We examine the price discovery performance of China’s crude oil futures traded on the Shanghai International Energy Exchange (INE) for the spot prices of 19 types of deliverable and non-deliverable Asian crude oil. We find evidence for the INE crude oil futures price discovery function even at...

How does stablecoin design affect market behavior in turbulent periods? Stablecoins attempt to maintain a “stable” peg to the US dollar, but do so with wildly varying structural designs. The spectacular collapse of the TerraUSD (UST) stablecoin and linked Terra (LUNA) token in May 2022...

Does the collapse of an exchange-issued digital token spread contagion across cryptocurrency markets? And, if so, how do markets behave when traders can buy and sell assets on the exchange that issued the token but not withdraw their funds? We examine contagion effects across major digital...