The paper investigates the evolution of the problem of competition in the money market in economic thought. The author shows that multicurrency systems can be highly concentrated due to network effect. These conclusions are backed up with the survey of functioning of earlier and modern non-public monetary systems.
This article is devoted to quantitative analysis of the costs and benefits of 5G networks infrastructure creation by using two alternative forms, such as single wholesale network or competing mobile networks. Calculations, based on the principle of discounting, allow us to establish whether savings are possible in the model of single wholesale network. The limit of investment savings due to the use of single wholesale network is estimated at 160-220 billion rubles covering a five-year period, given 360-480 billion rubles as investments required by four mobile operators. We show that infrastructure sharing agreements between mobile operators on a voluntary basis allow achieving a comparable amount of savings of 148-197 billion rubles for a five-year period. Taking into account estimates of additional costs in the model of single wholesale network caused by delay in implementation, increase of market power and regulatory costs, the authors conclude that the model of single wholesale network is economically inefficient.