The deployment of smart contracts within the European zone could fluidify economic transactions. It also risks fragmenting the Digital Single Market (“DSM”). This conundrum calls for a constructive response to preserve both the benefits brought by smart contracts and a strong DSM.Against...

In this paper we provide empirical evidence on the impact of US and UK monetary policy changes on credit supply of banks operating in Italy and France over the period 2000-2015, exploring the existence of an international bank lending channel based on the reliance on funding sources located in...

The regulation of bank capital as a means of smoothing the credit cycle is a central element of forthcoming macro-prudential regimes internationally. For such regulation to be effective in controlling the aggregate supply of credit it must be the case that: (i) changes in capital requirements...

This paper revisits the currency crises model of Aghion, Bacchetta and Banerjeee (2000, 2001, 2004), who show that if there exist nominal price rigidities and private sector credit constraints, and the credit multiplier depends on real interest rates, then the optimal monetary policy response to...

For seven cryptocurrencies—Bitcoin (BTC), Ether (ETH), Cardano (ADA), Ripple (XRP), Solana (SOL), Litecoin (LTC), and Dogecoin (DOGE)—we compute the efficient set of portfolios for daily returns for the period January 2020 to September 2022. The paper reports the “background” statistics,...

This paper presents a discussion of decentralized finance in Africa. It presents some statistics and data on decentralized finance in Africa. Thereafter, the potential benefits, challenges and regulatory issues associated with decentralized finance in Africa are presented. Recently, there has...

Bitcoin is digital energy. This is part metaphor, part description. It is part explanation, part prophecy. It is part engineering, part finance. The digital energy that is Bitcoin is not mechanical, chemical, or electrical. It is the same “stuff” that saves you time when you draw on a store...

Crowdfunding is a new financial system along with its own particularities which is hailed as innovative yet disruptive platform. It has seen tremendous growth over the years. It is a low-cost way of accessing capital, which increases the potential audience for ideas and ventures, also reduces...

The regulation of bank capital to improve the resilience of the financial system and, related to this aim, as a means of smoothing the credit cycle are central elements of forthcoming macroprudential regimes internationally. For such regulation to be effective in controlling the aggregate supply...