Since the 2010s cryptocurrencies have started to acquire a popularity never seen before, influencing way general population, investors, and governments treat investments. It is no surprise that central banks are pursuing their own digital currency in order boost security of transactions reduce counterfeiting. Throughout this paper, we going analyze compare market valuation ten most valuable exp...

The development in payment behavior, especially the steady growth of electronic payments, by all economic actors as well emergence alternative methods has pushed policy makers and central banks to react this development. CBDCs are currently being conceptually developed major economies individual design options discussed. This paper presents current status quo, possible forms possibilities imple...

Evolutionary studies often assume that energy is the primary resource (i.e. "currency") at the heart of the survival-reproduction trade-off, despite recent evidence to the contrary. The evolutionary consequences of having a single trade-off currency versus multiple competing currencies are unknown. Using simulations, we modeled the evolution of either a single physiological currency between rep...

Throughout history, financial innovation was always interlinked with shifts in the word’s economic centre of gravity and emergence new power hubs. Nowadays, huge interest central bank digital currencies proves that we must have arrived at a turning point development money. Most studies, however, focus on issues related to CBDCs, only few embark discussing historical analogies geopolitical conse...

Abstract We study how introducing a central bank digital currency affects equilibrium allocations and welfare in an environment where both deposits are used exchange. highlight important policy tradeoff: while tends to improve efficiency exchange, it may also crowd out deposits, raise banks’ funding costs, decrease investment. derive conditions under which targeted currencies, compete only with...

Using the NARDL model for period of pandemic COVID19, we examined asymmetric relationship between six crypto-currencies (Bitcoin, Litecoin, Bitcoin gold, Dash, Maker, and Ehereum) seven stock market prices (S&P500, CAC40, DAX30, NIKKEI, FTSE, FTSEMIB, SPTSX) accounting effects Gold WTI prices. In long run, our results revealed, in most cases, a positive digital financial assets, suggesting weak...

We consider an international financial market model that consists of N currencies. The purpose is to derive a no arbitrage condition which is not affected by the choice of numéraire between the N currencies. As a result, we show that a finiteness condition for an arbitrary chosen currency and the no arbitrage condition for the basket currency are necessary and sufficient for the no arbitrage pr...

This paper studies crash risk of currencies for funding‐constrained speculators in an attempt to shed new light on the major currency puzzles. Our starting point is the currency carry trade, which consists of selling low interest rate currencies—“funding currencies”—and investing in high interest rate currencies—“investment currencies.” While the uncovered interest rate parity (UIP) hypothesize...