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The Economics of Cryptocurrencies by J. Mark Munoz,Michael Frenkel Pdf
Cryptocurrencies have had a profound effect on financial markets worldwide. This edited book aims to explore the economic implications of the use of cryptocurrencies. Drawing from chapter contributors from around the world, the book will be a valuable resource on the economics of cryptocurrencies. The intended audience is composed of academics, corporate leaders, entrepreneurs, government leaders, consultants and policy makers worldwide. Over the past few years, the topic of cryptocurrencies has gained global attention and has been the subject of discussion in various news media, in policy-making bodies and government entities, and in financial institutions, classrooms and boardrooms. Despite widespread interest, much remains unknown on what the economic implications of cryptocurrencies are. This book enhances the reader’s understanding of cryptocurrencies, its impact on industry and its implications on the political and economic environment. Drawing from chapter contributions from leading academics and thought leaders from around the world, this book is the definitive guide on the economics of cryptocurrencies. There is scarcity of well conceived, academically grounded literature on the impact of cryptocurrencies on industry, politics and economics. This pioneering book provides up-to-date and in-depth analysis on the subject. The book will be appealing to academic communities, business professionals and entrepreneurs in their quest for better understanding the challenges and opportunities brought about by cryptocurrencies. Consultants, government officials and policy makers will find the information helpful in defining strategic pathways into the future.
The Political Economy and Feasibility of Bitcoin and Cryptocurrencies by Pack, Spencer J. Pdf
Entrepreneurship and Economic Development addresses the importance of business creation, which is endemic in subsistence indigenous cultures, widespread in developing economies, and a critical feature of adaptation in the most advanced economies. The author offers systematic comparisons of six stages of economic development which provide information about the adjustments in the economic and social context affecting participation in business creation, the sectors where activities occur, and the nature of the contributions to economic growth and adaptation.
Cryptocurrency by Congressional Research Service Pdf
Cryptocurrencies are digital money in electronic payment systems that generally do not require government backing or the involvement of an intermediary, such as a bank. Instead, users of the system validate payments using certain protocols. Since the 2008 invention of the first cryptocurrency, Bitcoin, cryptocurrencies have proliferated. In recent years, they experienced a rapid increase and subsequent decrease in value. One estimate found that, as of August 2018, there were nearly 1,900 different cryptocurrencies worth about $220 billion. Given this rapid growth and volatility, cryptocurrencies have drawn the attention of the public and policymakers. A particularly notable feature of cryptocurrencies is their potential to act as an alternative form of money. Historically, money has either had intrinsic value or derived value from government decree. Using money electronically generally has involved using the private ledgers and systems of at least one trusted intermediary. Cryptocurrencies, by contrast, generally employ user agreement, a network of users, and cryptographic protocols to achieve valid transfers of value. Cryptocurrency users typically use a pseudonymous address to identify each other and a passcode or private key to make changes to a public ledger in order to transfer value between accounts. Other computers in the network validate these transfers. Through this use of blockchain technology, cryptocurrency systems protect their public ledgers of accounts against manipulation, so that users can only send cryptocurrency to which they have access, thus allowing users to make valid transfers without a centralized, trusted intermediary. Money serves three interrelated economic functions: it is a medium of exchange, a unit of account, and a store of value. How well cryptocurrencies can serve those functions relative to existing money and payment systems likely will play a large part in determining cryptocurrencies' future value and importance. Proponents of the technology argue cryptocurrency can effectively serve those functions and will be widely adopted. They contend that a decentralized system using cryptocurrencies ultimately will be more efficient and secure than existing monetary and payment systems. Skeptics doubt that cryptocurrencies can effectively act as money and achieve widespread use. They note various obstacles to extensive adoption of cryptocurrencies, including economic (e.g., existing trust in traditional systems and volatile cryptocurrency value), technological (e.g., scalability), and usability obstacles (e.g., access to equipment necessary to participate). In addition, skeptics assert that cryptocurrencies are currently overvalued and under-regulated. The invention and proliferation of cryptocurrencies present numerous risks and related policy issues. Cryptocurrencies, because they are pseudonymous and decentralized, could facilitate money laundering and other crimes, raising the issue of whether existing regulations appropriately guard against this possibility. Many consumers may lack familiarity with cryptocurrencies and how they work and derive value. In addition, although cryptocurrency ledgers appear safe from manipulation, individuals and exchanges have been hacked or targeted in scams involving cryptocurrencies. Accordingly, critics of cryptocurrencies have raised concerns that existing laws and regulations do not adequately protect consumers dealing in cryptocurrencies. At the same time, proponents of cryptocurrencies warn against over-regulating what they argue is a technology that will yield large benefits. Finally, if cryptocurrency becomes a widely used form of money, it could affect the ability of the Federal Reserve and other central banks to implement and transmit monetary policy, leading some observers to argue that central banks should develop their own digital currencies (as opposed to a cryptocurrency); others oppose this idea.
