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Kryptoassets als Herausforderung für Finanzmarktstabilität
Joebges, Heike; Herr, Hansjörg; Kellermann, Christian - In: Vierteljahrshefte zur Wirtschaftsforschung 91 (2022) 4, pp. 25-41
Kryptoassets haben seit 2017 zunehmend an Bedeutung gewonnen. Symptomatisch dafür sind auch ihre geldartigen Funktionen im Kontext des Krieges gegen die Ukraine. Deshalb von einer Zeitenwende im Finanzsystem zu sprechen, wäre allerdings (noch) verfrüht. Vielmehr destabilisiert das wachsende,...
Persistent link: https://www.econbiz.de/10015046225
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Banking in the shadow of bitcoin? : the institutional adoption of cryptocurrencies
Auer, Raphael A.; Farag, Marc; Lewrick, Ulf; Orazem, Lovrenc - 2023
The phenomenal growth of cryptocurrencies raises important questions about their footprint on the financial system …
Persistent link: https://www.econbiz.de/10014250401
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Blockchain Structure and Cryptocurrency Prices
Zimmerman, Peter - 2020
I present a model of cryptocurrency price formation that endogenizes both the financial market for coins and the fee-based market for blockchain space. A cryptocurrency has two distinctive features: a price determined by the extent of its usage as money, and a blockchain structure that restricts...
Persistent link: https://www.econbiz.de/10012841566
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Decentralized Financial Intermediation Beyond Blockchains
Massacci, Fabio - 2018
Blockchains and Byzantine Fault Tolerance form the basis of decentralized currencies and ledgers such as Bitcoin …
Persistent link: https://www.econbiz.de/10012936021
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Cryptocurrency Volatility Markets
Woebbeking, Fabian - 2020
By computing a volatility index (CVX) from cryptocurrency option prices, we analyze the market's expectation of future volatility. Our method addresses the challenging liquidity environment of this young asset class and allows us to extract stable market implied volatilities. Two alternative...
Persistent link: https://www.econbiz.de/10012829636
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iCurrency?
Kakushadze, Zura - 2020
We discuss the idea of a purely algorithmic universal world iCurrency set forth in: "https://ssrn.com/abstract=2542541" https://ssrn.com/abstract=2542541 and expanded in: "https://ssrn.com/abstract=3059330" https://ssrn.com/abstract=3059330 in light of recent developments, including Libra. Is...
Persistent link: https://www.econbiz.de/10012847994
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Distrust or speculation? : the socioeconomic drivers of U.S. cryptocurrency investments
Auer, Raphael A.; Tercero-Lucas, David - 2021
cryptocurrency investors tend to be educated, young and digital natives. In recent years, a gap in ownership of cryptocurrencies … across genders has emerged. We examine how investor characteristics vary across cryptocurrencies and show that owners of … cryptocurrencies increasingly tend to hold their investment for longer periods. …
Persistent link: https://www.econbiz.de/10012619271
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Another look at cryptocurrency bubbles
Gronwald, Marc - 2019
bubbles are awed due to an insufficient consideration of the fundamental value of cryptocurrencies. As even fiat money is said … to exhibit features of bubbles, the same applies to cryptocurrencies. Thus, any empirical investigation into either the … presence of cryptocurrency bubbles or the fundamental value of cryptocurrencies is needless. Second, the paper conducts a short …
Persistent link: https://www.econbiz.de/10012033146
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Cryptocurrency market reactions to regulatory news
Auer, Raphael A.; Claessens, Stijn - 2020
Cryptocurrencies are often thought to operate out of the reach of national regulation, but in fact their valuations … regulatory category to which the news relates: events related to general bans on cryptocurrencies or to their treatment under …, and on restricting the interoperability of cryptocurrencies with regulated markets. News pointing to the establishment of …
Persistent link: https://www.econbiz.de/10012205633
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Banking in the Shadow of Bitcoin? The Institutional Adoption of Cryptocurrencies
Auer, Raphael; Farag, Marc; Lewrick, Ulf; Orazem, Lovrenc; … - 2023
The phenomenal growth of cryptocurrencies raises important questions about their footprint on the financial system …
Persistent link: https://www.econbiz.de/10014290265