The Fiscal Arithmetic of a Dual Currency Regime
研究了地方政府在预算危机中发行平行货币（如阿根廷Patacon）的经济后果，通过简单模型分析平行货币被市场接受时的均衡及其对实际产出的财政等效影响。
Abstract There are several real‐world examples of local governments that faced with budget problems circulate a fiat token in parallel to the official currency. A well‐known case is the Argentinian “Patacon,” printed by the province of Buenos Aires during the crisis of 2001. We present a simple model to analyze the workings of monetary equilibria where the parallel currency is valued in equilibrium and discuss its consequence for real allocations in terms of an equivalent fiscal policy. We briefly discuss different model specifications and their fit to alternative historic experiences.