Decentralized finance (DeFi) protocols use blockchain-based tools to mimic banking,
investment and trading solutions and provide a viable framework that creates incentives and …

Academic and practitioner interest in crypto-assets is gaining momentum. Different values
and agendas influence regulatory policy. Competing ideologies and social norms about the …

The emergence of private digital currencies poses a threat to payment systems and
monetary policy because they challenge all functions of money as we know them. In this …

Central banks around the world are exploring the possibility of Central Bank Digital
Currencies (CBDCs) for retail and wholesale use. While no major economy is yet to fully …

This paper investigates contagion in financial networks through collateralized debt and its
effects on social welfare. Our model incorporates contagion through both counterparty debt …

Bitcoin enthusiasts argue that it is free from central banks decisions and it is a hedge against
inflation. Using high-frequency monetary surprises associated with decisions made by the …

A component of digital finance that has been developed with an aim to decrease the usage
of cash payments and improve financial inclusion is the crypto-asset. Concerns have been …

As an analogy for a currency board, this paper uses the theory of the quasi-bounded target-
zone model based on the standard flexible-price monetary framework to study the peg …

Abstract A Central Bank Digital Currency (CBDC) is a form of digital money that is
denominated in the national unit of account, constitutes a direct liability of the central bank …

최근 미국 내에서는 디지털자산 관련한 입법논의가 활발하게 진행되고 있는데, 그 중 2022. 6.
7. 미 의회에 제출된 [책임있는 금융혁신법 (Responsible Financial Innovation Act, 이하 “RFIA” …