암호화폐와 사회후생
Cryptocurrency and Social Welfare
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초록
본 논문은 암호화폐가 사회후생에 미치는 영향을 이론모형을 통해 분석하였다. 암호화폐는 암호화폐 채굴노력을 필요로 하는데 반해, 자원배분의 효율성 개선효과는 없어서 사회후생을 감소시킨다. 특히, 암호화폐가 투기적 목적으로 사용되면 거래적 목적으로 사용되는 경우에 비해 사회후생의 감소폭이 더욱 커진다. 그리고 시뮬레이션을 이용한 정량적 분석결과, 새로운 암호화폐가 지속적으로 창출되고 빠르게 확산되면 그로 인한 미래의 사회후생 감소는 현재의 사회후생 감소수준보다 더 클 수 있을 것으로 나타났다.
Abstract
This paper examines the effects of cryptocurrencies on social welfare using a theoretical model. While cryptocurrencies do not improve efficiency in resource allocation, they require efforts in mining, which leads to reduce social welfare. Moreover, speculative holding of cryptocurrencies reduces social welfare further than transaction-motive holding of cryptocurrencies. Simulation results show that if new alt-coins will continuously and rapidly emerge in the future, a social welfare reduction could be larger in the future.
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