NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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How Do Private Digital Currencies Affect Government Policy?

Max Raskin, Fahad Saleh, David Yermack

NBER Working Paper No. 26219
Issued in September 2019
NBER Program(s):Monetary Economics Program, Public Economics Program

This paper provides a systematic evaluation of the different types of digital currencies. We express skepticism regarding centralized digital currencies and therefore focus our economic analysis on private digital currencies. Specifically, we highlight the potential for private digital currencies to improve welfare within an emerging market with a selfish government. In that setting, we demonstrate that a private digital currency not only improves citizen welfare but also encourages local investment and enhances government welfare.

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Document Object Identifier (DOI): 10.3386/w26219

 
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