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  1. Why Bitcoin and Ethereum differ in transaction costs
    a theory of blockchain fee policies
    Published: August 2024
    Publisher:  CESifo, Munich, Germany

    Blockchains, the technology underlying cryptocurrencies, face large fluctuations in user demand and marginal costs. These fluctuations make effective fee policies necessary to manage transaction service allocation. This paper models the conflict... more

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    Blockchains, the technology underlying cryptocurrencies, face large fluctuations in user demand and marginal costs. These fluctuations make effective fee policies necessary to manage transaction service allocation. This paper models the conflict between the blockchain designer and validators with monopoly power in choosing between price-setting and quantity-setting fee policies. The key determinants of the advantage of price-setting on blockchains are the validators’ bargaining power, the elasticity of demand, the validators’ uncertainty about demand, and the covariance of demand and marginal costs. My results help account for differences between the fee policy designs of Bitcoin and Ethereum, the leading blockchains, and have implications for how they can be improved.

     

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/305516
    Series: CESifo working papers ; 11274 (2024)
    Subjects: blockchain; transaction costs; fee policies; Bitcoin; Ethereum; demand fluctuations; price elasticity
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  2. Decentralised finance
    a categorisation of smart contracts
    Published: 1 August 2024
    Publisher:  European Securities and Markets Authority (ESMA), Economics, Financial Stability and Risk Department, Paris

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    Media type: Book
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    Series: ESMA working paper ; no. 2024, 3
    Subjects: Decentralised finance; DeFi; smart contracts; Ethereum; blockchain
    Scope: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  3. Banking in the shadow of Bitcoin?
    the institutional adoption of cryptocurrencies
    Published: May 2022
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Language: English
    Media type: Book
    Format: Online
    Series: BIS working papers ; no 1013
    Subjects: cryptocurrencies; decentralised finance; digital currencies; financial regulation; financial supervision; exchange; stablecoin; Bitcoin; Ethereum
    Scope: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  4. Cryptocurrencies
    review of economics and policy
    Author: Memon, Sonan
    Published: 2022
    Publisher:  Pakistan Institute of Development Economics, Islamabad

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    Language: English
    Media type: Book
    Format: Online
    Series: PIDE working papers ; no. 2022, 7
    Subjects: Cryptocurrencies; Bitcoin; Ethereum; Tether etc; Blockchain Technology; Economics of Cryptocurrencies; Implications for Fiscal and Monetary Policy; Regulation of Crypto Market
    Scope: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  5. From legal contracts to smart contracts and back again
    an automated approach
    Published: [2022]
    Publisher:  Tilburg University, Tilburg

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    Media type: Dissertation
    Format: Online
    ISBN: 9789056686871
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    Series: [Dissertation series] / [Center for Economic Research, Tilburg University] ; [nr. 685 (2022)]
    Subjects: Blockchain; Ethereum; Computer Program Listings
    Scope: 1 Online-Ressource (circa 255 Seiten), Illustrationen
    Notes:

    Dissertation, Tilburg University, 2022

  6. Do fundamentals drive cryptocurrency prices?
    Published: 09 May 2019
    Publisher:  Centre for Economic Policy Research, London

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    Media type: Book
    Format: Online
    Series: Array ; DP13724
    Subjects: Bitcoin; Ethereum; Litecoin; Monero; Dash; Hashrate; Computing Power; Network; Cointegration; Asset Pricing Factors
    Scope: 1 Online-Ressource (circa 67 Seiten), Illustrationen
  7. Ethereum gas price statistics
    Published: December 2020
    Publisher:  University of Zurich, Department of Economics, Zurich

    For users of the Ethereum network, the gas price is a crucial parameter that determines how swiftly the decentralized consensus protocol confirms a transaction. This paper studies the statistics of the Ethereum gas price. We start with some... more

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    For users of the Ethereum network, the gas price is a crucial parameter that determines how swiftly the decentralized consensus protocol confirms a transaction. This paper studies the statistics of the Ethereum gas price. We start with some conceptual discussion of the gas price notion in view of the actual transaction-selection strategies used by Ethereum miners. Subsequently, we provide the descriptive statistics of what we call the threshold gas price. Finally, we identify and estimate a seasonal ARIMA (SARIMA) model for predicting the hourly median of the threshold gas price.

