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Sockin, Michael; Xiong, Wei - National Bureau of Economic Research - 2022

We examine decentralization of digital platforms through tokenization as an innovation to resolve the conflict between platforms and users. By delegating control to users, tokenization through utility tokens acts as a commitment device that prevents a platform from exploiting users. This...

Persistent link: https://www.econbiz.de/10012938689

A Solomonic Solution to Ownership Disputes : An Application to Blockchain Front-Running

Gans, Joshua; Holden, Richard T. - National Bureau of Economic Research - 2022

Blockchain front-running involves multiple agents, other than the legitimate agent, claiming a payment from performing a contract. It arises because of the public nature of blockchain transactions and potential network congestion. This paper notes that disputes over payments are similar to...

Persistent link: https://www.econbiz.de/10012938749

Decrypting New Age International Capital Flows

Luckner, Clemens von <Graf>; Reinhart, Carmen M.; … - National Bureau of Economic Research - 2021

-to-peer Bitcoin market, which enables trade in the currencies of more than 135 countries. We develop an algorithm that allows, with … Bitcoin is used to make payment in fiat currency. Roughly 20 percent of these represent international capital flight …/flows/remittances. Although our work cannot be used to put a price on cryptocurrencies, it provides the first systematic quantitative evidence …

Persistent link: https://www.econbiz.de/10012660015

Blockchain Analysis of the Bitcoin Market

Makarov, Igor; Schoar, Antoinette - National Bureau of Economic Research - 2021

In this paper, we provide detailed analyses of the Bitcoin network and its main participants. We build a novel database … using a large number of public and proprietary sources to link Bitcoin addresses to real entities and develop an extensive … of analysis of the Bitcoin eco-system. First, we analyze the transaction volume and network structure of the main …

Persistent link: https://www.econbiz.de/10012660074

Central Bank Digital Currency in Historical Perspective : Another Crossroad in Monetary History

Bordo, Michael D. - National Bureau of Economic Research - 2021

forms of money: virtual (crypto) currencies like bitcoin; stable coins like libra/diem; and central bank digital currencies …

Persistent link: https://www.econbiz.de/10012616619

Are Cryptocurrencies Currencies? Bitcoin as Legal Tender in El Salvador

Alvarez, Fernando E.; Argente, David; Van Patten, Diana - National Bureau of Economic Research - 2022

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 payments. The Salvadorean government also launched an app, "Chivo Wallet …," which allowed users to digitally trade both bitcoin and dollars, and gave major incentives to download it. We conduct a …

Persistent link: https://www.econbiz.de/10013191063

Cryptocurrencies and Decentralized Finance (DeFi)

Makarov, Igor; Schoar, Antoinette - National Bureau of Economic Research - 2022

The paper provides an overview of cryptocurrencies and decentralized finance. The discussion lays out potential …

Persistent link: https://www.econbiz.de/10013191100

Central Bank Digital Currencies and The Emerging Markets : The Currency Substitution Challenge

Edwards, Sebastian - National Bureau of Economic Research - 2021

In this paper, I discuss the implications for emerging countries of the adoption of central bank digital currencies (CBDCs) in advanced jurisdictions, such as the United States, the United Kingdom, and the Euro Zone. The analysis identifies benefits as well as costs. Among the former, one of the...

Persistent link: https://www.econbiz.de/10012696398

Making Money

Gorton, Gary; Ross, Chase P.; Ross, Sharon Y. - National Bureau of Economic Research - 2022

It is difficult for private agents to produce money that circulates at par with no questions asked. We study two cases of privately-produced money: pre-Civil War U.S. private banknotes and modern stablecoins. Private monies are introduced when there are no better alternatives, but they initially...

Persistent link: https://www.econbiz.de/10012814485

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