Virtual currencies are a contemporary form of private money. Thanks to their technological properties, their global transaction networks are relatively safe, transparent, and fast. This gives them good prospects for further development. However, they remain unlikely to challenge the dominant...

The previous literature on dollarization processes has two basic problems. First is the poor empirical methods of measurement, and second is the lack of a clear definition of the phenomenon under study. Several methodological problems have not been successfully addressed. Foreign currency...

Currency debasement, defined as a loss of precious metal content (intrinsic value) of the circulating penny currencies over time, was a common feature in the monetary history of Europe, c. 1400–1900. Over the centuries the loss rate was sustained; between 1400 and 1900 A. D. the (south) German...

The recent proliferation of bitcoin has been a boon for users but might pose problems for governments. Indeed, some governments have already taken steps to ban or discourage the use of bitcoin. In a model with endogenous matching and random consumption preferences, we find multiple monetary...

This paper examines the existence, causes and effects of currency substitution in Nigeria by estimating conventional money demand equations based on a partial adjustment and an autoregressive distributed lag models using three definitions of monetary aggregates. The behavior of the foreign...