     

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/228872
    Series: Working paper series / University of Zurich, Department of Economics ; no. 373
    Subjects: Ethereum; gas price; confirmation time; forecasting
    Scope: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  8. Understanding Smart Contracts
    hype or hope?
    Published: [2021]
    Publisher:  International Research Training Group 1792, Berlin

    Smart Contracts are commonly considered to be an important component or even a key to many business solutions in an immense variety of sectors and promises to securely increase their individual efficiency in an ever more digitized environment.... more

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    Smart Contracts are commonly considered to be an important component or even a key to many business solutions in an immense variety of sectors and promises to securely increase their individual efficiency in an ever more digitized environment. Introduced in the early 1990's, the technology has gained a lot of attention with its application to blockchain technology to an extent, that can be considered a veritable hype. Reflecting the growing institutional interest, this intertwined exploratory study between statistics, information technology, and law contrasts these idealistic stories with the data reality and provides a mandatory step of understanding the matter, before any further relevant applications are discussed as being "factually" able to replace traditional constructions. Besides fundamental flaws and application difficulties of currently employed Smart Contracts, the technological drive and enthusiasm backing it may however serve as a jump-off board for future developments thrusting well in the presently unshakeable traditional structures.

     

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/233510
    Series: IRTG 1792 discussion paper ; 2021, 004
    Subjects: Cryptocurrency; Smart Contract; Ethereum; CRIX
    Scope: 1 Online-Ressource (circa 77 Seiten), Illustrationen
  9. Farsighted miners under transaction fee mechanism EIP1559
    Published: August 2022
    Publisher:  Department of Food and Resource Economics (IFRO), University of Copenhagen, Frederiksberg, Denmark

    We investigate the recent fee mechanism EIP1559 of the Ethereum network. Whereas previous studies have focused on myopic miners, we here focus on rational miners in the sense of having level-k foresight. We derive expressions for optimal miner... more

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    We investigate the recent fee mechanism EIP1559 of the Ethereum network. Whereas previous studies have focused on myopic miners, we here focus on rational miners in the sense of having level-k foresight. We derive expressions for optimal miner behavior (in terms of setting block sizes) in the case of level-2 foresight for varying degrees of hashing power. Results indicate that a sufficiently large mining pool will have enough hashing power to gain by strategic foresight. We further use a simulation study to examine the impact of foresight for levels k > 2. In particular, the simulation study indicates that for realistic levels of hashing power greater than 10% miners/pools can not gain from the foresight of levels k > 2.

     

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/262291
    Series: IFRO working paper ; 2022, 04
    Subjects: Blockchain; Ethereum; Transaction fee mechanism
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  10. Economic determinants of ethereum transaction fees in the priority fee and proof of stake periods
    Published: [2024]
    Publisher:  [Simon Fraser University, Department of Economics], [Burnaby]

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    Format: Online
    Series: [Discussion papers] / [Simon Fraser University, Department of Economics] ; [dp 24, 02]
    Subjects: transaction fees; blockchain; Ethereum; gas price; supply and demand factors; time series analysis
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  11. Farsighted miners under transaction fee mechanism EIP1559
    Published: December 2022
    Publisher:  Department of Food and Resource Economics (IFRO), University of Copenhagen, Frederiksberg, Denmark

    We investigate the recent fee mechanism EIP1559 of the Ethereum network. Whereas previous studies have focused on myopic miners, we here focus on strategic miners in the sense of miners being able to reason k-blocks ahead. We derive expressions for... more

