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  1. The emerging autonomy-stability choice for stablecoins
    Autor*in: Oordt, Maarten R. C. van
    Erschienen: [2022]
    Verlag:  Tinbergen Institute, Amsterdam, The Netherlands

    Lawmakers have called for better stablecoin regulation, but authorities tend to have little control over the global operators of distributed ledgers that process stablecoin transactions. This chapter illustrates how peg deviations may occur when the... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 432
    Fernleihe:
    keine Fernleihe

     

    Lawmakers have called for better stablecoin regulation, but authorities tend to have little control over the global operators of distributed ledgers that process stablecoin transactions. This chapter illustrates how peg deviations may occur when the issuer of a fiat-backed stablecoin loses its access to the traditional payment system of the jurisdiction that issues the relevant fiat currency. The need for reliable access to the traditional payment system in order to maintain a stable peg provides an important foothold for regulators to exercise control over fiat-backed stablecoins. Conditional upon regulators having little control over the operators of some distributed ledgers, an autonomy-stability choice may emerge where users of stablecoins ultimately face a choice between regulated stablecoins with a stable value but little autonomy and alternative stablecoin arrangements with more autonomy but a less stable value.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/263935
    Schriftenreihe: Array ; TI 2022, 015
    Schlagworte: Stablecoins; Cryptocurrency; Exchange rate; Distributed ledgers; Regulation
    Umfang: 1 Online-Ressource (circa 18 Seiten), Illustrationen
  2. Stablecoins: growth potential and impact on banking
    Autor*in: Liao, Gordon Y.; Caramichael, John
    Erschienen: [2022]
    Verlag:  Board of Governors of the Federal Reserve System, [Washington, DC]

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 201
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    keine Fernleihe
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: International finance discussion papers ; number 1334 (January 2022)
    Schlagworte: Stablecoins; Digital currencies; Credit intermediation; Banking; Systemic risk; Fintech; Financial innovation; Payment system
    Umfang: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  3. Grasping de(centralized) fi(nance) through the lens of economic theory
    Autor*in: Chiu, Jonathan; Koeppl, Thorsten V.; Kahn, Charles M.
    Erschienen: 8-2022
    Verlag:  Department of Economics, Queen's University, Kingston, Ontario, Canada

    In this viewpoint article, we provide an analysis of the value proposition of De(centralized) Fi(nance) and its limitations using a simple stylized model of collateralized lending. DeFi uses a decentralized ledger to run smart contracts that... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 216
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    keine Fernleihe

     

    In this viewpoint article, we provide an analysis of the value proposition of De(centralized) Fi(nance) and its limitations using a simple stylized model of collateralized lending. DeFi uses a decentralized ledger to run smart contracts that automatically enforce the terms of a lending contract and safeguard the collateral. DeFi can lower the costs asso- ciated with intermediated lending and improve financial inclusion. Limitations are the volatility of crypto collateral and stablecoins used for settlement, the possible incom- pleteness of smart contracts and the lack of a reliable oracle. A proper infrastructure reducing such limiations could improve the value of DeFi.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/281093
    Schriftenreihe: Queen's Economics Department working paper ; no. 1489
    Schlagworte: Virtuelle Währung; Kreditgeschäft; Kreditrationierung; Kreditmarkt; Theorie; Decentralized Finance; Cryptocurrency; Stablecoins; Collateralized Lending
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  4. Smart Contracts and Decentralized Finance
    Autor*in: John, Kose; Kogan, Leonid; Saleh, Fahad
    Erschienen: 2022
    Verlag:  SSRN, [S.l.]

    We explain the mechanics of smart contracts. We then highlight benefits of smart contracts such as overcoming commitment problems. We also discuss limitations such as the difficulty for smart contracts to access information external to the blockchain... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
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    We explain the mechanics of smart contracts. We then highlight benefits of smart contracts such as overcoming commitment problems. We also discuss limitations such as the difficulty for smart contracts to access information external to the blockchain and the difficulty of integrating smart contract code with traditional legal enforcement. We further highlight how the absence of a trusted intermediary inflates implementation costs for blockchain applications. We conclude with a discussion of the most prominent smart contract applications in Decentralized Finance (DeFi): token issuance (e.g., ICOs, NFTs), decentralized exchanges (DEXs) and protocols for loanable funds (PLFs). Our survey covers both institutional details and relevant literature

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: MIT Sloan Research Paper ; No. 6800-22
    Schlagworte: Smart Contracts; Decentralized Finance; DeFi; Decentralized Exchanges; DEX; Protocols for Loanable Funds; PLF; Tokens; Stablecoins; Oracle Problem; ICOs; NFTs; Ethereum
    Umfang: 1 Online-Ressource (25 p)
    Bemerkung(en):

    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 19, 2022 erstellt
  5. Digital currency and banking-sector stability
    Autor*in: Chen, William; Phelan, Gregory
    Erschienen: December 6, 2022
    Verlag:  Williams College : Economics, Williamstown, MA, USA

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Auflage/Ausgabe: This version: December 6, 2022
    Schriftenreihe: Williams College Economics Department working paper series ; 2022, 06
    Schlagworte: Financial stability; Macroeconomic instability; Financial frictions; CBDC; Stablecoins
    Umfang: 1 Online-Ressource (circa 72 Seiten), Illustrationen