We construct a model where financial asset overpricing due to risk shifting can be moderated by capital requirements. Imperfect information about the level of capital per unit of risk, however, introduces uncertainty about the risk exposure of intermediaries. Overestimation of the level of...

The financial crisis of 2008 has caused a series of drawbacks to economies around the world. Greek economy has been hit twice at 2009, since its credibility worsened, provoking the implication of harsh fiscal measures from the 2010 Memorandum of Understanding (MoU). The effects of these measures...

Digital platforms, such as Alibaba and Amazon, operate an online marketplace to facilitate transactions. This paper studies a platform's business model choice between accepting cash and issuing tokens, as well as the implications for welfare, resiliency, and interoperability. A cash platform...

The emergence of a decentralized peer-to-peer platform that matches lending and borrowing without collateral requirements has called the bank lending and balance-sheet channels for monetary transmission into question. Via a standard New Keynesian macroeconomic model expanded with two-sided...

Chapter 1.Introduction: Money, Finance, & Production in Contemporary Commercial Republics -- Chapter 2.Money, Capital, & Investment: Fixing Some Critical Terms & Relations -- Chapter 3.Franchise Finance: A Brief Exposition & Exposé -- Chapter 4.Franchise Finance: Why & How We Got Here --...