The working hypothesis of international financial regulation is that it should be globally harmonized. This paper contends, to the contrary, that we should be wary about the efficacy of global harmonization, and in particular, harmonization of systemic risk measurement and regulation. The thesis...

Small jurisdictions have become significant players in cross-border corporate and financial services. Their nature, legal status, and market roles, however, remain under-theorized. Lacking a sufficiently nuanced framework to describe their functions in cross-border finance - and the peculiar...

The first global cryptocurrency benchmarking study presents a systematic and comprehensive picture of a rapidly evolving industry, illustrating how cryptocurrencies are being used, stored, transacted and mined. The study gathered non-public data from more than 100 cryptocurrency companies and...

The first global blockchain benchmarking study presents a systematic and comprehensive picture of a rapidly evolving industry, examining how blockchain and distributed ledger technology (DLT) are being used in the public sector and enterprise. The study analysed non-publicly available data...

Bitcoin blockchain has grown into an active global virtual money network with millions of accounts.We propose a Sparse-Group Network AutoRegressive (SGNAR) model to understand the dynamics of its cross-border transactions. It describes the money flows of virtual funds, with a focus on the...

The notion of a global currency is a debate set aside in the past decade as the abstraction saw little potential for realization in a world with heterogeneous governments unwilling to sacrifice seigniorage for optimal design. The technical capability of creating digital currencies, independent...

A vast digital eco-system of entrepreneurship and exchange has sprung up with Bitcoin's digital infrastructure at its core. We explore the worldwide spread of infrastructure necessary to maintain and grow Bitcoin as a system (Bitcoin nodes) and infrastructure enabling the use of bitcoins for...

We report new evidence that the cryptocurrency market behaves as an independent asset class based on high-dimensional stochastic-volatility commonality tests against a basket of global investor sentiment proxies. Our approach’s novelty resides in employment of appropriate sources of risk and...

"The trade war and geopolitical issues have increased the risk of a financial decoupling between China and the US, the world's two largest economies. This book provides a thorough analysis of the major issues underlying the economic conflict and presents new factors coming into play as the...