Bank of Portugal paper highlights variance in value of money

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A Bank of Portugal paper published on Sunday examines whether competitive markets can efficiently allocate currency.

Ramon Marimon, Juan Pablo Nicolini and Pedro Teles, study the interplay between competition and trust as efficiency-enhancing mechanisms to understand whether currency can be efficiently provided by competitive markets. The authors note that while currencies compete on their promised rates of return, once agents hold a particular currency there may be an incentive for the issuer

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