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Quest for Good Money

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This open access book examines the history and role of money. Money is often defined in terms of three interrelated functions: as a medium of exchange, store of value and unit of account. Researchers frequently discuss the first two functions, but tend to ignore unit of account. This book focuses on how a unit of account or denomination can be defined and can be derived from the monetary system. In the case of paper money and coins, we know how to determine the denomination of money based on the problem of the least number of weights defined by Bâchet and proved by Hardy and Wright (1960). However, in the case of digital or cryptocurrency, denomination may not matter because digital or cryptocurrency uses a wallet that is essentially denomination free: a wallet can contain any amount of currency without upper and lower limits. When people talk about the stablecoin, i.e. the stable price of digital and cryptocurrency with the major legal tender, they take a unit of account or denomination of digital or cryptocurrency as given. This arrangement destroys the nature of denomination free or decentralized autonomy as it were.

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Detail Information

Series Title

Hitotsubashi University IER Economic Research Series

Call Number

XV, 151

Publisher

Springer Cham : Springer Singapore., 2022

Collation

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Language

English

ISBN/ISSN

978-981-19-5591-4

Classification

NONE

Content Type

text

Media Type

computer

Carrier Type

online resource

Edition

1

Subject(s)

Macroeconomics
Financial Economics

Specific Detail Info

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Statement of Responsibility

Yukinobu Kitamura

Other Information

Cataloger

Suwardi

Source

https://link.springer.com/book/10.1007/978-981-19-5591-4

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