We determine optimal token issuance and fee rates for issuers with varying degrees of commitment. For the polar cases of no commitment (Markov perfect) and full commitment (Ramsey) we study the conditions under which equilibriums exist. Assuming convex maintenance costs guarantees well-defined...

The empirical literature on border effects suggests that national borders substantially reduce the level of economic transactions. This paper adds another piece of evidence to the significance of border effects by applying a new data set which is completely independent of the data sets of...