We consider a payment arrangement in which transfers and holdings of cur- rency, but not of real resources, can be recorded and traced by monitoring technology. We show that this payment arrangement improves upon tradi- tional cash payments, allowing transfers of currency among strangers, which can be interpreted as monetary loans.
Amendola, N., Araujo, L., Ferraris, L. (2026). Optimal Payment Arrangement in a Cash-Less MonetaryEconomy. JOURNAL OF MONEY, CREDIT, AND BANKING.
Optimal Payment Arrangement in a Cash-Less MonetaryEconomy
NICOLA AMENDOLA;LEO FERRARIS
2026-06-01
Abstract
We consider a payment arrangement in which transfers and holdings of cur- rency, but not of real resources, can be recorded and traced by monitoring technology. We show that this payment arrangement improves upon tradi- tional cash payments, allowing transfers of currency among strangers, which can be interpreted as monetary loans.File in questo prodotto:
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