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    We investigate the recent fee mechanism EIP1559 of the Ethereum network. Whereas previous studies have focused on myopic miners, we here focus on strategic miners in the sense of miners being able to reason k-blocks ahead. We derive expressions for optimal miner behavior (in terms of setting block sizes) in the case of 2-block foresight and varying degrees of hashing power. Results indicate that a sufficiently large mining pool will have enough hashing power to gain by strategic foresight. We further use a simulation study to examine the impact of both 2-block and 3-block foresight. In particular, the simulation study indicates that for realistic levels of hashing power, mining pools do not gain from the being able to reason more than 2 blocks ahead. Moreover, even though the presence of strategic miners increase the variation in block sizes and potentially empty blocks, overall system throughput tend to increase slightly compared to myopic mining.

     

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/266990
    Edition: Published: December 2022
    Series: IFRO working paper ; 2022, 04
    Subjects: Blockchain; Ethereum; Transaction fee mechanism
    Scope: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  12. The technology of decentralized finance (DeFi)
    Published: January 2023
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: BIS working papers ; no 1066
    Subjects: financial engineering; decentralized finance; DeFi; blockchain; Ethereum; DLT; cryptocurrencies; stablecoins; cryptoassets
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  13. The fundamental value of art NFTs
    Published: [2023]
    Publisher:  Center for Financial Studies, Goethe University, Frankfurt am Main, Germany

    This paper examines the level of speculation associated with art non-fungible tokens (NFTs), comprehends the characteristics that confer value on them and designs a profitable trading strategy based on our findings. We analyze 860,067 art NFTs that... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    DS 108
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    This paper examines the level of speculation associated with art non-fungible tokens (NFTs), comprehends the characteristics that confer value on them and designs a profitable trading strategy based on our findings. We analyze 860,067 art NFTs that have been deployed on the Ethereum blockchain and have been involved in 317,950 sales using machine learning methods to forecast the probability of sale, the trade frequency and the average price. We find that NFTs are highly speculative assets and that their price and recurrence of sale are heavily determined by the floor and the last sales prices, independent of any fundamental value.

     

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    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/270847
    Series: CFS working paper series ; no. 709
    Subjects: Non-fungible tokens (NFTs); Machine Learning; Fundamental Value; Speculation; Ethereum; Blockchain
    Other subjects: Array; Array
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  14. Smart Contracts and Decentralized Finance
    Published: 2022
    Publisher:  SSRN, [S.l.]

    We explain the mechanics of smart contracts. We then highlight benefits of smart contracts such as overcoming commitment problems. We also discuss limitations such as the difficulty for smart contracts to access information external to the blockchain... more

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    We explain the mechanics of smart contracts. We then highlight benefits of smart contracts such as overcoming commitment problems. We also discuss limitations such as the difficulty for smart contracts to access information external to the blockchain and the difficulty of integrating smart contract code with traditional legal enforcement. We further highlight how the absence of a trusted intermediary inflates implementation costs for blockchain applications. We conclude with a discussion of the most prominent smart contract applications in Decentralized Finance (DeFi): token issuance (e.g., ICOs, NFTs), decentralized exchanges (DEXs) and protocols for loanable funds (PLFs). Our survey covers both institutional details and relevant literature

     

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: MIT Sloan Research Paper ; No. 6800-22
    Subjects: Smart Contracts; Decentralized Finance; DeFi; Decentralized Exchanges; DEX; Protocols for Loanable Funds; PLF; Tokens; Stablecoins; Oracle Problem; ICOs; NFTs; Ethereum
    Scope: 1 Online-Ressource (25 p)
    Notes:

    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 19, 2022 erstellt

  15. Banking in the shadow of bitcoin?
    the institutional adoption of cryptocurrencies
    Published: March 2023
    Publisher:  CESifo, Munich, Germany

    The phenomenal growth of cryptocurrencies raises important questions about their footprint on the financial system. What role are traditional financial intermediaries playing in cryptocurrency markets and what drives their engagement? Are new nodes... more

