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Back to 2008, Nakamoto combined the distributed ledger technology with cryptography and gave origin to what is now known as blockchain technology. The blockchain technology allows for a trustworthy record of transactions among anonymous without the need of a neutral central authority. The...
Persistent link: https://www.econbiz.de/10012987459
The recent credit crisis of 2007/08 has raised a debate about the so-called knife-edge properties of financial markets. The paper contributes to the debate shedding light on the controversial relation between risk-diversification and financial stability. We model a financial network where assets...
Persistent link: https://www.econbiz.de/10013114499
We model the systemic risk associated with the so-called balance-sheet amplification mechanism in a system of banks with interlocked balance sheets and with positions in real-economy-related assets. Our modeling framework integrates a stochastic price dynamics with an active balance-sheet...
Persistent link: https://www.econbiz.de/10013098508
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The ecosystem of digital assets continues to change exponentially. In post-COVID times, digital assets may be seen as a cheaper, more liquid, and transparent safe haven compared to that offered by more traditional asset types. Inclusion of new digital assets, especially cryptocurrencies, in...
Persistent link: https://www.econbiz.de/10015376145