2 papers
econ.TH2025
Trade Networks and the Rise of a Dominant Currency
Tomoo Kikuchi, Lien Pham
We develop a model where currency issuers provide liquidity, while users in a trade network choose currency usage for trade settlement. We identify a feedback mechanism where a use…
econ.GN2022
Pecuniary Externality, Ideology and Sphere of Influence
Tomoo Kikuchi, Shuige Liu, Lien Pham
We build a game-theoretic model to formalize Kindleberger's (1996) idea of the public good of leadership. Two superpowers use ideology to compete for influence by forming clubs who…