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Cryptocurrencies: A Survey on Acceptance, Governance and Market Dynamics 加密货币:关于接受、治理和市场动态的调查
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2020-12-02 DOI: 10.1002/ijfe.2392
Aiman Hairudin, I. Sifat, Azhar Mohamad, Yusniliyana Yusof
{"title":"Cryptocurrencies: A Survey on Acceptance, Governance and Market Dynamics","authors":"Aiman Hairudin, I. Sifat, Azhar Mohamad, Yusniliyana Yusof","doi":"10.1002/ijfe.2392","DOIUrl":"https://doi.org/10.1002/ijfe.2392","url":null,"abstract":"This paper briefly overviews several challenging dimensions pertaining to cryptocurrencies with respect to their valuation, legitimacy, design, consensual acceptance and market-based stylized facts with a view to understanding whether this new asset class indeed has the potential to become an alternative, or a replacement, to traditional fiat currencies. Our survey indicates that public embrace of cryptocurrencies continues to lag as the masses continue to show reluctance in embracing cryptocurrencies as a complement, let alone a substitute to fiat counterparts. Governments have also successfully defended their sovereignty in preserving legal tender status, structural seigniorage, and exclusivity. Market-based studies hint at consistent inefficiencies across the spectrum. Furthermore, whether fundamental and mining factors determine cryptocurrencies’ values remain unsettled. The most promising areas of research for crypto-financial intelligentsia would be delving into establishing trial runs for central bank backed cryptocurrencies. In addition, we highlight that several methodological and data-based obstacles remain in assessing the link between cryptocurrencies and their traditional rivals. This avenue remains a fertile ground for potential future research.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132552086","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 29
What's Holding Back Blockchain Finance? On the Possibility of Decentralized Autonomous Finance 是什么阻碍了区块链金融?论分权式自治财政的可能性
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2020-12-02 DOI: 10.2139/ssrn.3373382
Cameron Harwick, J. Caton
{"title":"What's Holding Back Blockchain Finance? On the Possibility of Decentralized Autonomous Finance","authors":"Cameron Harwick, J. Caton","doi":"10.2139/ssrn.3373382","DOIUrl":"https://doi.org/10.2139/ssrn.3373382","url":null,"abstract":"Despite the past decade’s rapid innovation in adapting blockchain technology to new uses, financial intermediation remains elusive except in basic and highly collateralized forms. We introduce the concept of the technical frontier to delimit the kinds of interactions that can feasibly be structured algorithmically among pseudonymous agents, as on a blockchain, and show that lending and financial intermediation – unlike monetary exchange – lie outside it, even in simple forms. The path forward for truly blockchain-native financial applications, therefore, must involve the integration of real-world identity information in order to disincentivize defection. We discuss several potential technologies for doing so, and conclude that such integration is possible without compromising pseudonymity, provided real-world identity is available in the breach.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116823316","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 21
Financial Stability Policies and Bank Lending: Quasi-Experimental Evidence from Federal Reserve Interventions in 1920-21 金融稳定政策与银行借贷:1920-21年美联储干预的准实验证据
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2020-12-01 DOI: 10.2139/ssrn.3742259
K. Rieder
{"title":"Financial Stability Policies and Bank Lending: Quasi-Experimental Evidence from Federal Reserve Interventions in 1920-21","authors":"K. Rieder","doi":"10.2139/ssrn.3742259","DOIUrl":"https://doi.org/10.2139/ssrn.3742259","url":null,"abstract":"I estimate the comparative causal effects of monetary policy leaning against the wind\" (LAW) and macroprudential policy on bank-level lending and leverage by drawing on a single natural experiment. In 1920, when U.S. monetary policy was still decentralized, four Federal Reserve Banks implemented a conventional rate hike to address financial stability concerns. Another four Reserve Banks resorted to macroprudential policy with the same goal. Using sharp geographic regression discontinuities, I exploit the resulting policy borders with the remaining four Federal Reserve districts which did not change policy stance. Macroprudential policy caused both bank-level lending and leverage to fall significantly (by 11%-14%), whereas LAW had only weak and, in some areas, even perverse effects on these bank-level outcomes. I show that the macroprudential tool reined in over-extended banks more effectively than LAW because it allowed Federal Reserve Banks to use price discrimination when lending to highly leveraged counterparties. The perverse effects of the rate hike in some areas ensued because LAW lifted a pre-existing credit supply friction by incentivizing regulatory arbitrage. My results highlight the importance of context, design and financial infrastructure for the effectiveness of financial stability policies. JEL Classification: E44, E51, E52, E58, G21, N12, N22","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"69 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131880963","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Monetizing Privacy with Central Bank Digital Currencies 用央行数字货币货币化隐私
