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Modelling the Counterfeiting of Bank Notes: A Literature Review

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Abstract

The objective of this article is to improve our understanding of counterfeiting and its policy implications by reviewing research in this area. There has been almost no empirical work on counterfeiting because of the limited availability of counterfeiting data and related statistics. The authors therefore focus on theoretical studies that directly model the behaviour of the relevant economic agents. They first establish some stylized facts about counterfeiting to provide a general understanding of the problem. They then briefly review several models of counterfeiting and summarize their relevant insights, focusing on the implications of the findings for the incentive to counterfeit, social welfare and anti-counterfeiting policies. The authors find that the policy implications of these studies support the Bank’s comprehensive anti-counterfeiting strategy.

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  • Ben Fung & Enchuan Shao, 2011. "Modelling the Counterfeiting of Bank Notes: A Literature Review," Bank of Canada Review, Bank of Canada, vol. 2011(Autumn), pages 29-35.
  • Handle: RePEc:bca:bcarev:v:2011:y:2011:i:autumn11:p:29-35
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    Cited by:

    1. Van Hove, Leo, 2015. "Modelling banknote printing costs: of cohorts, generations, and note-years," Economic Modelling, Elsevier, vol. 46(C), pages 238-249.
    2. Shao, Enchuan, 2014. "The threat of counterfeiting in competitive search equilibrium," Journal of Economic Dynamics and Control, Elsevier, vol. 47(C), pages 168-185.
    3. repec:eee:jetheo:v:172:y:2017:i:c:p:26-54 is not listed on IDEAS
    4. Nathan Viles & Alexandra Rush & Thomas Rohling, 2015. "The Social Costs of Currency Counterfeiting," RBA Research Discussion Papers rdp2015-05, Reserve Bank of Australia.
    5. Shao, Enchuan & Fung, Ben S.C., 2016. "Counterfeit quality and verification in a monetary exchange," Economic Modelling, Elsevier, vol. 52(PA), pages 13-25.

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