Acta Informatica Pragensia 2017, 6(2), 138-161 | DOI: 10.18267/j.aip.1064990

Modelování efektů předvídatelné měnové zásoby Bitcoinu

Jakub Jedlinský, Ingeborg Němcová
Department of World Economy, Faculty of International Relations, University of Economics, Prague, W. Churchill Sq. 1938/4, 130 67 Prague 3, Czech Republic

Článek pomocí simulace provedené v programu Minsky zkoumá efekty předdefinované a neměnné monetární politiky podle vzoru fungování kryptoměny Bitcoin a porovnává je s výsledky současného měnového systému kreditní fiat měny. Minsky je specializovaný software pro tvorbu SFC ekonomických modelů. Pracuje ve spojitém čase. Bitcoin je na rozdíl od eura aktivní měna, která není vytvářená účetně proti dluhu a neumožňuje fiduciární emisi. Studie zkoumá komplexně ekonomiku EU se zaměřením na její měnový systém, a to za použití dat poskytovaných Eurostatem. Následně mění pravidla systému tak, aby odpovídala pravidlům protokolu Bitcoinu. Provedené simulace ukazují po čase odlišné dopady těchto systémových nastavení na rozdělení bohatství mezi jednotlivé skupiny ekonomických agentů a na stabilitu ekonomiky jako celku.

Keywords: Bitcoin, monetární systém, předvídatelná měnová zásoba, dynamické modelování, SFC modelování

Modelling the Effects of a Predictable Money Supply of Bitcoin

The paper examines effects of a predefined and immutable money supply using a simulation performed in Minsky. It uses the cryptocurrency Bitcoin as an example and compares its settings and outcomes with Euro as a credit based fiat currency. Minsky is a specialized software for creating SFC economic models. It operates in continuous time. Unlike Euro, Bitcoin is a non-liability currency. It is not being issued against debt and it does not allow a fiduciary issue. The study examines the economy of the EU complexly, focusing on its monetary system, using Eurostat data. Then it changes the rules of the system so that they comply with the rules of Bitcoin’s protocol. The performed simulations show different effects of these monetary settings on wealth distribution among particular groups of economic subjects as well as on the stability of the economy as a whole after some time has passed.

Keywords: Bitcoin, monetary system, predictable money supply, dynamic modelling, SFC modelling

Received: May 28, 2017; Revised: November 9, 2017; Accepted: September 20, 2017; Published: December 31, 2017  Show citation

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Jedlinský, J., & Němcová, I. (2017). Modelling the Effects of a Predictable Money Supply of Bitcoin. Acta Informatica Pragensia, 6(2), 138-161. doi: 10.18267/j.aip.106
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