On the fragility of DeFi lending / by Jonathan Chiu, Emre Ozdenoren, Kathy Yuan andShengxing Zhang.: FB3-5/2023-14E-PDF
"We develop a dynamic model of decentralized finance (DeFi) lending that incorporates two/these key features: 1) borrowing and lending are decentralized, anonymous, overcollateralized and backed by the market value of crypto assets where contract terms are pre-specified and rigid; and 2) information friction exists between borrowers and lenders. We identify a price-liquidity feedback: the market outcome in any given period depends on agents’ expectations about lending activities in future periods, with higher price expectations leading to more lending and higher prices in that period"--Abstract.
Permanent link to this Catalogue record:
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| Title | On the fragility of DeFi lending / by Jonathan Chiu, Emre Ozdenoren, Kathy Yuan andShengxing Zhang. |
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| Publication type | Monograph - View Master Record |
| Language | [English] |
| Format | Digital text |
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| Description | 1 online resource (40 pages) : charts. |
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