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.
Amendola, N., Araujo, L., Ferraris, L. (2026). Optimal Payment Arrangement in a Cash-Less Monetary Economy. JOURNAL OF MONEY, CREDIT, AND BANKING [10.1111/jmcb.70058].
Optimal Payment Arrangement in a Cash-Less Monetary Economy
Ferraris L.
2026
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.
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