On the Launching of a New Currency
在双货币搜寻理论框架下研究新法定货币的发行方式，发现法定货币法可能不足以保证新货币被接受，旧货币可能继续流通；新旧货币兑换需配合严格法定货币法才能促进过渡；网络外部性可能导致转向新货币的效率损失。
This paper studies the appropriate way of launching a new fiat currency within a dual currency search-theoretic framework. We demonstrate that legal tender laws may not be sufficient to guarantee the acceptability of the new currency, and that the old currency may continue to circulate if the enforcement power of legal tender laws is weak, and the fraction of individuals endowed with the new currency is too low. The possibility of converting the old currency into the new one can ease the transition to the new currency only if it is combined with strict legal tender laws. Finally, a network externality may generate inefficiencies in the decision to switch to the new currency.