Cryptocurrencies in emerging markets: A stablecoin solution?
通过小型开放经济模型，研究发现新兴市场采用与美元挂钩的稳定币进行交易（数字美元化）能提升社会福利，而采用波动性大的加密货币（如比特币）则导致福利损失，且稳定币的福利收益随宏观经济冲击增大而增加。
We rationalize cryptocurrency adoption in a small open economy model. We show that digital dollarization, where stablecoins pegged to the USD are used for transactions, can improve social welfare. In contrast, the adoption of volatile cryptocurrencies, such as El Salvador’s 2021 decision to make Bitcoin legal tender, results in welfare losses. This outcome aligns with the observed low take-up of Bitcoin as legal tender. The welfare benefits of digital dollarization increase with the magnitude of macroeconomic shocks, providing motivation for the growing use of stablecoins in emerging markets as a safeguard against high inflation and macroeconomic instability .