论文标题
微型货币：重新思考数字货币的货币速度
MicroVelocity: rethinking the Velocity of Money for digital currencies
论文作者
论文摘要
我们提出了一个新颖的框架，以分析每种剂的贡献（微量流行），并揭示汇总速度的分布决定因素。利用四个加密货币中存储在区块链中的完整公开交易数据，我们从经验上发现，微型货币i）非常异构分布，ii）与代理商的财富密切相关。我们进一步记录了高速中介机构的出现，从而挑战了这些系统已完全分散的想法。此外，我们的框架和结果为数字货币的开发和分析提供了政策见解。
We propose a novel framework to analyse the velocity of money in terms of the contribution (MicroVelocity) of each individual agent, and to uncover the distributional determinants of aggregate velocity. Leveraging on complete publicly available transactions data stored in blockchains from four cryptocurrencies, we empirically find that MicroVelocity i) is very heterogeneously distributed and ii) strongly correlates with agents' wealth. We further document the emergence of high-velocity intermediaries, thereby challenging the idea that these systems are fully decentralised. Further, our framework and results provide policy insights for the development and analysis of digital currencies.
