Bruno Biais
Institution
HEC
PhD Year
1989
FTG Membership
Fellow
Website
https://www.hec.edu/en/faculty-research/faculty-directory/faculty-member/biais-bruno
Featured Work
Private vs Public Currency
Jul 17, 2026
We examine the general equilibrium impact of a private currency. If the government is predatory and has a monopoly over money issuance, it issues too
much money, in order to finance excessive public expenditures. In this context, what are the consequences of introducing a private currency in limited supply but exposed to crash risk? When crash risk is not too large, competition from the private currency...
