Emergence of Key Currency by Interaction among International and Domestic Markets

Tomohisa Yamashita, Yuichi Sasaki, Hidenori Kawamura, Koichi Kurumatani, and Azuma Ohuchi

In this research, we tackle the problem of the emergence of the key currency. A market model is proposed with the currency credibility as the standard of selection for the payment method. Artificial markets are constructed based on the X-Economy, which is a project aiming at offering a common platform for an artificial economy and artificial market research. The results of simulations show that the currency of a country without extensive economic power can become the key currency.

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