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A Circular Flow Economic Framework for an Agent-Based Model of a Community Currency

Ferdinand Maquito; Kenichi Kurita; McAngelo Miro

Цб CD 297

Детайли

Източник

Complementary Currency Systems Bridging Communities : Proceedings of 6th Biennial RAMICS Congress, 27-29 October, 2022, University of National and World Economy, Sofia, Bulgaria

Издателство

Monetary and Economic Research Center /MRC/

Местоиздаване

Sofia

Година на издаване

2023

Страници

83-91

Класификационен индекс

УДК	Тематика
336.74	Пари. Валута. Евро

Ключови думи

agent-based model, external shocks, robustness, community currency, circular flow

Допълнителна информация

Отрасъл: Общ отдел
Анотация: This paper presents an agent-based model (ABM) of community currency, which is an improved version of an EU-based model using basically three categories of agents: 1) community consumer/worker; 2) intra-community producer; and 3) extra-community producer. The economics of this ABM is based on a simple circular flow similar to that found in macroeconomics, relating these three agent categories. Community currency is accepted by the first two agent categories, while the third category only deals in fiat money. The community consumer/worker buys from and works for the two other agent categories, which are linked to trades across the community border. Equilibrium conditions are derived in the fiat money flows linking the three agent categories. The model allows an elaboration of the role of community currency, or volunteerism, in making the community robust against shocks. The external shocks could either be through imbalances in the fiat currency transactions of the intra-community producer or the community consumer/worker. As expected, the use of a community currency contributes to the robustness of the community vis-a-vis the fiat money flow deficits within the community generated by the external shocks. Simulations also indicate that large injections of community currency may not be needed to sufficiently attenuate disruptions arising from external shocks.
Системен №: 107446
Тематични рубрики: Финанси. Данъци. Митническо дело. Банково дело

A Circular Flow Economic Framework for an Agent-Based Model of a Community Currency

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