The Susan B. Anthony Dollar and the Theory of Coin/Note Substitutions
分析政府用硬币替代流通纸币的尝试,指出由于货币体系的网络外部性,即使硬币替代有利于经济,政府也不能简单推出新硬币并期望其流通,可能需要强制收回竞争纸币才能成功。
This paper analyzes governments' attempts to replace circulating notes with coins. It argues that because of network externalities in currency systems, a government cannot simply offer a new coin, such as the Susan B. Anthony dollar, to the public and expect it to circulate, even when the coin/note substitution would benefit the economy. For such a substitution to succeed, a government may need to force the adoption of the coin by withdrawing the competing bill from circulation. Copyright 1994 by Ohio State University Press.