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    The phenomenal growth of cryptocurrencies raises important questions about their footprint on the financial system. What role are traditional financial intermediaries playing in cryptocurrency markets and what drives their engagement? Are new nodes emerging? We help answer these questions by leveraging a novel global supervisory database of banks' cryptocurrency exposures and by synthesising a range of complementary data sources for other types of institutions. We find that major banks' exposures currently remain at very modest levels. Across countries, higher innovation capacity, more advanced economic development, and greater financial inclusion are associated with a higher likelihood of banks taking on cryptocurrency exposures. We show that substantial activity is concentrated in lightly regulated crypto exchanges. This "shadow crypto financial system" serves both retail and institutional clients, such as dedicated investment funds. An uneven regulatory treatment across banks and crypto exchanges and significant data gaps suggest that a proactive, holistic and forward-looking approach to regulating and overseeing cryptocurrency markets is needed. It should focus on ensuring a more level playing field with regard to financial services provided by established financial institutions and intermediaries in the emerging crypto shadow financial system by introducing more stringent regulatory and supervisory oversight for the latter.

     

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/271999
    Series: CESifo working papers ; 10355 (2023)
    Subjects: cryptocurrencies; decentralised finance; digital currencies; financial regulation; financial supervision; exchange stablecoin; Bitcoin; Ethereum
    Scope: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  16. Crypto carry
    Published: April 2023
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Media type: Book
    Format: Online
    Edition: This version: March 24, 2023
    Series: BIS working papers ; no 1087
    Subjects: Crypto; Carry; Futures basis; Crash risk; Bitcoin; Ethereum
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  17. How would the war and the pandemic affect the stock and cryptocurrency cross-market linkages?
    Published: [2024]
    Publisher:  Rimini Centre for Economic Analysis, [Waterloo, Ontario]

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    Series: Working paper series / Rimini Centre for Economic Analysis ; wp 24, 01
    Subjects: Bitcoin; Ethereum; cryptocurrency; stock market; tail dependence; local Gaussian partial correlation; pandemic uncertainty; geopolitical risk uncertainty
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  18. Why bitcoin and ethereum differ in transaction fees
    a theory of blockchain fee policies
    Published: 07 March 2024
    Publisher:  Centre for Economic Policy Research, London

    Blockchains, the technology underlying cryptocurrencies, face large fluctuations in user demand and marginal costs. These fluctuations make effective fee policies necessary to manage transaction service allocation. This paper models the conflict... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Universitätsbibliothek Freiburg
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    LZ 161
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    Blockchains, the technology underlying cryptocurrencies, face large fluctuations in user demand and marginal costs. These fluctuations make effective fee policies necessary to manage transaction service allocation. This paper models the conflict between the blockchain designer and validators with monopoly power in choosing between price-setting and quantity-setting fee policies. The key determinants of the advantage of price-setting on blockchains are the validators' bargaining power, the elasticity of demand, the validators’ uncertainty about demand, and the covariance of demand and marginal costs. My results help account for differences between the fee policy designs of Bitcoin and Ethereum, the leading blockchains, and have implications for how they can be improved.

     

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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP18890
    Subjects: Blockchain; Transaction costs; Fee policies; Bitcoin; Ethereum; Demand fluctuations; Price elasticity
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  19. Information and Market Power in DeFi Intermediation
    Published: September 2024
    Publisher:  National Bureau of Economic Research, Cambridge, Mass

    This paper considers the "DeFi intermediation chain"--the market structure that underlies the creation and distribution of ETH, the native cryptocurrency of Ethereum--to examine how information asymmetry shapes intermediation rents. We argue that... more

