00000nam 2200000zi 4500 9.927604 CaOODSP 20230920132111 m o d f cr |n||||||||| 230920t20232023oncd ob f|0| 0 eng d CaOODSP eng rda CaOODSP eng eng fre n-cn--- FB3-5/2023-42E-PDF Chiu, Jonathan, author. Understanding DeFi through the lens of a production-network model / by Jonathan Chiu, Thorsten Koeppl, Hanna Yu and Shengxing Zhang. [Ottawa] : Bank of Canada = Banque du Canada, 2023. ©2023 1 online resource (ii, 36 pages) : charts. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2023-42 "Last updated: August 15, 2023." Includes bibliographical references. "Decentralized finance (DeFi) is composed of a variety of heterogeneous sectors that are interconnected through an input-output network of its tokens. We first use a panel data set to empirically document the evolution of the DeFi network across its different sectors. Instead of looking at the misleading measure of total value locked, we then employ a standard, theoretical production-network model to measure the value added and service outputs of the different DeFi sectors. Finally, based on a calibrated version of our model, we study which factors drive DeFi token prices and predict the equilibrium effects when network interconnectedness increases"--Abstract. Includes abstract in French. Digital currency. Monnaie électronique. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2023-42. (CaOODSP)9.806221 PDF 1.70 MB https://publications.gc.ca/collections/collection_2023/banque-bank-canada/FB3-5-2023-42-eng.pdf