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  1. Cryptocurrency competition
    an empirical test of Hayek's vision of private money
    Autor*in: Bofinger, Peter; Mayer, Fabian
    Erschienen: 24 October 2022
    Verlag:  Centre for Economic Policy Research, London

    Zugang:
    Verlag (lizenzpflichtig)
    Verlag (lizenzpflichtig)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    LZ 161
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Mannheim
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Array ; DP17642
    Schlagworte: Hayek; Cryptocurrencies; Functions of Money; Currency competition; Network effects; Monopoly
    Umfang: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  2. Cryptocurrency competition
    an empirical test of Hayek's vision of private monies
    Autor*in: Mayer, Fabian; Bofinger, Peter
    Erschienen: [2023]
    Verlag:  [University of Würzburg, Department of Economics], [Würzburg]

    We investigate monopolistic tendencies and the intensity of currency competition on the crypto market in the light of Hayek’s "Denationalization of money". Interestingly, Hayek never considered differentiation and specialization by innovative private... mehr

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    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 18
    Fernleihe:
    keine Fernleihe

     

    We investigate monopolistic tendencies and the intensity of currency competition on the crypto market in the light of Hayek’s "Denationalization of money". Interestingly, Hayek never considered differentiation and specialization by innovative private currencies could lead lasting currency competition instead of network effects. We argue that competition between private currencies could run on different functions of money, especially the function as a store of value and that as a means of exchange, which partly explains the differences in the set-up of private currencies that Hayek demanded and that of cryptocurrencies. Drawing on a large sample of 101 cryptocurrencies and a time frame from 2016 to 2022, we empirically examine the evolution and degree of competition on the crypto market, also taking changes in general crypto market structure into account. We find that competition is strong for unpegged cryptocurrencies that mostly compete as a speculative store of value. Competition is also strong for stablecoins when competing as a stable store of value. Competition is much less pronounced for the function as a means of exchange and network effects and monopolistic tendencies are more likely to be present on this sub-market.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/268679
    Schriftenreihe: Würzburg economic papers ; no. 103
    Schlagworte: Hayek; Cryptocurrencies; Functions of Money; Currency Competition; NetworkEffects; Monopol
    Umfang: 1 Online-Ressource (circa 54 Seiten), Illustrationen