Generate QR code
Open Access
Subscription Access
On some implications of blockchain for financial sector
https://doi.org/10.32609/0042-8736-2018-6-133-145
Abstract
The article deals with the problems and prospects of blockchain implementation as a general purpose technology in the financial sector. The underlying mechanism of this technology is described, practical cases of its adoption in various segments of the financial sector and in the field of corporate governance are provided. Cryptocurrencies’ status, issuance and regulation are also discussed.
About the Author
M. I. Stolbov
Moscow State Institute of International Relations (MGIMO-University)
Russian Federation
Russian Federation
References
1. Hayek F. (1996). The denationalization of money. Moscow: Institute of the National Economic Model. (In Russian).
2. Schwab K. (2016). Fourth industrial revolution. Moscow: EKSMO. (In Russian).
3. Polterovich V. (2009). The innovation pause hypothesis and modernization strategy. Voprosy Ekonomiki, No. 6, pp. 4—22. (In Russian).
4. Fantazzini D., Nigmatullin E. M., Sukhanovskaya V. N., Ivliev S. V. (2017). Everything you always wanted to know about bitcoin modelling but were afraid to ask. Part 2. Applied Econometrics, Vol. 45, pp. 5—28. (In Russian).
5. Bariviera A. (2017). The inefficiency of bitcoin revisited: A dynamic approach. Economics Letters, Vol. 161, No. C, pp. 1-4.
6. Bazot G. (2017). Financial consumption and the cost of finance: Measuring financial efficiency in Europe (1950-2007). Journal of the European Economic Association, jvx008, https://doi.org/10.1093/jeea/jvx008
7. Bech M. L., Garratt R. (2017). Central bank cryptocurrencies. BIS Quarterly Review, September, pp. 55-70.
8. Byström H. (2016). Blockchains, real-time accounting and the future of credit risk modeling. Lund University Department of Economics Working Paper, No. 2016:4.
9. Catalini C., Gans J. (2016). Some simple economics of the blockchain. NBER Working Paper, No. 22952.
10. Cong L. W., He Z. (2017). Blockchain disruption and smart contracts. Available at SSRN: https://ssrn.com/abstract=2985764
11. Chapman J., Garratt R., Hendry S., McCormack A., McMahon W. (2017). Project Jasper: Are distributed wholesale payment systems feasible yet? Financial System Review, Vol. 59, June, pp. 1-11.
12. FATF (2015). Guidance for a risk-based approach. Virtual currencies. Paris.
13. Haber S., Stornetta S. (1991). How to time stamp digital document. Journal of Cryptology, Vol. 3, No. 2, pp. 99-111.
14. He D., Leskow R., Haksar V., Mancini Griffoli T., Jenkinson N., Kashima M., Khiaonarong T., Rochon C., Tourpe H. (2017). Fintech and financial services: Initial considerations. IMF Staff Discussion Note, No. 17/05.
15. Jordá O., Schularick M., Taylor A. M. (2015). Leveraged bubbles. Journal of Monetary Economics, Vol. 76, No. S, pp. S1-S20.
16. Kumar Tiwari A., Jana R. K., Das D., Roubaud D. (2018). Informational efficiency of bitcoin - an extension. Economics Letters, Vol. 163, pp. 106-109.
17. Luther W., Salter A. W. (2017). Bitcoin and the bailout. Quarterly Review of Economics and Finance, Vol. 66, No. 4, pp. 50-56.
18. Makrichoriti P., Moratis G. (2016). Bitcoin’s roller coaster: Systemic risk and market sentiment. Available at SSRN: https://ssrn.com/abstract=2808096
19. Mbiti I., Weil D. (2011). Mobile banking: The impact of M-Pesa in Kenya. NBER Working Paper, No. 17129.
20. Nakamoto S. (2008). Bitcoin: A peer-to-peer electronic cash system. Unpublished manuscript. https://bitcoin.org/bitcoin.pdf
21. Narayan A., Bonneau J., Felten E., Miller A., Coldfeder S. (2016). Bitcoin and crypto-currency technologies: A comprehensive introduction. Princeton, NJ: Princeton University Press.
22. Osah O., Kyobe M. (2017). Predicting user continuance intention towards M-Pesa in Kenya. African Journal of Economic and Management Studies, Vol. 8, No. 1, pp. 36-50.
23. Philippon T. (2016). The fintech opportunity. NBER Working Paper, No. 22476.
24. Raskin M., Yermack D. (2016). Digital currencies, decentralized ledgers, and the future of central banking. NBER Working Paper, No. 22238.
25. Urquhart A. (2016). The inefficiency of bitcoin. Economics Letters, Vol. 148, No. C, pp. 80-82.
26. WTO (2016). Trade finance and SMEs: Bridging the gaps in provision. Geneva: World Trade Organization.
27. Yermack D. (2017). Corporate governance and blockchains. Review of Finance, Vol. 21, No. 1, pp. 7-31.
Review
For citations:
Stolbov M.I. On some implications of blockchain for financial sector. Voprosy Ekonomiki. 2018;(6):133-145. (In Russ.) https://doi.org/10.32609/0042-8736-2018-6-133-145
Views:
1440
Email this article 
