Alongside liquidity and store of value, is privacy an important attribute of money? Using laboratory experiments, the column shows that privacy matters, and increases the overall appeal of money. The experiments suggest that future competition between alternative currencies will depend on how the three properties are mixed.
Emanuele Borgonovo, Stefano Caselli, Alessandra Cillo, Donato Masciandaro, Giovanni Rabitti, 12 March 2019
Yukun Liu, Aleh Tsyvinski, 06 September 2018
Cryptocurrencies have received a substantial amount of attention over the past year. This column uses textbook asset-pricing methods to explore how cryptocurrency returns compare with those of traditional asset classes. Results show that cryptocurrency returns do not co-move with traditional assets, but that some cryptocurrency-specific factors – namely, momentum and investor attention – strongly predict their performance.
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