암호화폐와 사회후생

초록

This paper examines the effects of cryptocurrencies on social welfare using a theoretical model. While cryptocurrencies do not improve efficiency in resource allocation, they require efforts in mining, which leads to reduce social welfare. Moreover, speculative holding of cryptocurrencies reduces social welfare further than transaction-motive holding of cryptocurrencies. Simulation results show that if new alt-coins will continuously and rapidly emerge in the future, a social welfare reduction could be larger in the future.

키워드