Understanding DeFi through the lens of a production-network model / by Jonathan Chiu, Thorsten Koeppl, Hanna Yu and Shengxing Zhang.: FB3-5/2023-42E-PDF
"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.
Permanent link to this Catalogue record:
publications.gc.ca/pub?id=9.927604&sl=0
| Department/Agency | Bank of Canada, issuing body. |
|---|---|
| Title | Understanding DeFi through the lens of a production-network model / by Jonathan Chiu, Thorsten Koeppl, Hanna Yu and Shengxing Zhang. |
| Series title | Staff working paper = Document de travail du personnel, 1701-9397 ; 2023-42 |
| Publication type | Series - View Master Record |
| Language | [English] |
| Format | Electronic |
| Electronic document | |
| Note(s) | "Last updated: August 15, 2023." Includes bibliographical references. Includes abstract in French. |
| Publishing information | [Ottawa] : Bank of Canada = Banque du Canada, 2023. ©2023 |
| Author / Contributor | Chiu, Jonathan, author. |
| Description | 1 online resource (ii, 36 pages) : charts. |
| Catalogue number |
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| Subject terms | Digital currency. Monnaie électronique. |
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