Tri-Currency Systems in Open Economies

This article presents an integrated framework for analyzing the dynamic interplay between central bank money, commercial bank money, decentralized cryptocurrencies, and Central Bank Digital Currencies (CBDCs) in open economies. Drawing on game theory, Dynamic Stochastic General Equilibrium (DSGE) modeling, and agent-based simulation, the study introduces a hybrid system architecture and the concept of Crypto Wedges as novel sources of systemic disruption. The analysis identifies nonlinear instability thresholds in crypto adoption, proposes CBDC designs as strategic counterweights, and evaluates policy scenarios involving capital controls and interoperability. The extended version further addresses scientific limitations through empirical panel analysis (154 countries, 2010–2024), Bayesian calibration, behavioral experiments, and Delphi studies. It provides recommendations for central banks, supervisory bodies, and international institutions facing the governance challenges of monetary digitalization. The paper contributes a comprehensive theoretical and simulation-based framework for understanding the emerging architecture of money, control, and institutional resilience in the digital age.