What Drives Money Competition: Comparative Advantage in Payments versus Reserves
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https://www.nber.org/papers/w34865
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资源简介：
We study competition between monies that provide separate payment and non-payment (e.g., store-of-value) functions. Our central insight is that payment adoption is governed not by absolute payment superiority, but by comparative advantage between payment and non-payment roles. A money that is too
提供机构：
美国国家经济研究局
创建时间：
2026-02-01
