2 papers
econ.GN2025
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…
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…