Cryptocurrencies Currency Competition And The Impossible Trinity
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Cryptocurrencies Currency Competition And The Impossible Trinity
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Author : Pierpaolo Benigno
language : en
Publisher:
Release Date : 2019
Cryptocurrencies Currency Competition And The Impossible Trinity written by Pierpaolo Benigno and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Cryptocurrencies categories.
We analyze a two-country economy with complete markets, featuring two national currencies as well as a global (crypto)currency. If the global currency is used in both countries, the national nominal interest rates must be equal and the exchange rate between the national currencies is a risk- adjusted martingale. We call this result Crypto-Enforced Monetary Policy Synchronization (CEMPS). Deviating from interest equality risks approaching the zero lower bound or the abandonment of the national currency. If the global currency is backed by interest-bearing assets, additional and tight restrictions on monetary policy arise. Thus, the classic Impossible Trinity becomes even less reconcilable.
Regulating The Crypto Economy
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Author : Iris H-Y Chiu
language : en
Publisher: Bloomsbury Publishing
Release Date : 2021-10-21
Regulating The Crypto Economy written by Iris H-Y Chiu and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-21 with Law categories.
This book focuses on the building of a crypto economy as an alternative economic space and discusses how the crypto economy should be governed. The crypto economy is examined in its productive and financialised aspects, in order to distil the need for governance in this economic space. The author argues that it is imperative for regulatory policy to develop the economic governance of the blockchain-based business model, in order to facilitate economic mobilisation and wealth creation. The regulatory framework should cater for a new and unique enterprise organisational law and the fund-raising and financing of blockchain-based development projects. Such a regulatory framework is crucially enabling in nature and consistent with the tenets of regulatory capitalism. Further, the book acknowledges the rising importance of private monetary orders in the crypto economy and native payment systems that do not rely on conventional institutions for value transfer. A regulatory blueprint is proposed for governing such monetary orders as 'commons' governance. The rise of Decentralised Finance and other financial innovations in the crypto economy are also discussed, and the book suggests a framework for regulatory consideration in this dynamic landscape in order to meet a balance of public interest objectives and private interests. By setting out a reform agenda in relation to economic and financial governance in the crypto economy, this forward-looking work argues for the extension of 'regulatory capitalism' to this perceived 'wild west' of an alternative economic space. It advances the message that an innovative regulatory agenda is needed to account for the economically disruptive and technologically transformative developments brought about by the crypto economy.
The Palgrave Handbook Of Technological Finance
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Author : Raghavendra Rau
language : en
Publisher: Springer Nature
Release Date : 2021-09-09
The Palgrave Handbook Of Technological Finance written by Raghavendra Rau and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-09 with Business & Economics categories.
This handbook provides the first comprehensive overview of the fast-evolving alternative finance space and makes a timely and in-depth contribution to the literature in this area. Bringing together expert contributions in the field from both practitioners and academics, in one of the most dynamic parts of the financial sector, it provides a solid reference for this exciting discipline. Divided into six parts, Section 1 presents a high-level overview of the technologically-enabled finance space. It also offers a historical perspective on technological finance models and outlines different business models. Section 2 analyses digital currencies including guides to bitcoins, other cryptocurrencies, and blockchains. Section 3 addresses alternative payment systems such as digital money and asset tokenization. Section 4 deals with crowdfunding models from both a theoretical perspective and from a regulatory perspective. Section 5 discusses data-driven business models and includes a discussion of neural networks and deep learning. Finally, Section 6 discusses welfare implications of the technological finance revolution. This collection highlights the most current developments to date and the state-of-the-art in alternative finance, while also indicating areas of further potential. Acting as a roadmap for future research in this innovative and promising area of finance, this handbook is a solid reference work for academics and students whilst also appealing to industry practitioners, businesses and policy-makers.
A Study On The Creation Impact And Legal Issues Of Crypto Special Drawing Rights
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Author : Leo Zeng
language : en
Publisher: Springer Nature
Release Date :
A Study On The Creation Impact And Legal Issues Of Crypto Special Drawing Rights written by Leo Zeng and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Macro Financial Implications Of Foreign Crypto Assets For Small Developing Economies
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Author : Alexander Copestake
language : en
Publisher: International Monetary Fund
Release Date : 2023-12-06
Macro Financial Implications Of Foreign Crypto Assets For Small Developing Economies written by Alexander Copestake and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-12-06 with Business & Economics categories.
To explore risks associated with digital money, this Fintech Note simulates the hypothetical large-scale adoption of crypto assets in a model of a small open economy. The model highlights that a foreign-currency denominated stablecoin can amplify currency substitution and capital outflows in response to negative shocks. Monetary policy transmission is also weakened, forcing the central bank to adjust interest rates more aggressively in response to shocks. Capital flow management measures—if they do not constrain crypto flows—further incentivize households to hold foreign stablecoins for circumvention purposes, exacerbating the negative effects of crypto adoption on the macroeconomy. This underscores that widespread crypto adoption can weaken policymakers’ available options for mitigating external shocks and potentially increase cross-country spillovers.
