Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/281093 
Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
Queen’s Economics Department Working Paper No. 1489
Verlag: 
Queen's University, Department of Economics, Kingston (Ontario)
Zusammenfassung: 
In this viewpoint article, we provide an analysis of the value proposition of De(centralized) Fi(nance) and its limitations using a simple stylized model of collateralized lending. DeFi uses a decentralized ledger to run smart contracts that automatically enforce the terms of a lending contract and safeguard the collateral. DeFi can lower the costs asso- ciated with intermediated lending and improve financial inclusion. Limitations are the volatility of crypto collateral and stablecoins used for settlement, the possible incom- pleteness of smart contracts and the lack of a reliable oracle. A proper infrastructure reducing such limiations could improve the value of DeFi.
Schlagwörter: 
Decentralized Finance
Cryptocurrency
Stablecoins
Collateralized Lending
JEL: 
G2
Dokumentart: 
Working Paper

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