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    This paper considers the "DeFi intermediation chain"--the market structure that underlies the creation and distribution of ETH, the native cryptocurrency of Ethereum--to examine how information asymmetry shapes intermediation rents. We argue that using proof-of-stake blockchain technology in DeFi leads to a novel limit to arbitrage, arising from the tension between arbitrageurs' privacy needs and blockchain transparency. Using a new dataset which distinguishes private and public transactions in Ethereum, we find that a 1% increase in private information advantage leads to a 1.4% increase in intermediaries' profit share. We develop a dynamic bargaining model that predicts information market power stems exclusively from participants' private information advantage. Our analysis illustrates how blockchain technology can sustain arbitrage opportunities despite low entry barriers

     

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: NBER working paper series ; no. w32949
    Subjects: Finanzintermediation; Blockchain; Elektronisches Handelssystem; Asymmetrische Information; Vertragstheorie; Decentralized Finance; Ethereum; Survey Methods; Sampling Methods; Asymmetric and Private Information; Mechanism Design; Economics of Contract: Theory; Non-bank Financial Institutions; Financial Instruments; Institutional Investors; Other; Information and Internet Services; Computer Software
    Scope: 1 Online-Ressource, illustrations (black and white)
    Notes:

    Hardcopy version available to institutional subscribers

  20. Beneath the crypto currents
    the hidden effect of crypto "whales"
    Published: [2024]
    Publisher:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

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    Series: Working papers / Research Department, Federal Reserve Bank of Philadelphia ; 24, 14 (August 2024)
    Subjects: Cryptocurrency; Ethereum; ETH; crypto whales; blockchain; pump-and-dump
    Scope: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  21. Why bitcoin and ethereum differ in transaction fees
    a theory of blockchain fee policies
    Published: 07 March 2024
    Publisher:  Centre for Economic Policy Research, London

    Blockchains, the technology underlying cryptocurrencies, face large fluctuations in user demand and marginal costs. These fluctuations make effective fee policies necessary to manage transaction service allocation. This paper models the conflict... more

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    Blockchains, the technology underlying cryptocurrencies, face large fluctuations in user demand and marginal costs. These fluctuations make effective fee policies necessary to manage transaction service allocation. This paper models the conflict between the blockchain designer and validators with monopoly power in choosing between price-setting and quantity-setting fee policies. The key determinants of the advantage of price-setting on blockchains are the validators' bargaining power, the elasticity of demand, the validators’ uncertainty about demand, and the covariance of demand and marginal costs. My results help account for differences between the fee policy designs of Bitcoin and Ethereum, the leading blockchains, and have implications for how they can be improved.

     

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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP18890
    Subjects: Blockchain; Transaction costs; Fee policies; Bitcoin; Ethereum; Demand fluctuations; Price elasticity
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  22. Can currency competition work?
    Published: April 2016
    Publisher:  National Bureau of Economic Research, Cambridge, MA

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    W 1 (22157)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: Working paper series / National Bureau of Economic Research ; 22157
    Subjects: Währungswettbewerb; Papierwährung; Elektronisches Geld; Datensicherheit; Stabilität eines Gleichgewichts; Theorie; Virtuelle Währung; Virtuelle Währung; Ethereum
    Scope: 43 Seiten, Illustrationen
    Notes:

    Erscheint auch als Online-Ausgabe

  23. Can currency competition work?
    Published: April 3, 2016
    Publisher:  Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, Philadelphia, PA

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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: PIER working paper ; 16-008
    Subjects: Währungswettbewerb; Papierwährung; Elektronisches Geld; Datensicherheit; Stabilität eines Gleichgewichts; Theorie; Virtuelle Währung; Virtuelle Währung; Ethereum
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  24. Can currency competition wordk?
    Published: 2016
    Publisher:  Centre for Economic Policy Research, London

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    W 32 (11095)
    Unlimited inter-library loan, copies and loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    Series: Array ; DP 11095
    Subjects: Währungswettbewerb; Papierwährung; Elektronisches Geld; Datensicherheit; Stabilität eines Gleichgewichts; Theorie; Virtuelle Währung; Virtuelle Währung; Ethereum
    Scope: 43 Seiten, Illustrationen
    Notes:

    Erscheint auch als Online-Ausgabe