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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w26464 |
来源ID | Working Paper 26464 |
Redeemable Platform Currencies | |
Yang You; Kenneth S. Rogoff | |
发表日期 | 2019-11-18 |
出版年 | 2019 |
语种 | 英语 |
摘要 | Can massive online retailers such as Amazon and Alibaba issue digital tokens that potentially compete with bank debit accounts? There is a long history of trading stamps and loyalty points, but new technologies are poised to sharply raise the significance of redeemable assets as a store of value. Here we develop a simple stylized model of redeemable tokens that can be used to study sales and pricing strategies for issuing tokens, including ICOs. Our central finding is that platforms can generally earn higher revenues by making tokens non-tradable unless they can generate a sufficiently high outside-platform convenience yield. |
主题 | Macroeconomics ; Money and Interest Rates ; Financial Economics ; Financial Institutions ; Industrial Organization ; Regulatory Economics |
URL | https://www.nber.org/papers/w26464 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584136 |
推荐引用方式 GB/T 7714 | Yang You,Kenneth S. Rogoff. Redeemable Platform Currencies. 2019. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w26464.pdf(1304KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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