Crypto As A Marketplace For Capital Flight
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Author : Clemens M. Graf von Luckner
language : en
Publisher: International Monetary Fund
Release Date : 2024-06-28
Crypto As A Marketplace For Capital Flight written by Clemens M. Graf von Luckner and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-06-28 with categories.
This paper shows how cryptocurrency markets can fuel cross-border capital flight by serving as marketplaces that match counterparts with and without (illicit) access to FX. In countries where international transactions are restricted, crypto exchanges effectively allow domestic agents to pay a premium to buy foreign currency. The counterparts to these transactions are agents with access to FX, who sell crypto holdings purchased abroad. A stylized model illustrates that restricted foreign currency amid economic imbalances incentivizes these transactions via persistent crypto premia in local relative to global markets. We analyze relative crypto pricing data in several country case studies, providing empirical support that crypto markets serve as marketplaces for capital flight that already took place, rather than a novel channel for capital flight. We make available a novel dataset on crypto market premia, which we propose as indicators of excess demand for foreign currency and capital control intensity. The dataset will be posted along with this paper and updated periodically.
Eckm 2023 24th European Conference On Knowledge Managemen Vol 1
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Author :
language : en
Publisher: Academic Conferences and publishing limited
Release Date : 2023-09-07
Eckm 2023 24th European Conference On Knowledge Managemen Vol 1 written by and has been published by Academic Conferences and publishing limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-07 with Business & Economics categories.
Handbook Of International Economics
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Author :
language : en
Publisher: Elsevier
Release Date : 2022-04-07
Handbook Of International Economics written by and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-04-07 with Business & Economics categories.
Handbook of International Economics, Sixth Edition provides a definitive reference for researchers and advanced graduate students. The book includes self-contained surveys of the current state of a branch of economics in the form of chapters prepared by leading specialists. These surveys summarize not only received results but also newer developments from journal articles and discussion papers. Chapters cover The Global Financial Cycle, Dominant Currency Paradigm: a review, Rethinking exchange rate regimes, CIP deviations, the dollar, and frictions in international capital markets, International macroeconomics with imperfect financial markets, The prudential use of capital controls and foreign currency reserves, and Financial crises: a survey. Provides the authority and expertise of leading contributors from an international board of authors Presents the latest release in the Handbook of International Economics series Includes self-contained surveys of the current state of a branch of economics in the form of chapters prepared by leading specialists
Assessing Macrofinancial Risks From Crypto Assets
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Author : Ms. Burcu Hacibedel
language : en
Publisher: International Monetary Fund
Release Date : 2023-09-29
Assessing Macrofinancial Risks From Crypto Assets written by Ms. Burcu Hacibedel and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-29 with Business & Economics categories.
Failures in the crypto space—including the fall of Terra USD and the FTX debacle—have sparked calls for strengthening countries’ policy frameworks for crypto assets, including by enhanced regulation and supervision. How have these heightened concerns about crypto assets been picked up in systemic risk assessment, and what can be done going forward? In this paper, we introduce a conceptual macrofinancial framework to understand and track systemic risks stemming from crypto assets. Specifically, we propose a country-level Crypto-Risk Assessment Matrix (C-RAM) to summarize the main vulnerabilities, useful indicators, potential triggers and potential policy responses related to the crypto sector. We also discuss how experts and officials can weave in specific vulnerabilities stemming from crypto asset activity into their assessment of systemic risk, and how they can provide policy advice and take action to help contain systemic risks when needed.
Artificial Intelligence For Sustainable Finance And Sustainable Technology
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Author : Abdalmuttaleb M. A. Musleh Al-Sartawi
language : en
Publisher: Springer Nature
Release Date : 2022-01-01
Artificial Intelligence For Sustainable Finance And Sustainable Technology written by Abdalmuttaleb M. A. Musleh Al-Sartawi and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-01 with Technology & Engineering categories.
This book shows latest research on artificial intelligence for sustainable technology. ICGER 2021 was organized by the Accounting, Finance and Banking Department at Ahlia University, Bahrain, and was conducted on the 15th and 16th of September. The strategic partners included the University of Jordan, the Bahrain Economists Society, the Association of Chartered Certified Accountants: ACCA, Al-Barka Banking Group and the International Computer Auditing Education Association: ICAEA . The theme of the ICGER 2021 centered around artificial intelligence for sustainable finance and sustainable technology. Accordingly, the papers presented at the conference provided a holistic view of sustainable finance, sustainability, AI, financial technology, cybersecurity, blockchain, CSR, and governance. This book, unlike ever before, brings together intelligence applications of new technologies and the sustainability requirements in the era of the digital economy, with special attention given to the opportunities, challenges, for education, business growth, and economic progression of nations which will help societies (economists, financial managers, engineers, ICT specialists, digital managers, data managers, policymakers, regulators, researchers, academics, and students) to better understand, use, and control AI applications and financial technologies to develop future strategies and to achieve sustainable development goals.