全球智库信息集成服务系统(G2TT): Redeemable Platform Currencies

G2TT

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.