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Digital Currencies, Decentralized Ledgers, and the Future of Central Banking
Raskin, Max - 2016
may pressure central banks to pursue tighter monetary policy. More interestingly, the blockchain technology behind digital …
Persistent link: https://www.econbiz.de/10012456437
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Can Currency Competition Work?
Fernández-Villaverde, Jesús - 2016
Can competition among privately issued fiat currencies such as Bitcoin or Ethereum work? Only sometimes. To show this, we build a model of competition among privately issued fiat currencies. We modify the current workhorse of monetary economics, the Lagos-Wright environment, by including...
Persistent link: https://www.econbiz.de/10012456518
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Blockchain Economics
Abadi, Joseph - 2018
When is record-keeping better arranged through a blockchain than through a traditional centralized intermediary? The … out a blockchain trilemma: no ledger can satisfy all three properties simultaneously. A centralized record-keeper extracts …
Persistent link: https://www.econbiz.de/10012481054
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The Economic Limits of Bitcoin and the Blockchain
Budish, Eric - 2018
, these two equations imply that (3) the recurring, "flow", payments to miners for running the blockchain must be large … versus stock) if both (i) the mining technology used to run the blockchain is both scarce and non-repurposable, and (ii) any … majority attack is a "sabotage" in that it causes a collapse in the economic value of the blockchain; however, reliance on non …
Persistent link: https://www.econbiz.de/10012453003
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"Zero Cost'' Majority Attacks on Permissionless Blockchains
Gans, Joshua; Hałaburda, Hanna - National Bureau of Economic Research - 2023
Permissionless blockchains were constructed with a view to being sustainably secure. At the heart of blockchain … propose blocks that would be added to the blockchain. A key rationale for that cost was to make attacks on the network, which …
Persistent link: https://www.econbiz.de/10014322860
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Are Cryptocurrencies Currencies? Bitcoin as Legal Tender in El Salvador
Alvarez, Fernando E.; Argente, David; Van Patten, Diana - National Bureau of Economic Research - 2022
This paper studies the potential of a cryptocurrency to become a medium of exchange. We use evidence from a natural experiment: In September 2021, El Salvador became the first country in the world to make bitcoin legal tender, and all economic agents were required to accept bitcoin for all...
Persistent link: https://www.econbiz.de/10013191063
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Is Digital Credit Filling a Hole or Digging a Hole? Evidence from Malawi
Brailovskaya, Valentina; Dupas, Pascaline; Robinson, … - National Bureau of Economic Research - 2021
Digital credit has expanded rapidly in Africa, mostly in the form of short-term, high-interest loans offered via mobile money. Loan terms are often opaque and consumer financial literacy is low, providing opportunities for predatory lending. A regression discontinuity analysis shows no negative...
Persistent link: https://www.econbiz.de/10012794601
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Central Bank Digital Currency : Central Banking For All?
Fernández-Villaverde, Jesús - 2020
The introduction of a central bank digital currency (CBDC) allows the central bank to engage in large-scale intermediation by competing with private financial intermediaries for deposits. Yet, since a central bank is not an investment expert, it cannot invest in long-term projects itself, but...
Persistent link: https://www.econbiz.de/10012479277
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Decentralized Mining in Centralized Pools
Cong, Lin William - 2019
evidence from Bitcoin mining supports our model predictions. The economic insights inform many other blockchain protocols as …
Persistent link: https://www.econbiz.de/10012479545
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Mobile Money and Healthcare Use : Evidence from East Africa
Ahmed, Haseeb - 2019
This paper uses a difference-in-difference framework to estimate the effects of mobile money transfer technology (MMT) on healthcare usage in the face of negative health shocks. We use survey data from 2013-16 with quarterly observations on about 1,600 households of 10 villages in the Kisumu...
Persistent link: https://www.econbiz.de/10012479620