An Economic Analysis of Difficulty Adjustment Algorithms in Proof‐of‐Work Blockchain Systems
International Economic Review, Volume 67, Issue 1, Page 259-285, February 2026.ABSTRACT We study the stability of cryptocurrency systems through difficulty adjustment. Bitcoin's difficulty adjustment algorithm (DAA) exhibits instability when the reward elasticity of the hash rate is high, implying that a sharp price reduction could disrupt the current Bitcoin system.
Shunya Noda +2 more
wiley +1 more source
Emergence of immediate funds transfer as a general-purpose means of payment [PDF]
Immediate funds transfer (IFT) is a highly convenient, certain, secure, and economical means of payment using bank money. IFT is not available in the U.S.
Bruce J. Summers, Kirstin E. Wells
core
Trends in the liquidity of Hungarian financial markets – What does the MNB’s new liquidity index show? [PDF]
The Magyar Nemzeti Bank measures the trends in the liquidity of Hungarian financial markets by means of a liquidity index and a related set of liquidity sub-indices.
Judit Páles, Lóránt Varga
core
The economics of TARGET2 balances [PDF]
It has recently been argued that intra-eurosystem claims and liabilities in the form of TARGET2 balances would raise fundamental issues within the European monetary union.
Philipp Johann König, Ulrich Bindseil
core
The Future of Central Banking in the Changing Financial Environment [PDF]
During the last decades there were deep technology-driven changes in financial systems of many countries. The result was the decreasing demand for cash and commercial banks’ liquid reserves.
Dobieslaw Tymoczko
core
Developing financial markets [PDF]
Central banks have an interest in well-functioning money markets, foreign exchange markets, and secondary markets for government securities. Efficient financial markets support both the monetary stability and financial stability goals of the central bank;
Nick Talbot, Simon T Gray
core
Explaining cross-border large-value payment flows: evidence from TARGET and EURO 1 data [PDF]
We analyse the distribution of the TARGET cross-border interbank payment flows, from both a cross-section and time series point of view, using average daily data for the period 1999-2002.
Rosati, Simonetta, Secola, Stefania
core
Why do we have an interbank money market? [PDF]
The interbank money market plays a key role in the execution of monetary policy. Hence, it is important to know the functioning of this market and the determinants of the interbank money market rate.
Jürgen Wiemers, Ulrike Neyer
core
Systemic risk prevention policies targeting systemically important banks: Does clustering pattern matter? [PDF]
PLoS One, 2023 Zhu B, Hu X, Deng Y, Lin R.
europepmc +1 more source
Analysis of the risk transmission mechanism of monetary policy in the monetary and financial service sectors from the perspective of asset-liability management. [PDF]
PLoS One, 2023 Ma X, Ji M.
europepmc +1 more source