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The economics of cryptocurrencies : Bitcoin and beyond

Chiu, Jonathan; Koeppl, Thorsten V. - 2017 - This version: September, 2017

-spending by relying on competition to update the blockchain (costly mining) and by delaying settlement. We estimate that the …

Persistent link: https://www.econbiz.de/10011756070

[Rezension von: Blockchain technologies, applications and cryptocurrencies]

Chiu, Jonathan - In: Journal of economic literature 60 (2022) 1, pp. 283-284

Persistent link: https://www.econbiz.de/10013207563

Blockchain-based settlement for asset trading

Chiu, Jonathan; Koeppl, Thorsten V. - 2018

Can securities be settled on a blockchain and, if so, what are the gains relative to existing settlement systems? We … consider a blockchain that ensures delivery-vs-payment by linking transfers of assets with payments and operates via a Proof … deter forking, the blockchain needs to restrict block size and block time in order to generate sufficient transaction fees …

Persistent link: https://www.econbiz.de/10011786806

Central bank digital currency and banking

Chiu, Jonathan; Davoodalhosseini, Seyed Mohammadreza; … - 2019

This paper builds a model with imperfect competition in the banking sector. In the model, banks issue deposits and make loans, and deposits can be used as payment instruments by households. We use the model to assess the general equilibrium effects of introducing a central bank digital currency...

Persistent link: https://www.econbiz.de/10012010505

Central bank digital currency and banking: macroeconomic benefits of a cash-like design

Chiu, Jonathan; Davoodalhosseini, Seyed Mohammadreza - 2021 - Last updated: December 17, 2021

Should a central bank digital currency (CBDC) be issued? Should its design be cash- or depositlike? To answer these questions, we theoretically and quantitatively assess the effects of a CBDC on consumption, banking and welfare. Our model introduces new general equilibrium linkages across...

Persistent link: https://www.econbiz.de/10012705082

Safe payments

Chiu, Jonathan; Davoodalhosseini, Seyed Mohammadreza; … - 2020 - Last updated: December 10, 2020

We use a simple model to study whether private payment systems based on bank deposits can provide the optimal level of safety. In the model, bank deposits backed by projects are subject to default risk that can be mitigated by a depositor's ex ante and ex post monitoring. Safe payment...

Persistent link: https://www.econbiz.de/10012388751

Central bank digital currencies and banking : literature review and new questions

Chapman, James; Chiu, Jonathan; Davoodalhosseini, Seyed … - 2023

We review the nascent but fast-growing literature on central bank digital currencies (CBDCs), focusing on their potential impacts on private banks. We evaluate these impacts in three areas of traditional banking: payments, lending, and liquidity and maturity transformation. For each area, we...

Persistent link: https://www.econbiz.de/10013548800

On the fragility of DeFi lending

Chiu, Jonathan; Ozdenoren, Emre; Yuan, Kathy; Zhang, … - 2023 - Last updated: February 22, 2023

We develop a dynamic model of decentralized finance (DeFi) lending that incorporates two/these key features: 1) borrowing and lending are decentralized, anonymous, overcollateralized and backed by the market value of crypto assets where contract terms are pre-specified and rigid; and 2)...

Persistent link: https://www.econbiz.de/10014232356

Incentive compatibility on the blockchain

Chiu, Jonathan; Koeppl, Thorsten V. - In: Social design : essays in memory of Leonid Hurwicz, (pp. 323-335). 2019

A blockchain is a digital ledger that keeps track of a record of ownership without the need for a designated party to … update and enforce changes to the record. The updating of the ledger is done directly by the users of the blockchain and is … the blockchain for a reward. Cheating occurs in the form of "double spending" when users try to tamper with ownership …

Persistent link: https://www.econbiz.de/10012061512

Incentive Compatibility on the Blockchain

Chiu, Jonathan - 2018

A blockchain is a digital ledger that keeps track of a record of ownership without the need for a designated party to … update and enforce changes to the record. The updating of the ledger is done directly by the users of the blockchain and is … the blockchain for a reward. Cheating occurs in the form of “double spending” when users try to tamper with ownership …

Persistent link: https://www.econbiz.de/10012913918