分散和集中融资借贷市场的竞争态势

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2024-11-01 DOI:10.1016/j.irfa.2024.103699

Jaemin Son, Doojin Ryu

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引用次数: 0

摘要

我们分析了被称为可借贷资金协议（PLF）的去中心化金融系统与中心化金融系统之间的竞争态势。PLF 与传统银行的主要区别在于其目的和分散式分类账。传统银行追求利润最大化，而具有分散式分类账系统的 PLF 则根据存款供应情况清算借贷需求。我们提供了一个理论框架，将借贷市场的差异纳入其中，勾勒出它们的竞争动态，并提出了 PLF 共识算法的最佳设计方案。传统银行为确保市场支配力而付出的成本取决于其与 PLF 的异质性程度。我们的研究结果提出了货币政策影响 PLF 利率的渠道。

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Competitive dynamics between decentralized and centralized finance lending markets

We analyze the competitive dynamics between a decentralized financial system, called a protocol for loanable funds (PLF), and a centralized financial system. A PLF primarily differs from traditional banks in terms of its purpose and its decentralized ledger. While traditional banks pursue profit maximization, the PLF with a decentralized ledger system liquidates borrowing demand in line with the supply of deposits. We provide a theoretical framework that incorporates the differences among the lending markets to outline their competitive dynamics and suggest an optimal design for the PLF's consensus algorithm. The traditional bank incurs a cost to secure market power that depends on its degree of heterogeneity from the PLF. Our results suggest channels through which monetary policy influences the interest rates of PLFs.

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.