Narrow search
Showing 1 - 10 of 2,564
Cover Image
Global Hegemony and Exorbitant Privilege
Pflueger, Carolin E.; Yared, Pierre - National Bureau of Economic Research - 2024
We present a dynamic two-country model in which military spending, geopolitical risk, and government bond prices are jointly determined. The model is consistent with three empirical facts: hegemons have a funding advantage, this advantage rises with geopolitical tensions, and war losers suffer...
Persistent link: https://www.econbiz.de/10015056136
Cover Image
Mars or Mercury? The Geopolitics of International Currency Choice
Eichengreen, Barry - 2017
geopolitical factors. Using data on foreign reserves of 19 countries before World War I, for which the currency composition of … hypothetical scenario where the U.S. withdraws from the world, our estimates suggest that long-term U.S. interest rates could rise …
Persistent link: https://www.econbiz.de/10012453568
Cover Image
Are We Fragmented Yet? Measuring Geopolitical Fragmentation and Its Causal Effect
Fernández-Villaverde, Jesús; Mineyama, Tomohide; … - National Bureau of Economic Research - 2024
After decades of rising global economic integration, the world economy is now fragmenting. To measure this phenomenon …
Persistent link: https://www.econbiz.de/10014576667
Cover Image
Is the Global Economy Deglobalizing? And if so, why? And what is next?
Goldberg, Pinelopi K.; Reed, Tristan - National Bureau of Economic Research - 2023
Data on global trade as well as capital and labor flows indicate a slowdown, but not reversal, of globalization post the 2008-09 financial crisis. Yet profound changes in the policy environment and public sentiment in the largest economies over the past five years suggest the beginning of a new...
Persistent link: https://www.econbiz.de/10014250133
Cover Image
The Impact of Bretton Woods International Capital Controls on the Global Economy and the Value of Geopolitical Stability : A General Equilibrium Analysis
Ohanian, Lee E.; Restrepo-Echavarria, Paulina; Van … - National Bureau of Economic Research - 2023
of the World (ROW) is developed to quantify capital controls and evaluate their impact on the world economy. We find … these controls had large effects. Counterfactual analysis show world output would have been 0:5 percent higher had there …
Persistent link: https://www.econbiz.de/10014337829
Cover Image
Common Risk Factors in Cryptocurrency
Liu, Yukun - 2019
We find that three factors - cryptocurrency market, size, and momentum - capture the cross-sectional expected cryptocurrency returns. We consider a comprehensive list of price- and market-related factors in the stock market, and construct their cryptocurrency counterparts. Nine cryptocurrency...
Persistent link: https://www.econbiz.de/10012479831
Cover Image
The Microeconomics of Cryptocurrencies
Halaburda, Hanna - 2020
Since its launch in 2009 much has been written about Bitcoin, cryptocurrencies and blockchains. While the discussions initially took place mostly on blogs and other popular media, we now are witnessing the emergence of a growing body of rigorous academic research on these topics. By the nature...
Persistent link: https://www.econbiz.de/10012481332
Cover Image
Risks and Returns of Cryptocurrency
Liu, Yukun - 2018
We establish that the risk-return tradeoff of cryptocurrencies (Bitcoin, Ripple, and Ethereum) is distinct from those of stocks, currencies, and precious metals. Cryptocurrencies have no exposure to most common stock market and macroeconomic factors. They also have no exposure to the returns of...
Persistent link: https://www.econbiz.de/10012452844
Cover Image
Decentralization Through Tokenization
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
Cover Image
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 … eliminates blockchain front-running. In each case, the mechanism relies on threats to remove ownership from all claimants and …
Persistent link: https://www.econbiz.de/10012938749