Specialty Conference

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Specialty Conference

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Nov 2018

Initial Coin Offerings, Corporate Finance and Financial Regulation

Franklin ALLEN
Initial Coin Offerings (ICOs) have grown substantially in recent years. They involve issuing coins that are recorded on a block-chain. These can be used to purchase the service or good that the firm they finance produces. The coins can be exchanged for currency on cryptocurrency exchanges. Although ...
Keywords: capital raising, cryptocurrencies, financial structure
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Specialty Conference

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Specialty Conference

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Nov 2018

How do Private Digital Currencies Affect Government Policy?

David YERMACK, Max RASKIN, Fahad SALEH
This paper provides a systematic evaluation of the different types of digital currencies. We express skepticism regarding centralized digital currencies and therefore focus our economic analysis on private digital currencies. Specifically, we highlight the potential for private digital currencies to...
Keywords: cryptocurrency, digital currency, Bitcoin, Blockchain
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Specialty Conference

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Specialty Conference

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Nov 2018

Cellular structure for a digital fiat currency

Robleh ALI
Bitcoin introduced digital money without banks. It showed that functions of the financial system could be reliably executed by decentralized networks and in doing so raised the prospect of a new financial system. Almost a decade later, Bitcoin still works despite frequent predictions of its demise b...
Keywords: Bitcoin, digital currency, financial system
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Specialty Conference

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Specialty Conference

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Nov 2018

Lessons for Cryptocurrencies from Foreign Exchange Markets

Charles ENGEL
This essay brings insights from the academic literature on foreign exchange rate determination to the analysis of cryptocurrency markets. We present a simple framework to summarize the factors that determine exchange rates. To the extent that cryptocurrencies are like national currencies issued by c...
Keywords: Foreign exchange, cryptocurrency, money, digital currencies, policy
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Specialty Conference

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Specialty Conference, Senior Fellows/Fellows

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Nov 2018

Digital Money: Private versus Public

Barry EICHENGREEN
Both proponents and opponents of central bank digital currency have suggested that it would fundamentally change the macroeconomy. This column questions this paradigm, arguing that the introduction of such a currency need not alter the allocation nor the price system. Concerns about central bank dig...
Keywords: Central bank digital currency, Investment, bank runs
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