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International Digital Currency as basis for a World Monetary System Revival of the Gold Standard or Bretton Woods System

  • The aim of this bachelor thesis is to answer the question of what a new world currency system based on a cryptocurrency could look like. For this purpose, the following research questions were posed: 1. What could be the design of an international digital currency? 2. How would a revived gold standard using an international digital currency be designed? 3. How would a revived Bretton Woods System using the Special Drawing Rights from the International Monetary Fund fixed to an international digital currency look like? To answer these research questions, a comparison was made with the world currency systems that already existed. Here, the problems of the gold standard and Bretton Woods system were deductively crystallised through a literature review and then inductively applied to the possible system. The study shows that this system is economically feasible and can solve most of the problems of the past world monetary systems. However, as it requires governments and central banks to cede their sovereignty it is unlikely to be actually adopted. Nevertheless, there are advantages of a digital currency issued by the central bank, such as the detachment from interest and money supply, which would also be politically feasible and sensible in the long term.

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Author:Fynn Hug
Advisor:Marc P. Radke
Document Type:Bachelor Thesis
Year of Completion:2021
Granting Institution:Hochschule Furtwangen
Date of final exam:2021/06/30
Release Date:2021/07/02
Tag:Blockchain; Bretton Woods System; Gold standard; International digital currency
Degree Program:IBM - International Business Management
Functional area:Economics
Licence (German):License LogoUrheberrechtlich gesch├╝tzt