Privately issued money can benefit consumers in many ways, particularly in the areas of value stability and product variety. Decentralized currency production can benefit consumers by reducing inflation and increasing economic stability. Unlike a central bank, competing private banks must...

We analyze how network effects affect competition in the nascent cryptocurrency market. We do so by examining the changes over time in exchange rate data among cryptocurrencies. Specifically, we look at two aspects: (1) competition among different currencies, and (2) competition among exchanges...

Although digital currencies could, in theory, serve as money for anybody with an internet-enabled device, at present they act as money only to a limited extent and only for relatively few people. The economics of the schemes as currently designed, both in terms of individuals' incentives and at...

This paper surveys economists’ work on the theory and the history of free banking regimes. Support for free banking - a laissez-faire monetary system without a central bank, typically conceived as operating under a commodity standard - has been much rarer than support for free trade, even...

Privately issued money can benefit consumers in many ways, particularly in the areas of value stability and product variety. Decentralized currency production can benefit consumers by reducing inflation and increasing economic stability. Unlike a central bank, competing private banks must...

In this century, three types of monetary systems have predominated: central banking, free banking, and currency boards. Central banking is familiar to us all, because it is today the monetary system of almost every country. Free banking once existed in approximately seventy countries during the...

In 2013, through massive quantitative easing by the Bank of Japan (BOJ), the yen depreciated about 25% against the US dollar, stoking fears of Japan bashing by the US. However, this sharp depreciation simply restored the purchasing power parity of the yen with the dollar. Since 2008,...

The aim of this research is to find monetary policy tools in usury free banking. We will review the ideas of Muslims in Iran and outside the Iran for this subject. In this work, we will explain the effects of monetary policies on economy. This article is about explanation of two subjects: In the...