Der Stand der finanziellen Bildung in Deutschland zeigt ein ambivalentes Bild: Obwohl das Land in internationalen Studien zum Finanzwissen regelmäßig Spitzenplätze belegt, bestehen nach wie vor deutliche Defizite - vor allem bei sozio-demografisch benachteiligten Gruppen. Die vorliegende...

Der Stand der finanziellen Bildung in Deutschland zeigt ein ambivalentes Bild: Obwohl das Land in internationalen Studien zum Finanzwissen regelmäßig Spitzenplätze belegt, bestehen nach wie vor deutliche Defizite - vor allem bei sozio-demografisch benachteiligten Gruppen. Die vorliegende...

This working paper integrates the credit money approach (associated with Post Keynesian endogenous money theory) with the state money approach (associated with Modern Money Theory) by drawing on Wray's 1990 book (Money and Credit in Capitalist Economies: The Endogenous Money Approach, Edward...

What explains the US dollar's role in the global economy and the tensions affecting its likely persistence? Most analyses start from Triffin's dilemma, which accurately captured specific but partial tensions of a global monetary system based on essentially fixed exchange rates, gold backing for...

Scholars and affiliates of the Levy Economics Institute have long demonstrated a granular understanding of the "operations" of money, which entails understanding the financial system's law and technology (Grey 2019, Tymoigne 2014, Fullwiler 2010, Bell and Wray 2002-3, Bell 2000). During the...

What explains the US dollar's role in the global economy and the tensions affecting its likely persistence? Most analyses start from Triffin's dilemma, which accurately captured specific but partial tensions of a global monetary system based on essentially fixed exchange rates, gold backing for...

Today all countries have fiat money issued by a central bank. There is no obligation by a central bank to exchange its money for gold or any other good. Central banks have the monopoly to issue central bank money and have the power to create their money out of nothing. Creating such a monetary...

This paper examines how monetary expansion causes asset bubbles. When there is no monetary expansion, a bubbly asset is not created due to a hold-up problem. Monetary expansion increases buyers' money holdings, and then, dealers are willing to buy a worthless asset from sellers, in hopes of...

We develop a general equilibrium model that highlights the trade-offs between physical and digital forms of retail central bank money. The key differences between cash and central bank digital currency (CBDC) include transaction efficiency, possibilities for tax evasion, and, potentially,...

Tony Lawson, the leading figure of the Cambridge Social Ontology Group, recently published a series of papers devoted to the question of the nature of money. These contributions have to be understood in the context of his broader approach to social ontology, the so called social positioning...

We develop a general equilibrium model that highlights the trade-offs between physical and digital forms of retail central bank money. The key differences between cash and central bank digital currency (CBDC) include transaction efficiency, possibilities for tax evasion, and, potentially,...

Most scholarly deliberations on whether cryptocurrencies are money are carried out with a formulaic preoccupation. They largely start and end with the question of whether cryptocurrencies meet "definitive" standards of "moneyness" provided by monetary economics/economists. Often, they hurriedly...

I propose an objective definition of money through a biological definition of cooperation, as opposed to altruism. I argue that these types of sociality are confused because they are not evaluated from a situated perspective of animal interactions. The theory of reciprocal altruism does not...

The law should help shape the common knowledge of cryptocurrencies, align market expectations, avoid conflicts and reduce transaction costs. Cryptocurrencies can be owned and transferred as a special kind of property. This specialty results from the trust and credit that cryptocurrencies are...

The article proposes a critical perspective on the potential impact of the growing cryptocurrency ecosystem on the process of democratizing money. After examining the various interpretations of the term "democratization", we focus on one interpretation: that of financial inclusion. We propose a...

This paper investigates the evolution of cryptocurrencies. By nature and essence, Bitcoin challenged and implicitly threatened central banks money and their role in the monetary system. Meanwhile, central banks have been studying and launching pilot projects on their own digital currency,...

State capacity, stable currencies, and well functioning financial systems seem to be ‘package deals’ – one cannot have one without having all. I show that the intimate functional links among states, monies, and financial systems, ubiquitous across history and geography as they are, are not...

In diesem Buch wird eine integrale Theorie der modernen Gesellschaft mit Tausch und Geld als zentrale Elemente entwickelt. Die vorgeschlagene Theorie ermöglicht einen neuen, radikalen Blick auf das, was Gesellschaft, Wirtschaft und vor allem Geld ist. Der Autor baut seine Theoriearchitektur...

Money in the Age of Global Digitalization -- Money in Digital Assets -- Money in Digital Currencies -- Psychological Ownership of Digital Currencies -- Pushes and Pulls in Switching to Digital Currencies -- The Meaning of Money in Cryptocurrency -- The Meaning of Money in Digital Game Currencies...

Pension policy in the UK and US is designed on the assumption that people make informed financial decisions, consistently invest in pensions and manage diverse portfolios. Deviating from this is often deemed irresponsible and irrational. However, this assumption overlooks uncontrollable factors...

Der moderne Fußball hat ein Problem: es mangelt überall an Geld. Stimmt nicht, der Fussball schwimmt doch im Geld, sagen Sie? Dann finden Sie mal einen Verein, der sagt, er habe genügend Geld. Überall versuchen Fußballfunktionäre, mehr Geld aufzutreiben. Die Kommerzialisierung des Sports...

It is difficult for private agents to produce money that circulates at par with no questions asked. We study two cases of privately-produced money: pre-Civil War U.S. private banknotes and modern stablecoins. Private monies are introduced when there are no better alternatives, but they initially...

Modern exchange theories model a large market, but do not explain single exchanges. This paper considers the phenomenon of single exchange and formulates the general exchange problem in the form of a system of two equations, subjective and objective. Subjective equilibrium is given by the...

The present work offers a review on two divergent schools of thought regarding the subject of money and highlights why understanding it is important to grasp the workings and nature of the concept of money. We adopt a spontaneous order perspective on social institutions, considering money as...

The terms ‘property’ and ‘proprietary interest’ are routinely used in Australian law to represent the broad category of rights an individual may have with respect to tangible and intangible things. ‘Money’, ‘currency’, and ‘legal tender’ are examples of property that...

This paper analyses the consequences for monetary policy in the presence of currencies issued by firms. Such currencies generate seignorage revenues and information on consumers. In a benchmark model of imperfectly competing firms, information breaks the usual portfolio indeterminacy as in...

Our paper is the first to explore the household financial implications of plasma donation. Plasma donors tend to be younger and less educated with lower incomes and credit scores; they are also more reliant on non-bank credit. We use dramatic growth in plasma centers between 2014 and 2021 to...