新兴市场的加密货币：稳定币的解决方案？

IF 3.3 2区经济学 Q2 BUSINESS, FINANCE

Journal of International Money and Finance Pub Date : 2025-05-12 DOI:10.1016/j.jimonfin.2025.103344

David Murakami , Ganesh Viswanath-Natraj

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引用次数: 0

摘要

我们在一个小型开放经济模型中合理化加密货币的采用。我们表明，数字美元化，即使用与美元挂钩的稳定币进行交易，可以改善社会福利。相比之下，采用不稳定的加密货币，例如萨尔瓦多在2021年决定将比特币定为法定货币，会导致福利损失。这一结果与观察到的比特币作为法定货币的低使用率一致。数字美元化的福利效益随着宏观经济冲击的程度而增加，这为新兴市场越来越多地使用稳定币作为抵御高通胀和宏观经济不稳定的保障提供了动力。

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Cryptocurrencies in emerging markets: A stablecoin solution?

We rationalize cryptocurrency adoption in a small open economy model. We show that digital dollarization, where stablecoins pegged to the USD are used for transactions, can improve social welfare. In contrast, the adoption of volatile cryptocurrencies, such as El Salvador’s 2021 decision to make Bitcoin legal tender, results in welfare losses. This outcome aligns with the observed low take-up of Bitcoin as legal tender. The welfare benefits of digital dollarization increase with the magnitude of macroeconomic shocks, providing motivation for the growing use of stablecoins in emerging markets as a safeguard against high inflation and macroeconomic instability.

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来源期刊

Journal of International Money and Finance BUSINESS, FINANCE-

CiteScore

4.20

自引率

4.00%

发文量

141

期刊介绍： Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.