Currency restrictions, government transaction policies and currency exchange
Currency restrictions, government transaction policies and currency exchange
复制标题
货币限制、政府交易政策和货币兑换
DOI：
10.1007/s00199-002-0271-1
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发表时间：
2003
期刊：
影响因子：
1.3
通讯作者：
E. Curtis
中科院分区：
文献类型：
--
作者：
Christopher J. Waller;E. Curtis
我们研究了货币限制和政府交易政策如何影响两国可分割商品搜索模型中法定货币的价值。我们表明，这些政策可以产生均衡，两种货币流通的交换媒介和货币交换发生在不同国家的公民之间。对国内使用外币的限制可能导致国内货币对国内代理人相对更有价值，而对国内货币征税则刺激国内代理人持有外币。我们证明，一些政策提高价格，降低福利，而另一些则相反。
We study how currency restrictions and government transaction policies affect the values of fiat currencies in a two country, divisible good, search model. We show that these policies can generate equilibria where both currencies circulate as medium of exchange and where currency exchange occurs between citizens of different countries. Restrictions on the internal use of foreign currency can cause the domestic currency to be relatively more valuable to domestic agents while taxes on domestic currency create an incentive for home agents to hold foreign currency. We demonstrate that some policies increase prices and lower welfare while others do the reverse.