There are several real-world examples of local governments that faced with budget problems circulate a fiat token in parallel to the official currency. A well-known case is the Argentinian “Patacon,” printed by the province of Buenos Aires during the crisis of 2001. We present a simple model to analyze the workings of monetary equilibria where the parallel currency is valued in equilibrium and discuss its consequence for real allocations in terms of an equivalent fiscal policy. We briefly discuss different model specifications and their fit to alternative historic experiences.

中文翻译：

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双重货币制度的财政算术

有几个现实世界的例子，地方政府面临预算问题，同时发行法定代币和官方货币。一个著名的案例是 2001 年布宜诺斯艾利斯省在 2001 年危机期间印制的阿根廷“Patacon”。我们提出了一个简单的模型来分析货币均衡的运作，其中平行货币在均衡中估值，并讨论其后果等价财政政策的实际分配。我们简要讨论了不同的模型规格及其与替代历史经验的契合度。