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摘要翻译：
本文分析了格雷欣定律，特别是在双金属制度下，套利需求弹性和一国内外面值比率差异对货币流入或流出率的影响。我们发现这些方程与描述自由带电粒子系统中漂移的方程非常相似。此外，我们将研究格雷欣定律如何在多种连接拓扑结构下与多种货币和多个国家发生作用。
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英文标题：
《A drift formulation of Gresham's Law》
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作者：
Reginald D. Smith
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最新提交年份：
2012
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分类信息：
一级分类：Quantitative Finance 数量金融学
二级分类：Trading and Market Microstructure 交易与市场微观结构
分类描述：Market microstructure, liquidity, exchange and auction design, automated trading, agent-based modeling and market-making
市场微观结构，流动性，交易和拍卖设计，自动化交易，基于代理的建模和做市
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一级分类：Physics 物理学
二级分类：Statistical Mechanics 统计力学
分类描述：Phase transitions, thermodynamics, field theory, non-equilibrium phenomena, renormalization group and scaling, integrable models, turbulence
相变，热力学，场论，非平衡现象，重整化群和标度，可积模型，湍流
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一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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英文摘要：
In this paper we analyze Gresham's Law, in particular, how the rate of inflow or outflow of currencies is affected by the demand elasticity of arbitrage and the difference in face value ratios inside and outside of a country under a bimetallic system. We find that these equations are very similar to those used to describe drift in systems of free charged particles. In addition, we look at how Gresham's Law would play out with multiple currencies and multiple countries under a variety of connecting topologies.
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PDF链接：
https://arxiv.org/pdf/1201.3580
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