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The Two Gresham’s Laws: Parallel Currencies in a Small Country

In: The Emergence of a Tradition: Essays in Honor of Jesús Huerta de Soto, Volume I

Author

Listed:
  • Pedro Schwartz

    (Universidad Camilo José Cela)

Abstract

In this work I study the stability conditions of a monetary system with two currencies, one official money issued by the central bank and a second initiated or chosen by the general public. Such a two-money system can be useful in developing countries or in more developed countries aspiring to join a monetary union. This goes directly against the belief that monetary authorities can trick people into thinking that their income grows when it is nominally multiplied by inflation rather than by increased productivity. To support such a contrarian attitude, I analyze the experience of Kenya with the private currency called M-Pesa, in wide use in East Africa and surrounding countries.

Suggested Citation

  • Pedro Schwartz, 2023. "The Two Gresham’s Laws: Parallel Currencies in a Small Country," Springer Books, in: David Howden & Philipp Bagus (ed.), The Emergence of a Tradition: Essays in Honor of Jesús Huerta de Soto, Volume I, pages 307-318, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-17414-8_24
    DOI: 10.1007/978-3-031-17414-8_24
    as

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