Regensburg 2019 – wissenschaftliches Programm

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SOE: Fachverband Physik sozio-ökonomischer Systeme

SOE 9: Economic Models

SOE 9.3: Vortrag

Dienstag, 2. April 2019, 10:30–11:00, H17

Stability of a time-homogeneous system of money and antimoney and multi-flavor moneys — •Julian Stein and Dieter Braun — Systems Biophysics LMU Munich

One source of financial instability might be the creation of money [1] also leading to non-local transfers of wealth (Cantillon effect) and a loss of economic memory [2]. Motivated by an analogy to particle physics, time-homogeneity can be imposed on monetary systems to solve the associated problems. As a result, full reserve banking is implemented by a two-currency system of non-bank (money) and bank assets (antimoney) [3]. Payments are either made by passing on money or receiving antimoney at respective price levels. Liquidity is provided by the simultaneous transfer of money and antimoney from seller to buyer at a negotiated liquidity price. Thus interest rates and credit are implemented by a varying price for liquidity. We show that the system exhibits behavior similar to the prevailing monetary system for good and credit shocks in an agent-based model economy with constraints on individual debt levels.

To set up a monetary system in which a credit lender is liable for his/her granted credits, we extend the the money-antimoney system to a flavor-money and antimoney system. In this system, every acting subject is endowed with the same amount of unique money and antimoney. We argue that this system might show increased robustness under hazardous agent behavior and test its stability.

[1] Am Econ Rev 102 (2012) [2] New J Phys 16, 033024 (2014), [3] Physica A 290, 491 (2001)