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Quest for Good Money - Past, Present and Future (Hardcover, 1st ed. 2022)
Loot Price: R1,533
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Quest for Good Money - Past, Present and Future (Hardcover, 1st ed. 2022)
Series: Hitotsubashi University IER Economic Research Series, 48
Expected to ship within 12 - 17 working days
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This open access book examines the history and role of money. Money
is often defined in terms of three interrelated functions: as a
medium of exchange, store of value and unit of account. Researchers
frequently discuss the first two functions, but tend to ignore unit
of account. This book focuses on how a unit of account or
denomination can be defined and can be derived from the monetary
system. In the case of paper money and coins, we know how to
determine the denomination of money based on the problem of the
least number of weights defined by Bachet and proved by Hardy and
Wright (1960). However, in the case of digital or cryptocurrency,
denomination may not matter because digital or cryptocurrency uses
a wallet that is essentially denomination free: a wallet can
contain any amount of currency without upper and lower limits. When
people talk about the stablecoin, i.e. the stable price of digital
and cryptocurrency with the major legal tender, they take a unit of
account or denomination of digital or cryptocurrency as given. This
arrangement destroys the nature of denomination free or
decentralized autonomy as it were. Exploring how we can consolidate
with these two views of denomination, this book will appeal to
anyone interested in creating new digital or cryptocurrencies. It
also serves as a textbook on central bank digital currency.
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