The Economics of Cryptocurrencies and Digital Money by Augusto Schianchi,Andrea Mantovi Pdf
Cryptocurrencies, stablecoins and central bank digital currency open uncharted territory for the nascent economics of new digital money. This Pivot addresses the foundations of the monetary problem raised by Bitcoin and followers, starting with the game theory of Proof-of-Work as rent-seeking contest and a lively account of the different ways of trust that blockchain solutions and monetary institutions are meant to face. In so doing, the authors introduce the relevance of safe assets under the light of the principle of “no questions asked” that characterizes the monetary problem of the 2020s. Principles for regulation emerge in the perspective in which private issuers of digital coins are essentially issuers of demand deposits, and therefore bank-like entities. The potential role of central bank digital currency in the future monetary system is thoroughly discussed. Students and researchers in economics and finance, professionals and sophisticated readers may consider this book an essential guide to the challenging new dimensions of digital money.
Author : John E. Marthinsen Publisher : Walter de Gruyter GmbH & Co KG Page : 873 pages File Size : 49,7 Mb Release : 2020-02-10 Category : Business & Economics ISBN : 9781547401468
Demystifying Global Macroeconomics by John E. Marthinsen Pdf
Demystifying Global Macroeconomics (DGM) provides readers with a practical, working use of international macroeconomics. For serious business and political leaders, understanding the global interconnections in economic and financial markets is crucial for making informed and well-timed decisions. DGM takes the mystery out of seemingly complex economic interactions by providing an easy-to-understand framework within which to analyze the effects of economic, social, and political shocks to a nation’s economy. John E. Marthinsen integrates the three major macroeconomic sectors, which are the credit market, goods and services market, and foreign exchange market. The author provides the reader with contemporary examples that virtually leap off the front pages of our daily news reports and confront business managers and politicians with choices and decisions to make. For example, DGM shows how to use macroeconomic tools and a global framework to analyze the effects of: U.S. tariffs on China and China’s tariffs on the United States Infrastructure spending Speculative capital outflows from nations under stress, such as Argentina and Turkey, and speculative capital inflows into safe-haven countries, such as Switzerland Demonetization in India Successfully fighting the opioid abuse problem in the United States Border adjustment tax Monetary policies Fiscal policies Marthinsen keeps readers visually engaged with the strategic use of figures, tables, charts, and illustrative exhibits. Demystifying Global Macroeconomics emphasizes the interaction among markets and equips readers with a macroeconomic perspective that will last (and be used) for years. If you are adopting this book for a teaching course, please contact [email protected] to request additional instructional material.
The Economics of Blockchain and Cryptocurrency by Caton, James L. Pdf
This timely book is an innovative look at how blockchain technology will transform the structure of social and economic life. The security of blockchain supports the provision and maintenance of reliable databases and the creation of rule-based governance protocols. Leading contributors expertly review the impact of blockchain on existing structures of law, monetary systems, supply chains and business organizations.
The Economics of Fintech by Sahoko Kaji,Teruo Nakatsuma,Masahiro Fukuhara Pdf
This book is a collection of academic lectures given on fintech, a topic that has been written about extensively but only from a business or technological point of view. In contrast to other publications on the subject, this book shows the reader how fintech should be understood in relation to economics, financial theory, policy, and law. It provides introductory explanations on fintech-related concepts and instruments such as blockchains, crypto assets, machine learning, high-frequency trading, and AI. The collected lectures also point to surrounding issues including start-ups, monetary policy, asset management, cyber and other security, and stability of financial systems. The authors include professors, a former central bank official, current officials at Japan’s Financial Services Authority, a lawyer, the former dean of the Asian Development Bank Institute, and private sector professionals at the frontline of fintech. The book is most suitable for those both within and outside of academia who are beginning to learn about fintech and wish to successfully take part in the revolution that is certain to have wide-ranging effects on our economy and society.
Beyond Bitcoin by Hanna Halaburda,Miklos Sarvary,Guillaume Haeringer Pdf
Over the last few years, we have witnessed an upsurge of enthusiasm about cryptocurrencies and, more generally, the so-called blockchain technology. In this new and updated edition, the authors explore what exactly these new technologies entail and promise. They argue that to understand the potential challenges and further developments in the market, one needs to develop an understanding of what needs these innovations fulfill and what business models are consistent with their use. For that, we need to sufficiently understand both the technology and how it affects the economic forces at play. This book goes beyond the headlines that say “blockchain will decentralize everything” and provides in-depth, rigorous analysis of what can be effectively decentralized and how this decentralization will work. The book draws not only on the general knowledge of digital currencies and blockchain technologies, but also on recent academic research on the topic. Featuring a fully updated chapter on cryptocurrencies and new chapters on smart contracts and enterprise blockchains, this book is critical reading for those interested in how technology developments impact business and society.
The Economics of Cryptocurrency. Incentivizing Decentralisation by Toochukwu Obasi Pdf
Academic Paper from the year 2017 in the subject Business economics - Investment and Finance, Obafemi Awolowo University, course: Economics, language: English, abstract: The economics of cryptoassets, which includes cryptocurrencies and tokens, is more than simply the interaction of economically rational individuals in an adversarial environment, but extends into the intricate dynamics of finding balance in the creation of value for a digital product in a new digital marketplace. Economics of cryptoassets therefore combines the knowledge of supply and demand, scarcity, applicable game-theoretic concepts and rational human decision-making to devise an autonomous decentralized store of value protected by cryptography to secure its past and economic incentives to protect its future.
