Blockchain

Romain Baeriswyl, Kene Boun My and Camille Cornand “Central Bank Digital Currency and Gresham’s law: An experimental analysis”
Swiss National Bank, Working Paper n° 3/2026

Posted in: Articolo

Apr 29 2026
Abstract: In a monetary system in which risk-free and risky money coexist, Gresham’s law predicts that people will hoard risk-free money as a store of value and spend risky money as a medium of exchange. Establishing a payment system on the basis of risk-free money, ...more »

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Iñaki Aldasoro, Paula Beltrán and Federico Grinberg “Stablecoin flows and spillovers to FX markets”
Bank for International Settlements, BIS Working Papers n° 1340

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Apr 29 2026
Abstract: Using data on four USD-pegged stablecoins and 27 fiat currencies, this paper documents spillovers from stablecoin-based foreign exchange (FX) to traditional FX markets. We document a gap between the cost of acquiring dollars via stablecoins and via the spot FX market (parity deviations). To ...more »

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Bo Li, Tommaso Mancini-Griffoli, Marcello Miccoli, Brandon Joel Tan and Longmei Zhang “Making Stablecoins Stable”
International Monetary Fund, Working paper n° 26/74

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Apr 29 2026
Abstract: Payment stablecoins are privately issued digital money with the potential to enhance payment efficiency, foster innovation, and improve financial inclusion. At the same time, they are vulnerable to runs and associated welfare losses. One way to lower run risk is to require stablecoin issuers ...more »

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Andrés Azqueta-Gavaldón, Marina Diakonova, Corinna Ghirelli and Javier J. Pérez “Diverging signals from economic uncertainty measures: Uncovering coherence through news narratives”
BANCO DE ESPAÑA, Working paper n° 2641

Posted in: Articolo

Apr 29 2026
Abstract: The proliferation of economic uncertainty indicators —ranging from text-based indices like the Economic Policy Uncertainty (EPU) index to market-based measures such as the VIX and the ECB’s Country-Level Index of Financial Stress (CLIFS)— has enriched the analytical toolkit of economists and policymakers. Yet these ...more »

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Forecasting Bitcoin price movements using multivariate Hawkes processes and limit order book data

Posted in: Articolo

Apr 17 2026
Authors: Davide Raffaelli, Raffaele Giuseppe Cestari, Daniele Marazzina, Simone Formentin Forecasting short-term returns of Bitcoin is a key challenge in high-frequency trading, due to the cryptocurrency’s extreme volatility, market microstructure complexity, and non-stationary behavior. Limit Order Book (LOB) data offer a rich source of high-resolution information that can improve ...more »

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Helmut Elsinger, Helmut Stix and Martin Summer, “Consumer preferences for a digital euro: insights from a discrete choice experiment in Austria”
Bank for International Settlements, Working paper n° 1302

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Gen 29 2026
Abstract: This paper examines consumers’ intended adoption of a digital euro in Austria using a discrete choice experiment. We estimate a mixed logit model to quantify the role of key attributes such as privacy, offline functionality, security against financial loss, monetary incentives, and payment form ...more »

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Kenechukwu Anadu, Patrick McCabe, JP Perez-Sangimino, and Nathan Swem, “A Framework for Understanding the Vulnerabilities of New Money-Like Products”
Federal Reserve Board, Washington, D.C., Working paper n° 2026-002

Posted in: Articolo

Gen 29 2026
Abstract: New money-like products, such as tokenized money market funds (MMFs), money market exchange-traded funds (MMETFs), and stablecoins, could be transformative for finance. These products may offer significant benefits, but like other money-like assets, they also have certain vulnerabilities. We introduce a framework to analyze ...more »

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