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The ecosystem of digital assets continues to change exponentially. In post-COVID times, digital assets may be seen as a cheaper, more liquid, and transparent safe haven compared to that offered by more traditional asset types. Inclusion of new digital assets, especially cryptocurrencies, in portfolios of standard financial assets has been the subject of some academic study, but the theoretical and practical implications of this new trend are not yet fully understood. Digital Assets is the first book to present a comprehensive review of studies on the valuation and pricing of cryptocurrencies and digital assets. Outlining a new research agenda aimed at understanding the fundamental drivers of the value of cryptocurrencies, it brings together an impressive line-up of academics and practitioners to provide a timely perspective on government responses and regulatory approaches towards digital assets, including the setting of new legal frameworks.
Inhaltsverzeichnis
Part I. Institutionalization of Digital Assets: 1. Institutionalization of digital assets Reena Aggarwal and Chris Matturri; 2. How and when are cryptocurrency predictable? Back-testing their portfolio economic value Massimo Guidolin and Manuela Pedio; 3. DeFi vs TradFi: valuation using multiples and discounted cash flows Teng Andrea Xu, Jiahua Xu and Kristof Lommers; Part II. Digital Assets and Decentralised Finance: 4. The suitability of securities token offerings, cryptocurrencies, and crypto-related assets for pension investments John A. Turner; 5. Regulatory considerations on the decentralised financial system Ryosuke Ushida and Shin'ichiro Matsuo; 6. A hayekian view of digital currencies Andy Yee and Nikhil Vadgama; Part III. Regulations and Compliance of Digital Assets: 7. Call for a global cryptoassets regulatory framework: lessons from the US, Europe, and the UK Giovanna Massarotto; 8. Privacy coins and the reasonable expectation of privacy: evaluating the efficacy of national security letters Wanjiku Karanja; 9. UK anti-money laundering regulation of cryptoassets Pierre Ostercamp; 10. Triple-entry accounting, blockchain and next of kin: towards a stan-dardization of ledger terminology Juan Ignacio Ibanez, Chris N. Bayer, Paolo Tasca and Jiahua Xu; Part IV. Cryptocurrency Economics and Monetary Policies: 11. Monetary policy in a world with cryptocurrencies, stablecoins and CBDC Daniel Heller; 12. Yields: the galapagos syndrome of cryptofinance Bernhard K. Meister and Henry C. W. Price; 13. The 'klair effect': a new monetary framework on controlling inflation using CBDC Sarbjit Klair.
Über den Autor / die Autorin
Reena Aggarwal is Robert E. McDonough Professor of Finance and Director, Psaros Center for Financial Markets and Policy at Georgetown University's McDonough School of Business. She specializes in global financial markets, ETFs, IPOs, institutional investors, private equity, FinTech, and ESG. She has received several research awards including the 2015 BlackRock-National Association of Corporate Directors Global Challenge for innovation in Corporate Governance Award.Paolo Tasca is the founder and Executive Director of the Centre for Blockchain Technologies at University College London (UCL CBT). He specialised in P2P financial systems and has advised different international organisations on blockchain technologies including the EU Parliament, the United Nations and several Central Banks.
Zusammenfassung
The book deepens our understanding of the complex inter-relations between traditional and digital assets. The first of its kind to present a comprehensive review of studies on valuation and pricing of digital assets in general, it introduces new models of portfolio strategies with digital assets.
Vorwort
The ecosystem of digital assets is continuing to change: which assets will survive the hype, and which won't?
