Monedas digitales emitidas por los bancos centrales y criptomonedas. Un análisis de teoría de los juegos

Resumen

Se examina la interacción entre las monedas digitales emitidas por el banco central y las criptomonedas, utilizando un modelo de teoría de los juegos que permite delimitar los diversos equilibrios en función de la probabilidad de éxito regulatorio. Se examina también el papel condicionante de los intermediarios financieros. El análisis sugiere una multiplicidad de equilibrios, cuya realización concreta depende de la capacidad regulatoria y de la interacción entre el banco central y los intermediarios financieros. Asimismo, los problemas de información a los que se enfrenta el banco central pueden generar asimetrías y situaciones inestables de difícil solución.

Palabras clave:

dinero digital, medios de pago, mercados financieros, intermediarios financieros, regulación financiera, política fiscal y monetaria

Citas

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