| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27810 |
| 来源ID | Working Paper 27810 |
| Token-Based Platform Finance | |
| Lin William Cong; Ye Li; Neng Wang | |
| 发表日期 | 2020-09-14 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We develop a dynamic model of platform economy where tokens serve as a means of payments among platform users and are issued to finance investment in platform productivity. Tokens are optimally issued to reward platform owners when the productivity-normalized token supply is low and burnt to boost the franchise value when the productivity-normalized normalized supply is high. Although token price is determined in a liquid market, the platform’s financial constraint generates an endogenous token issuance cost, causing underinvestment through the conflict of interest between insiders (platform owners) and outsiders (users). Blockchain technology mitigates underinvestment by addressing the platform’s time-inconsistency problem. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w27810 |
| 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/585482 |
| 推荐引用方式 GB/T 7714 | Lin William Cong,Ye Li,Neng Wang. Token-Based Platform Finance. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27810.pdf（1206KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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