Hayek and the cryptocurrency revolution

  1. David Sanz Bas 1
  1. 1 Universidad Católica Santa Teresa de Jesús de Ávila
    info

    Universidad Católica Santa Teresa de Jesús de Ávila

    Ávila, España

    ROR https://ror.org/05wa62164

Revista:
Iberian Journal of the History of Economic Thought

ISSN: 2386-5768

Año de publicación: 2020

Volumen: 7

Número: 1

Páginas: 15-28

Tipo: Artículo

DOI: 10.5209/IJHE.69403 DIALNET GOOGLE SCHOLAR lock_openAcceso abierto editor

Otras publicaciones en: Iberian Journal of the History of Economic Thought

Objetivos de desarrollo sostenible

Resumen

La irrupción de las criptomonedas ha sido uno de los fenómenos monetarios más notables de la última década. Muchos académicos y analistas han encontrado un claro antecedente a este acontecimiento en la última obra monetaria de Friedrich Hayek, Denationalization of money. El objetivo de este artículo es analizar qué podemos aprender sobre las criptomonedas a través de la relectura de esta obra. Como se demostrará, Hayek rechazaría que el Bitcoin y criptomonedas de características similares puedan llegar a ser aceptadas como dinero en el mercado. Además, se mostrará que existe una conexión muy estrecha entre las Stablecoins y el dinero privado que el economista austriaco predice que surgiría en un contexto de competencia monetaria.

