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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 benefits and challenges of the new system and presents a comparison to the traditional system of financial intermediation. Our analysis highlights that while the DeFi architecture...
Persistent link: https://www.econbiz.de/10013191100
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When Cryptomining Comes to Town : High Electricity-use Spillovers to the Local Economy
Benetton, Matteo; Compiani, Giovanni; Morse, Adair - National Bureau of Economic Research - 2023
Cryptomining, the clearing of cryptocurrency transactions, uses large quantities of electricity. We document that cryptominers' use of local electricity implies higher electricity prices for existing small businesses and households. Studying the electricity market in Upstate NY and using the...
Persistent link: https://www.econbiz.de/10014322700
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Why Did Small Business Fintech Lending Dry Up During March 2020?
Ben-David, Itzhak; Johnson, Mark J.; Stulz, René M. - National Bureau of Economic Research - 2021
With the onset of the COVID-19 crisis in March 2020, small business lending through fintech lenders collapsed. We explore the reasons for the market shutdown using detailed data about loan applications, offers, and take-up from a major small business fintech credit platform. We document that...
Persistent link: https://www.econbiz.de/10012629425
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Epidemic Exposure, Fintech Adoption, and the Digital Divide
Saka, Orkun; Eichengreen, Barry; Aksoy, Cevat Giray - National Bureau of Economic Research - 2021
who participates in this shift. We exploit a dataset combining Gallup World Polls and Global Findex surveys for some 250 …
Persistent link: https://www.econbiz.de/10012599296
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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
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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
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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
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Decentralization and Environmental Quality : An International Analysis of Water Pollution
Sigman, Hilary - 2007
This paper explores the empirical effects of decentralization on environmental quality by studying water pollution in … rivers around the world. It examines the level of pollution and variation in pollution across jurisdictions within a country …, supporting the traditional view that decentralization allows policies more tailored to local conditions. However, the analysis …
Persistent link: https://www.econbiz.de/10012465556
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Isolated Capital Cities and Misgovernance : Theory and Evidence
Campante, Filipe R. - 2013
Motivated by a novel stylized fact - countries with isolated capital cities display worse quality of governance - we provide a framework of endogenous institutional choice based on the idea that elites are constrained by the threat of rebellion, and that this threat is rendered less effective by...
Persistent link: https://www.econbiz.de/10012459634
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Customer Data Access and Fintech Entry : Early Evidence from Open Banking
Babina, Tania; Bahaj, Saleem; Buchak, Greg; De Marco, … - National Bureau of Economic Research - 2024
Open banking (OB) empowers bank customers to share transaction data with fintechs and other banks. 49 countries have adopted OB policies. Consumer trust in fintechs predicts OB policy adoption and adoption spurs investment in fintechs. UK microdata shows that OB enables: i) consumers to access...
Persistent link: https://www.econbiz.de/10014468288