We propose a novel, risk-based transmission mechanism for the effects of currency manipulation: policies that systematically induce a country’s currency to appreciate in bad times lower its risk premium in international markets and, as a result, lower the country’s risk-free interest rate and increase domestic capital accumulation and wages. Currency manipulations by large countries also have e...

The Reserve Bank of India and a closely associated institution, NABARD, have undertaken a wide range of activities designed to support microfinance. However, many of these have been "developmental" initiatives of a financially repressive nature (such as directed credit requirements and refinancing of loans to priority sectors) and have not contributed to the emergence of a sustainable microfina...

A long time has passed since I last gave chemotherapy, but I have not been immune to the news about the drug shortages in the past few years. Therefore, I wanted to explore what was behind the headlines like “U.S. facing cancer drug shortage: Ariz. doctors rationing supplies; FDA allowing India imports” in the February 22nd Arizona Business News (Alltucker, 2012). You may have been more directl...

The aim of this paper is to examine indications for a common currency system on the Internet for spontaneous transactions. First the framework for such a currency system and the theoretical background on common currencies are discussed. Examples of common currencies already in use are evaluated according to a set of criteria developed by the authors. Furthermore the theoretical ideas and the in...

Analysis of the currency networks is not easy as the transactions are not centralized but rather take place over a large number of banks and commercial entities. Digital crypto currencies, however, require a public ledger to work and provide an opportunity for analysis of currency transactions. A crypto currency is a medium of exchange using cryptography to secure the transactions and to contro...

We introduce iOwe, a deferred compensation scheme that can be used in a broad range of decentralized systems. iOwe is reminiscent of a currency scheme backed by a precious commodity: network resources. iOwe does not require a central authority, proofs of work, continuous connectivity to currency issuers, or trusted storage. Instead, in iOwe, any principal may issue their own currency, in any am...

In order to better emulate models with divisible money, we enrich existing random-matching models of international currencies with indivisible monies by introducing randomized trades. The concept of equilibrium is the pairwise core in meetings. We show that there exist equilibrium outcomes in which home and foreign currency play distinct roles. Among these are outcomes with higher observed pric...