Money as a coordination device: some historical lessons

2026

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AI-generated summary

1) This paper explores the historical evolution of money as a coordination device and its implications for modern digital currencies, highlighting the trade-offs between decentralization and capacity.
2) * Examines historical examples of money's coordination role, such as the Bank of Amsterdam and bills of exchange.
* Analyzes the incentives of validators in decentralized systems and the resulting trade-offs between decentralization and capacity.
* Discusses the fragmentation of infrastructure for stablecoins and the challenges for central banks in maintaining the coordination role of money.
3) Money, Coordination, History, Blockchain, Decentralization

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