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Journal Article
Blockchain Technology Disrupting Traditional Records Systems
Working Paper
Does bitcoin reveal new information about exchange rates and financial integration?
I show that the prices of the internationally traded crypto-currency bitcoin can be used to estimate a currency?s unofficial exchange rate and capital controls at a daily interval. Two important bitcoin features are documented: (1) Bitcoin-based exchange rates approximate the behavior, but not the level, of unofficial exchange rates, and (2) Bitcoin prices contain a bitcoin-trend term and must be appropriately normalized prior to being used for this purpose. Bitcoin-based exchange rates reveal that (3) there is no consistent pattern of Granger causality between unofficial rates and official ...
Working Paper
Financial regulations and price inconsistencies across bitcoin markets
We document systematic differences in bitcoin prices across 11 different markets representing 26% of global bitcoin trade volume. These differences must ? due to the identical nature of all bitcoin ? result from characteristics of markets themselves. We examine differences across the markets and find that those which do not require customer identification for establishing an account are more likely to deviate from representative market prices than those which do. This implies that standard financial regulations, specifically know-your-customer regulations, can have a non-negligible impact on ...
Report
The Potential Impact of Decentralized Virtual Currency on Monetary Policy
Electronic money is a broad term for any money, currency or asset not held in physical form?it can include representations of a sovereign currency or claims on a realworld good.