If cryptocurrencies are perceived as financial innovations that could disrupt domestic and international financial systems, it becomes imperative for economists to incorporate these virtual currencies into existing money market models. Cryptocurrencies, when fully adopted by the general public, would transmit into the financial system via money demand. Cryptocurrencies serve as money and non-money assets and have no perfect substitute, whereas they are perfect substitutes for M1. Therefore, how much impact would the popularity of cryptocurrencies have on domestic and international capital mobility? To isolate interest rate differentials across countries, the Mundell-Fleming model that assumes a constant interest rate in domestic and world economies was applied. Cryptocurrencies acquired in past periods that are acceptable worldwide would abrogate exchange rate differentials. This study theoretically finds that fiscal and monetary policies would have different impacts on income in economies with high cryptocurrency circulations compared to economies with only M1. Also, there is a critical interest rate where cryptocurrencies would be more attractive to investors than other non-money assets. Moreover, using the Keynesian aggregate income and aggregate expenditure model, without interest and exchange rate differentials, the worldwide use of cryptocurrencies in international trade would unveil the link between the twin deficits and international capital flows.

如果将加密货币视为可能破坏国内外金融体系的金融创新，那么经济学家就必须将这些虚拟货币纳入现有的货币市场模型。当加密货币被公众广泛采用时，它将通过货币需求进入金融系统。加密货币可作为货币和非货币资产，没有完美的替代品，而它们却是M1的完美替代品。因此，加密货币的普及会对国内外资本流动产生多大影响？为了隔离各国之间的利率差异，采用了Mundell-Fleming模型，该模型假设国内和世界经济中的利率恒定。在过去的世界范围内获得的可以接受的加密货币将消除汇率差异。这项研究从理论上发现，与只有M1的经济体相比，具有高加密货币流通量的经济体的财政和货币政策对收入的影响会有所不同。同样，存在一个关键的利率，在这种利率下，加密货币比其他非货币资产对投资者更具吸引力。此外，使用凯恩斯主义的总收入和总支出模型，而没有利率和汇率差异，全世界在国际贸易中使用加密货币将揭示双赤字与国际资本流动之间的联系。