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Analysis of the Influence of Digital Currencies on the Financial System and Monetary Policy
[Анализ Влияния Цифровых Валют На Финансовую Систему И Монетарную Политику]

Author

Listed:
  • Zubarev, Andrey (Зубарев, Андрей)

    (The Russian Presidential Academy of National Economy and Public Administration)

  • Makeeva, Natalia (Макеева, Наталия)

    (The Russian Presidential Academy of National Economy and Public Administration)

  • Sinelnikova-Muryleva, Elena (Синельникова-Мурылева, Елена)

    (The Russian Presidential Academy of National Economy and Public Administration)

  • Shilov, Kirill (Шилов, Кирилл)

    (The Russian Presidential Academy of National Economy and Public Administration)

Abstract

The paper discusses various issues related to both theory and practice of the world of digital currencies. The growing popularity of the sector of services based on the technology of a distributed ledger, called decentralized finance (DeFi), is considered in detail, which has grown over the last year from 700 million to 11.5 billion US dollars. Different analogs of traditional financial and banking services are being built in this sector, in which, instead of the corresponding institutions, there is a set of smart contracts operating in an automatic mode. In addition, the paper analyzes the theoretical risks and potential benefits from the emission of digital currencies by central banks, and considers the world experience of the pilot projects of digital currencies in different countries. We examined the relationship of cryptocurrencies with other financial assets, and tested the presence of a leverage effect in the dynamics of cryptocurrencies. The paper provides some evidence for the existence of a positive intrinsic Bitcoin value over some periods of time.

Suggested Citation

  • Zubarev, Andrey (Зубарев, Андрей) & Makeeva, Natalia (Макеева, Наталия) & Sinelnikova-Muryleva, Elena (Синельникова-Мурылева, Елена) & Shilov, Kirill (Шилов, Кирилл), 2021. "Analysis of the Influence of Digital Currencies on the Financial System and Monetary Policy [Анализ Влияния Цифровых Валют На Финансовую Систему И Монетарную Политику]," Working Papers w20220179, Russian Presidential Academy of National Economy and Public Administration.
    • Handle: RePEc:rnp:wpaper:w20220179
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