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2020-11-23 DOI: 10.2139/ssrn.3583949
Rodney J. Garratt, M. Lee
{"title":"Monetizing Privacy with Central Bank Digital Currencies","authors":"Rodney J. Garratt, M. Lee","doi":"10.2139/ssrn.3583949","DOIUrl":"https://doi.org/10.2139/ssrn.3583949","url":null,"abstract":"In a market where consumers choose between payment options, and firms compete with products and prices, we show that payment data drives the formation of a market monopoly. A data sharing policy can successfully restore and maintain a competitive market, but often at the expense of both efficiency and consumer welfare. The introduction of a privacy-preserving central bank digital currency (CBDC), or digital cash, preserves the market structure and improves consumers’ welfare by enabling them to monetize their private information.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"15 3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134426414","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
The Hemispheres of Finance: GDP and Non-GDP Finance 金融半球:GDP与非GDP金融
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2020-11-21 DOI: 10.2139/ssrn.3734917
J. Huber
{"title":"The Hemispheres of Finance: GDP and Non-GDP Finance","authors":"J. Huber","doi":"10.2139/ssrn.3734917","DOIUrl":"https://doi.org/10.2139/ssrn.3734917","url":null,"abstract":"This paper examines the interplay between one hemisphere of the financial economy that contributes to financing real-economic output, while the other deals self-referentially with capital management and financial asset management, in short, GDP finance and non-GDP finance. Since around 1980, there has been a significant GDP-disproportionate expansion in non-GDP finances, based on the credit-borne expan¬sion of the money supply by banks, central banks and shadow banks, and resulting in problems of instabi¬lity and new disparities that cannot to be remedied by conventional measures alone.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133037897","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Systemic Risk: the Effect of Market Confidence 系统性风险:市场信心的影响
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2020-09-29 DOI: 10.2139/ssrn.3701829
Maxim Bichuch, Ke Chen
{"title":"Systemic Risk: the Effect of Market Confidence","authors":"Maxim Bichuch, Ke Chen","doi":"10.2139/ssrn.3701829","DOIUrl":"https://doi.org/10.2139/ssrn.3701829","url":null,"abstract":"In a crisis, when faced with insolvency, banks can sell stock in a dilutive offering in the stock market and borrow money in order to raise funds. We propose a simple model to find the maximum amount of new funds the banks can raise in these ways. To do this, we incorporate market confidence of the bank together with market confidence of all the other banks in the system into the overnight borrowing rate. Additionally, for a given cash shortfall, we find the optimal mix of borrowing and stock selling strategy. We show the existence and uniqueness of Nash equilibrium point for all these problems. Finally, using this model we investigate if banks have become safer since the crisis. We calibrate this model with market data and conduct an empirical study to assess safety of the financial system before, during after the last financial crisis.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126453360","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Going-Concern Debt of Financial Intermediaries 金融中介机构持续经营债务
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2020-09-17 DOI: 10.2139/ssrn.3725957
Yueran Ma, J. Scheinkman
{"title":"Going-Concern Debt of Financial Intermediaries","authors":"Yueran Ma, J. Scheinkman","doi":"10.2139/ssrn.3725957","DOIUrl":"https://doi.org/10.2139/ssrn.3725957","url":null,"abstract":"We study asset and debt characteristics of US bank holding companies. We show that financial institutions, especially large institutions, are not just about holding discrete assets. Services and going-concern values are important, and capital market debt against going-concern values accounts for 10% to 15% of total assets, comparable to the volume of capital market debt against discrete assets. We find that financial institutions’ debt against going-concern values has weak monitoring, relative to similar debt among non-financial firms. We argue that weak monitoring prevails because creditors cannot easily punish or restructure these institutions should they violate covenants, which limits covenants’ usefulness.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114784567","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Reciprocal Lending Relationships in Shadow Banking 影子银行的相互借贷关系
