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The Economics of Cryptocurrencies and Digital Money

A Monetary Framework with a Game Theory Approach

  • Book
  • © 2023

Overview

Authors:
  1. Augusto Schianchi

    1. Facoltà di Economia, Università di Parma, Parma, Italy

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  2. Andrea Mantovi

    1. Facoltà di Economia, Università di Parma, Parma, Italy

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    You can also search for this author in PubMed   Google Scholar

  • Provides an economic perspective on innovations introduced by cryptocurrencies and blockchain technology
  • Discusses the computer science and information theoretic aspects of a blockchain
  • Explores Central Bank digital currency as a public good

Part of the book series: Palgrave Studies in Financial Services Technology (FST)

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About this book

Cryptocurrencies, stablecoins and central bank digital currency open uncharted territory for the nascent economics of new digital money. This Pivot addresses the foundations of the monetary problem raised by Bitcoin and followers, starting with the game theory of Proof-of-Work as rent-seeking contest and a lively account of the different ways of trust that blockchain solutions and monetary institutions are meant to face. In so doing, the authors introduce the relevance of safe assets under the light of the principle of “no questions asked” that characterizes the monetary problem of the 2020s. Principles for regulation emerge in the perspective in which private issuers of digital coins are essentially issuers of demand deposits, and therefore bank-like entities. The potential role of central bank digital currency in the future monetary system is thoroughly discussed. Students and researchers in economics and finance, professionals and sophisticated readers may consider this book an essential guide to the challenging new dimensions of digital money.

Keywords

Table of contents (7 chapters)

  1. Front Matter

    Pages i-xvi
    Download chapter PDF

  2. Introduction

    • Augusto Schianchi, Andrea Mantovi
    Pages 1-30

  3. Blockchain, Decentralized Consensus, and Trust

    • Augusto Schianchi, Andrea Mantovi
    Pages 31-65

  4. The Basic Mining Game

    • Augusto Schianchi, Andrea Mantovi
    Pages 67-87

  5. Higher Level Models

    • Augusto Schianchi, Andrea Mantovi
    Pages 89-115

  6. The Future Monetary System

    • Augusto Schianchi, Andrea Mantovi
    Pages 117-143

  7. Regulation

    • Augusto Schianchi, Andrea Mantovi
    Pages 145-157

  8. Conclusions

    • Augusto Schianchi, Andrea Mantovi
    Pages 159-166

  9. Back Matter

    Pages 167-168
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Authors and Affiliations

  • Facoltà di Economia, Università di Parma, Parma, Italy

    Augusto Schianchi, Andrea Mantovi

About the authors

Augusto Schianchi (M.Phil, Oxon) was a full professor of political economy at the University of Parma, Italy. He has been the author of various monographs in applied game theory and political economy (critical explorations in the theory of the current democracy, between populism and new rights) and has contributed original papers in portfolio theory (with spin glasses applications) and Hicksian modelling of capital and time.


Andrea Mantovi (PhD in Physics) was teaching economic courses and has been speaker at several international conferences. He has published research articles in leading journals such as the Journal of Economics and Structural Change and Economic Dynamics. Among his major research interests are the mathematical foundations of microeconomics, the explicit solutions of general equilibrium pure exchange, and the frontiers of monetary economics.

Bibliographic Information

  • Book Title: The Economics of Cryptocurrencies and Digital Money

  • Book Subtitle: A Monetary Framework with a Game Theory Approach

  • Authors: Augusto Schianchi, Andrea Mantovi

  • Series Title: Palgrave Studies in Financial Services Technology

  • DOI: https://doi.org/10.1007/978-3-031-44248-3

  • Publisher: Palgrave Macmillan Cham

  • eBook Packages: Economics and Finance, Economics and Finance (R0)

  • Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2023

  • Hardcover ISBN: 978-3-031-44247-6Published: 10 November 2023

  • Softcover ISBN: 978-3-031-44250-6Published: 27 November 2024

  • eBook ISBN: 978-3-031-44248-3Published: 09 November 2023

  • Series ISSN: 2662-5083

  • Series E-ISSN: 2662-5091

  • Edition Number: 1

  • Number of Pages: XVI, 168

  • Number of Illustrations: 2 b/w illustrations, 8 illustrations in colour

  • Topics: Financial Engineering, Economics, general, Macroeconomics/Monetary Economics//Financial Economics

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