Referencias bibliográficas

  • Ametrano, Ferdinando M. 2016. Hayek Money: The cryptocurrency price stability solution. Disponible en SSRN 2425270. Disponible: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2425270
  • Ammous, Saifedean. 2018. El patrón Bitcoin: la alternativa descentralizada a los bancos centrales. Barcelona: Deusto.
  • Bindseil, Ulrich. 2019. Central Bank Digital Currency: Financial System Implications and Control, International Journal of Political Economy, 48(4), 303-335.
  • Carney, Mark. 2019, The growing challenges for monetary policy in the current international monetary and financial system. Discurso público. Disponible: https://www.bankofengland.co.uk/-/media/boe/files/speech/2019/the-growing-challenges-for-monetary-policy-speech-by-mark-carney.pdf?la=en&hash=01A18270247C456901D4043F59D4B79F09B6BFBC
  • Carrick, Jon. 2016. Bitcoin as a complement to emerging market currencies, Emerging Markets Finance and Trade, 52(10), 2321-2334.
  • Cheah, Eng-Tuck y Fry, John. 2015. Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin, Economics Letters, 130(C), 32-36
  • Chohan, Usman W. 2019. Are Stable Coins Stable? Notes on the 21st Century (CBRi). Enlace web: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326823
  • Claeys, Grégory y Demertzis, Maria. 2019. The next generation of digital currencies: in search of stability. Bruegel Policy Contribution, 15(December). Disponible: https://banco-best.pt/feed/wp-content/uploads/2019/12/Digital-Money.pdf
  • Claeys, Grégory; Demertzis, Maria and Efstathiou, Konstantinos. 2018. Cryptocurrencies and monetary policy, Bruegel Policy Contribution, 10(June). Disponible: https://www.bruegel.org/wp-content/uploads/2018/06/PC-10_2018_2.pdf
  • CNBC. 1 de agosto de 2019. Entrevista a David Lipton. Disponible: https://www.youtube.com/watch?v=2qlM45BJueA
  • ECB. 2012. Virtual currency schemes. European Central Bank. Disponible: https://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf
  • ECB. 2015. Virtual currency schemes – a further analysis. European Central Bank. Disponible: https://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemesen.pdf
  • Echarte, Miguel Ángel. 2019. La dolarización en América Latina. Un análisis desde la perspectiva de la Escuela Austriaca. Madrid: Unión Editorial
  • Eichengreen, Barry. 2000. La globalización del capital. Historia del sistema monetario internacional. Barcelona: Antoni Bosch.
  • Endres, Anthony M. 2009. Currency competition: A Hayekian perspective on international monetary integration, Journal of Money, Credit and Banking, 41(6), 1251-1263.
  • Fantacci, Luca. 2019. Cryptocurrencies and the denationalization of money, International Journal of Political Economy, 48(2), 105-126.
  • Fernández-Villaverde, Jesús. 2018. Cryptocurrencies: A Crash Course in Digital Monetary Economics, Australian Economic Review, 51(4), 514-526
  • Ferris, Stephen and Galbraith, John. 2006. On Hayek's denationalization of money, free banking and inflation targeting, The European Journal of the History of Economic Thought, 13(2), 213-231.
  • Friedman, Milton and Schwartz, Anna. 1987. Has government any role in money? En Anna Schwartz (ed.), Money in historical perspective. Chicago: University of Chicago, pp. 289-314.
  • Friedman, Milton. 1984. Currency competition: A skeptical view. En Pascal Salin (ed.), Currency competition and monetary union. The Hague: Martinus Nijhoff, pp. 42-46.
  • Gaurav, Sarthak. 2019. The Market for Cryptocurrencies, Economic & Political Weekly, 54(2), 12-15.
  • Gomá, Ignacio. 2018. ¿Qué es realmente Bitcoin? Madrid: Rasche
  • Hayek, Friedrich. [1937] 1989. Monetary nationalism and international stability. New Jersey: Augustus M. Kelley
  • Hayek, Friedrich. [1976] 1990. Denationalisation of money: the argument refined. An analysis of the theory and practice of concurrent currencies. London: Institute of Economic Affairs. Disponible: https://cdn.mises.org/Denationalisation%20of%20Money%20The%20Argument%20Refined_5.pdf
  • Hayek, Friedrich. 1945. The use of knowledge in society. The American economic review, 35(4), 519-530.
  • Howard, David. 1977. The denationalization of money: a review, Board of Governors of the Federal Reserve System (US), No. 102.
  • Huerta de Soto, Jesus. 2005. Socialismo, cálculo económico y función empresarial. Madrid: Unión Editorial.
  • Huerta de Soto, Jesús. 2009. The theory of the dynamic efficiency. London: Routledge.
  • Huerta de Soto, Jesús. 2011. Dinero, crédito bancario y ciclos económicos. Madrid: Unión Editorial.
  • Issing, Otmar; White, Lawrence y Vaubel, Roland. 2000. Hayek, currency competition and European monetary union. London: Institute of Economic Affairs.
  • Kelsey, Jane. 2003. The denationalization of money: Embedded neo-liberalism and the risks of implosion. Social & Legal Studies, 12(2), 155-176.
  • Luther, William. 2013. Friedman versus Hayek on private outside monies: New evidence for the debate. Economic Affairs, 33(1), 127-135.
  • Luther, William. 2016. Cryptocurrencies, network effects, and switching costs, Contemporary Economic Policy, 34(3), 553-571.
  • MacKenzie, Joe. 2019. The new money. How and why cryptocurrency has taken over the world. Great Britain: LID
  • Mita, Makiko; Ito, Kensuke; Ohsawa, Shohei y Tanaka, Hideyuki. 2019. What is Stablecoin? A survey on price stabilization mechanisms for decentralized payment systems. arXiv preprint arXiv:1906.06037.
  • Nakamoto, Satoshi. 2008. Bitcoin: A Peer-to-Peer Electronic Cash System. Disponible: https://bitcoin.org/bitcoin.pdf
  • Náñez, Sergio. 2019. Activities and Operations with Cryptocurrencies and Their Taxation Implications: The Spanish Case. Laws, 8(3), 1-16.
  • NewsBitcoin.com, 13/Ene/2020. Close to 11 Million BTC Haven't Moved in Over a Year. Disponible: https://news.bitcoin.com/close-to-11-million-btc-havent-moved-in-over-a-year/
  • Porter, Richard y Rousse, Wade. 2016. Reinventing Money and Lending for the Digital Age. En P. Tasca et al. (eds.), Banking Beyond Banks and Money. Suiza: Springer, pp. 145-180.
  • Qian, Yao, 2019. Central Bank Digital Currency: optimization of the currency system and its issuance design. China Economic Journal, 12(1), 1-15.
  • Rallo, Juan Ramón. 2013. Bitcoin no es una burbuja. Disponible: https://juanramonrallo.com/bitcoin-no-es-una-burbuja/
  • Rallo, Juan Ramón. 2019a, La Libra ni es ni será como el Bitcoin. El confidencial. Disponible: https://blogs.elconfidencial.com/economia/laissez-faire/2019-07-22/libra-no-sera-bitcoin_2136639/
  • Rallo, Juan Ramón. 2019b. Bitcoin, ¿una alternativa al dólar?. Cato Institute. Disponible: https://www.elcato.org/bitcoin-una-alternativa-al-dolar
  • Sayed, Mohamed y Abbas, Nesrin. 2018. Impact of crypto-currency on emerging market focus on gulf countries, Life Science Journal, 15(1), 92-97. Disponible: http://www.lifesciencesite.com/lsj/life150118/16_33506lsj150118_92_97.pdf
  • White, Lawrence. 1999. Hayek's monetary theory and policy: A critical reconstruction, Journal of Money, Credit and Banking, 31(1), 109-120.
  • White, Lawrence. 2015. The Market for Cryptocurrencies, Cato Journal, 35(2) (Spring/Summer), 383-402
Fuente de los datos: Dialnet