Transfer
Potentials
shape and equilibrate Monetary Systems Physica A
321:605-618
(2003)
Transferpotentiale
formen
und equilibrieren Geldsysteme [German translation, Nov.
2002]
We analyze a monetary system of
random
money
transfer
on the basis of double entry bookkeeping. Without
boundary
conditions,we do not reach a price
equilibrium
and
violate
text-book formulas of economist ’s quantity theory (MV
=PQ ).
To match the resulting quantity of
money with
the
model
assumption of a constant price, we have to impose
boundary
conditions. They either restrict
specific
transfers
globally
or impose transfers locally. Both connect through a
general
framework of transfer potentials. We
show that
either
restricted or imposed transfers can shape Gaussian,
tent-shape
exponential, Boltzmann-exponential,
pareto or
periodic
equilibrium distributions. We derive the master equation
and
its general time-dependent approximate
solution.An
equivalent
of quantity theory for random money transfer under
the boundary conditions of transfer
potentials
is
given.
Eine Einführung
in
das Paper [Dez. 2002] Beispiele
für Transferpotentiale [April 2003]
Bookkeeping
Mechanics submitted and declined by Journal of Finance
(the embarrassingly ignorant referee report can be obtained by
email)
Double entry bookkeeping is
translated to
the
momentum
exchange of bouncing particles given in space-time
graphs.
This translation defines momentum,
force and
energy
of
bookkeeping. Bookkeeping-momentum is conserved whereas
bookkeeping-energy is not. Currencies
originate
from
particle pair creations. Liability-particles are
equivalent to
asset-particles moving backwards in
time.
Bookkeeping
is axiomatically deconstructed into basic transfer and
exchange
graphs. In banking, we find a hidden
exchange
rate
between
an account currency and a loan currency. We find
zero-sum
game violations in statements of
capital,
depreciations
of tangible assets and single-sided exchanges.