A new token: the CommodCoin. What could be its interest for financial market? A macro-economic modelling

Dominique Guegan (1, 2, 3, 4, 5)

1 UP1 - Université Paris 1 Panthéon-Sorbonne
2 CES - Centre d'économie de la Sorbonne
3 Labex ReFi
4 IPAG Business School
5 University of Ca’ Foscari [Venice, Italy]

In this paper, we discuss the interest for financial market of a tokens built on commodities. First, we introduce the notion of tokens, and we propose a classification of tokens which have be built based on different crypto-currencies and then on different classes and generations of blockchains, some are created by states in order to intensify the local or the national economy. Then finally, we introduce a tokens indexed on a commodity which could be proposed by a banking system in view to develop a monopolistic market and control the sector of this commodity. We propose a macro-economic model where a part of the economy uses the CommodCoin, and then a counter-factual analysis to analyze the impact of the introduction of the CommodCoin on the economy. After the introduction of a baseline model corresponding to a small open economy model with two non-competing sectors using the fiat currency, we present a counter-factual model in which the two sectors can use the CommodCoin for intra-sector transactions and also fiat currencies. We question the interest of this kind of proposal for the financial industry.

Mots clés: Tokens; cryptocurrency; monipolistic market; Macro economy

Domaines: Economies et finances

Dominique Guegan. A new token: the CommodCoin. What could be its interest for financial market? A macro-economic modelling. Digital, Innovation, Entrepreneurship and Financing, Jun 2018, Lyon, France. ⟨halshs-01897052⟩