Optimal Payment Arrangement in a Cash‐Less Monetary Economy
研究了在监控技术可记录货币转移但无法追踪实际资源的情况下，这种支付安排如何优于传统现金支付，实现陌生人之间的货币转移（可视为货币贷款），对货币经济学和支付系统设计有参考价值。
Abstract We consider a payment arrangement in which transfers and holdings of currency, but not of real resources, can be recorded and traced by monitoring technology. We show that this payment arrangement improves upon traditional cash payments, allowing transfers of currency among strangers, which can be interpreted as monetary loans.