Understanding the Blockchain Economy by Chris Berg,Sinclair Davidson,Jason Potts Pdf
Blockchains are the distributed ledger technology that powers Bitcoin and other cryptocurrencies. But blockchains can be used for more than the transfer of tokens – they are a significant new economic infrastructure. This book offers the first scholarly analysis of the economic nature of blockchains and the shape of the blockchain economy. By applying the institutional economics of Ronald Coase and Oliver Williamson, this book shows how blockchains are poised to reshape the nature of firms, governments, markets, and civil society.
Cryptofinance: A New Currency For A New Economy by Stephane Goutte,Khaled Guesmi,Samir Saadi Pdf
The rapid advancement in encryption and network computing gave birth to new tools and products that have influenced the local and global economy alike. One recent and notable example is the emergence of virtual currencies, also known as cryptocurrencies or digital currencies. Virtual currencies, such as Bitcoin, introduced a fundamental transformation that affected the way goods, services, and assets are exchanged. Virtual currencies are experiencing an increasing popularity in the financial markets and in portfolio management as can be classified as financial asset or commodities on a scale from pure medium of exchange advantages to pure store of value advantages. As a result of its distributed ledgers based on blockchain, cryptocurrencies offer some unique advantages to the economy, investors, and consumers, but also pose considerable risks to users and challenges for regulators when fitting the new technology into the old legal framework. Bitcoin for example may be useful in risk management and ideal for risk-averse investors in anticipation of negative shocks to the market. The core objective of this proposed book is to provide a comprehensive discussion on the important issues related to cryptocurrencies ranging from pricing, financial, legal to technological aspects.
Blockchain Economics and Financial Market Innovation by Umit Hacioglu Pdf
This book discusses various aspects of blockchains in economic systems and investment strategies in crypto markets. It first addresses the topic from a conceptual and theoretical point of view, and then analyzes it from an assessment and investment angle. Further, it examines the opportunities and limitations of the taxation of crypto currency, as well as the political implications, such as regulation of speculation with crypto currencies. The book is intended for academicians and students in the fields of economics and finance.
An Introduction to Cryptocurrencies by Nikos Daskalakis,Panagiotis Georgitseas Pdf
The Crypto Market Ecosystem has emerged as the most profound application of blockchain technology in finance. This textbook adopts an integrated approach, linking traditional functions of the current financial system (payments, traded assets, fundraising, regulation) with the respective functions in the crypto market, in order to facilitate the reader in their understanding of how this new ecosystem works. The book walks the reader through the main features of the blockchain technology, the definitions, classifications, and distinct characteristics of cryptocurrencies and tokens, how these are evaluated, how funds are raised in the cryptocurrency ecosystem (ICOs), and what the main regulatory approaches are. The authors have compiled more than 100 sources from different sub-fields of economics, finance, and regulation to create a coherent textbook that provides the reader with a clear and easily understandable picture of the new world of encrypted finance and its applications. The book is primarily aimed at business and finance students, who already have an understanding of the basic principles of how the financial system works, but also targets a more general readership, by virtue of its broader scope and engaging and accessible tone.
“Short essays about the [250] most significant developments in economic history . . . accessible [and] beautifully illustrated.” —Booklist From the philosophical dialogues of Ancient Greece and the moral contemplations of Medieval Europe to deregulation and cryptocurrency, The Economics Book presents 250 milestones in the science of the production, sale, and purchase of goods and services. These concise, engaging, informative essays examine the full gamut of subjects, revealing both the entertaining stories and the world-changing developments in the field. Shedding thoughtful light on the field’s significant subdisciplines—including: mercantilism, the Enlightenment, communism, econometrics, Keynesianism, macroeconomics, game theory, cliometrics, market design theory, and the Keynesian Resurgence that emerged in the wake of the Great Recession—this vibrant, colorfully illustrated collection will captivate you with a bird’s-eye view of the development of the world’s markets, what has shaped and affected them, and what drives them today.
How Cryptocurrencies Can Empower the Process of Innovation in the Economy by Noel Marx Pdf
Academic Paper from the year 2017 in the subject Economics - Monetary theory and policy, grade: 9,0/10, Fontys University of Applied Sciences Venlo, language: English, abstract: Cryptocurrencies have significantly grown in value over the last couple of years. Nevertheless, there is a real concern about their ability to disrupt existing payment systems by facing complex technological and economic issues. However, cryptocurrencies have been claimed to be an innovation which will change financial interaction between people and businesses. The main innovation in cryptocurrencies is that they are based on cryptographic proof instead of trust, enabling two willing parties to transact directly, anonymously, and irreversibly with each other in a decentralized manner without the need for a trusted third party to verify all transactions. It requires an economic analysis about what issues are keeping cryptocurrencies from being accepted in economy and how these issues might be solved to make a cryptocurrency strong enough to have an impact on world's economy. This leads to the main research question: What issues must be solved to make a cryptocurrency a strong currency that is able to strengthen the process of innovation in the economy?
