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Embedded supervision : how to build regulation into decentralised finance
Auer, Raphael A. - 2022
stablecoin issuers raises the challenge of how to apply technology-neutral regulation so that similar risks are subject to the … with blockchain-enabled credibility based on economic consensus. The key results set out the conditions under which the …
Persistent link: https://www.econbiz.de/10013206072
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Cryptocurrency market reactions to regulatory news
Auer, Raphael A.; Claessens, Stijn - 2020
Cryptocurrencies are often thought to operate out of the reach of national regulation, but in fact their valuations …
Persistent link: https://www.econbiz.de/10012205633
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Rise of the central bank digital currencies : drivers, approaches and technologies
Auer, Raphael A.; Cornelli, Giulio; Frost, Jon - 2020
Central bank digital currencies (CBDCs) are receiving more attention than ever before. Yet the motivations for issuance vary across countries, as do the policy approaches and technical designs. We investigate the economic and institutional drivers of CBDC development and take stock of design...
Persistent link: https://www.econbiz.de/10012306593
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An equilibrium model of the market for Bitcoin mining
Prat, Julien; Walter, Benjamin - 2018
We propose a model which uses the Bitcoin/US dollar exchange rate to predict the computing power of the Bitcoin network. We show that free entry places an upper-bound on mining revenues and we devise a structural framework to measure its value. Calibrating the model's parameters allows us to...
Persistent link: https://www.econbiz.de/10011789223
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An economic analysis of blockchains
Waelbroeck, Patrick - 2018
The blockchain is a technology that goes beyond timestamping, bitcoin and secure financial transactions. The … development of an ecosystem around smart connected objects will probably not happen without the blockchain (in one form or another …). The blockchain opens the door to the liquification of the physical world, to the economy of real-time micro …
Persistent link: https://www.econbiz.de/10011794645
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The microeconomics of cryptocurrencies
Hałaburda, Hanna; Haeringer, Guillaume; Gans, Joshua; … - 2021
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/10012418426
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Distrust or speculation? : the socioeconomic drivers of U.S. cryptocurrency investments
Auer, Raphael A.; Tercero-Lucas, David - 2021
Employing representative data from the U.S. Survey of Consumer Payment Choice, we disprove the hypothesis that cryptocurrency investors are motivated by distrust in fiat currencies or regulated finance. Compared with the general population, investors show no differences in their level of...
Persistent link: https://www.econbiz.de/10012619271
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Cybercrime on the ethereum blockchain
Hornuf, Lars; Momtaz, Paul; Nam, Rachel J.; Yuan, Ye - 2023
We propose a taxonomy of cybercrime on the Ethereum blockchain and examine how cybercrime impacts victims' risk …
Persistent link: https://www.econbiz.de/10014323138
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Can bitcoin mining increase renewable electricity capacity?
Bruno, August; Weber, Paige; Yates, Andrew J. - 2022
Proponents of Bitcoin argue that demand for electricity from Bitcoin miners can lead to an increase in renewable electricity capacity. We rigorously evaluate this claim by estimating a Bitcoin electricity demand curve and include this demand curve in a long-run model of the Texas electricity...
Persistent link: https://www.econbiz.de/10013383628
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Regulation, financial crises, and liberalization traps
Marchionne, Francesco; Pisicoli, Beniamino; Fratianni, … - 2019
regulation on the probability of a crisis. We test this relationship by applying a Probit model of a non-linear specification to …: it rises as regulation stringency moves from low to medium levels and falls from medium to high levels. Countries located …
Persistent link: https://www.econbiz.de/10012030889