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2020-08-31 DOI: 10.2139/ssrn.3030331
Yi Li
{"title":"Reciprocal Lending Relationships in Shadow Banking","authors":"Yi Li","doi":"10.2139/ssrn.3030331","DOIUrl":"https://doi.org/10.2139/ssrn.3030331","url":null,"abstract":"Post-crisis regulations apply stricter liquidity rules to both money market funds (MMFs) and banks, requiring MMFs to do more overnight lending and banks to borrow longer-term. MMFs and banks resolve this dilemma by developing a \"bundling\" strategy across overnight and longer-term markets. In particular, MMFs increase longer-term funding and charge lower rate to banks that have recently accommodated MMFs' overnight depositing needs. Such cross-market reciprocity is stronger between MMFs and foreign banks, who depend on MMFs for dollar funding more than U.S. banks do. MMFs with lower liquidity buffers and higher flow volatility are more likely to engage in bundling.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123446576","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Relationship Marketing Practices and Customer Loyalty: A Review with Reference to Banking Industry 关系营销实践与客户忠诚:以银行业为例
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2020-08-31 DOI: 10.31033/ijemr.10.4.18
Tawseef Ahmad Ganaie, M. Bhat
{"title":"Relationship Marketing Practices and Customer Loyalty: A Review with Reference to Banking Industry","authors":"Tawseef Ahmad Ganaie, M. Bhat","doi":"10.31033/ijemr.10.4.18","DOIUrl":"https://doi.org/10.31033/ijemr.10.4.18","url":null,"abstract":"Relationship marketing is seen as an effective weapon to retain the existing customers in order to reap the benefits of customer loyalty. With increase in competition, making customers loyal to firm is a challenging task particularly in banking sector where the products and services are homogenous and switching intentions among customers remain high. Researchers and practitioners are keen to understand the progression of research on the impact of relationship marketing practices on customer loyalty and financial performance. In view of the growing importance of relationship marketing and customer loyalty, present study attempts to review relationship marketing practices and customer loyalty and their linkages in the context of banking sector and to offer suggestions, on the basis of review of literature, to make bank customer relationships more effective and efficient.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133870908","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Response of Bank Loans to the Bank of Japan's Quantitative and Qualitative Easing Policy: A Panel Data Analysis 银行贷款对日本央行量化和定性宽松政策的响应:面板数据分析
ERN: Other Monetary Economics: Financial System & Institutions (Topic) Pub Date : 2020-08-30 DOI: 10.22904/SJE.2020.33.3.005
Etsuro Shioji
{"title":"Response of Bank Loans to the Bank of Japan's Quantitative and Qualitative Easing Policy: A Panel Data Analysis","authors":"Etsuro Shioji","doi":"10.22904/SJE.2020.33.3.005","DOIUrl":"https://doi.org/10.22904/SJE.2020.33.3.005","url":null,"abstract":"Research for this paper has been funded by the Grant-in-aid for scientific research S- 24223003, C-15K03418, A-17H00985 and C-18K01605, and Nomura Foundation. I would like to thank an anonymous referee for many thoughtful comments, which (I believe) have resulted in a major improvement of the paper. I would like to thank the participants at the Fall 2017 Meetings of both the Japanese Economic Association (September 9 at Aoyama Gakuin University) and the Japan Society of Monetary Economics (September 30 at Kagoshima University), especially the discussants Kiyotaka Nakashima and Hitoshi Inoue, for their valuable comments. I am also grateful to the participants at the Seoul Journal of Economics International Symposium “Macroeconomic Policies in Changing Global Economic Environment” (November 6, 2019 at Seoul National University), especially Soyoung Kim and Alessandro Rebucci, for their insightful advice and comments.","PeriodicalId":299344,"journal":{"name":"ERN: Other Monetary Economics: Financial System & Institutions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128817184","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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