منابع مشابه
Financial Innovation
Background Bitcoin, a peer-to-peer electronic currency, is a distributed ledger system (Nakamoto 2009). Every transaction is broadcast and verified by all nodes in the network through a particular consensus mechanism (Bonneau et al. 2015; Yermack 2013). Every node collects transactions in a block and the block is associated with a difficult mathematical problem. Solving that problem is called m...
متن کاملCollateral-Motivated Financial Innovation∗
This paper proposes a collateral view of financial innovation: Many innovations are partly motivated by alleviating collateral constraints for trading (speculation or hedging). We analyze a model of investors with disagreement. The trading need motivates them to introduce derivatives, which are endogenously determined in equilibrium. In the presence of a collateral friction in cross-netting, th...
متن کاملThe Effect of Property Rights on Entrepreneurship:Evidence from Some Factor-driven, Efficiency-driven, and Innovation-driven Countries
Entrepreneurship is influenced by many factors and environments such as institutions. Institutions have an important role to play in the individual's tendency toward necessity and opportunity entrepreneurship. The purpose of this paper was to examine the impact of institutional quality (property rights) on opportunity and necessity entrepreneurship. The results, based on unbalanced panel data f...
متن کاملFinancial Innovation for Infrastructure Financing
According to PPI World Bank Database that infrastructure investment in East Asia (China, Indonesia, Philippine, Malaysia, and Thailand) from 1998 to 2005 was stagnant, where infrastructure investment in Indonesia slowed down after financial crises, total investment in 1996 was 7,492.6 million US dollar but in 2000 fell down to 642.3 million US dollar and in 2005 raised on 1,445 million US dolla...
متن کاملInnovation and the Financial Guillotine
We examine how investors’ tolerance for failure impacts the types of projects they are willing to fund. We show that actions that reduce short term accountability and thus encourage agents to experiment more simultaneously reduce the level of experimentation financial backers are willing to fund. Failure tolerance has an equilibrium price that increases in the level of experimentation. More exp...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2017
ISSN: 1556-5068
DOI: 10.2139/ssrn.3068991