作为纳税的投标而获得价值。

著录项

  • 作者

    Deck, Cary Alan.;

  • 作者单位

    The University of Arizona.;

  • 授予单位 The University of Arizona.;
  • 学科 Economics General.
  • 学位 Ph.D.
  • 年度 2001
  • 页码 123 p.
  • 总页数 123
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 经济学;
  • 关键词

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