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Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
MAGKS Joint Discussion Paper Series in Economics No. 05-2022
Verlag: 
Philipps-University Marburg, School of Business and Economics, Marburg
Zusammenfassung: 
The coexistence of cash and digital currencies constitutes a system of parallel currencies. This paper tackles the question whether a new (digital) currency is essential: Does a new currency allow for a better resource allocation even if a fully accepted currency is in circulation and still remains in circulation? Using the dual currency search model of Kiyotaki and Wright (1993), we show how the introduction of a secondary currency affects average utility. There is some scope for a welfare improvement, the welfare effect depends on differences in returns and costs, and, in particular, the fraction of cash traders who will be replaced by digital money traders.
Schlagwörter: 
digital money
dual currency regime
welfare comparison
JEL: 
E41
E42
E51
Dokumentart: 
Working Paper

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