| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30006 |
| 来源ID | Working Paper 30006 |
| Cryptocurrencies and Decentralized Finance (DeFi) | |
| Igor Makarov; Antoinette Schoar | |
| 发表日期 | 2022-05-02 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | The paper provides an overview of cryptocurrencies and decentralized finance. The discussion lays out potential benefits and challenges of the new system and presents a comparison to the traditional system of financial intermediation. Our analysis highlights that while the DeFi architecture might have the potential to reduce transaction costs, similar to the traditional financial system, there are several layers where rents can accumulate due to endogenous constraints to competition. We show that the permissionless and pseudonymous design of DeFi generates challenges for enforcing tax compliance, anti-money laundering laws, and preventing financial malfeasance. We highlight ways to regulate the DeFi system which would preserve a majority of benefits of the underlying blockchain architecture but support accountability and regulatory compliance. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w30006 |
| 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/587679 |
| 推荐引用方式 GB/T 7714 | Igor Makarov,Antoinette Schoar. Cryptocurrencies and Decentralized Finance (DeFi). 2022. |
| 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 | ||
| w30006.pdf（1090KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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