Arbeitspapier
The financial stability implications of digital assets
The value of assets in the digital ecosystem has grown rapidly amid periods of high volatility. Does the digital financial system create new potential challenges to financial stability? This paper explores this question using the Federal Reserve's framework for analyzing vulnerabilities in the traditional financial system. The digital asset ecosystem has recently proven itself to be highly fragile. However, adverse digital asset market shocks have had limited spillovers to the traditional financial system. Currently, the digital asset ecosystem does not provide significant financial services outside the ecosystem, and it exhibits limited interconnections with the traditional financial system. The paper describes emerging vulnerabilities that could present risks to financial stability in the future if the digital asset ecosystem becomes more systemic, including run risks among large stablecoins, valuation pressures in crypto-assets, fragilities of DeFi platforms, growing interconnectedness, and a general lack of regulation.
- Sprache
-
Englisch
- Erschienen in
-
Series: Staff Report ; No. 1034
- Klassifikation
-
Wirtschaft
Financial Institutions and Services: General
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Financial Institutions and Services: Government Policy and Regulation
- Thema
-
digital assets
stablecoins
DeFi
financial stability
financial vulnerabilities
systemic risk
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Azar, Pablo D.
Baughman, Garth
Carapella, Francesca
Gerszten, Jacob
Lubis, Arazi
Perez-Sangimino, Juan Pablo
Rappoport, David E.
Scotti, Chiara
Swem, Nathan
Vardoulakis, Alexandros
Werman, Aurite
- Ereignis
-
Veröffentlichung
- (wer)
-
Federal Reserve Bank of New York
- (wo)
-
New York, NY
- (wann)
-
2022
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Azar, Pablo D.
- Baughman, Garth
- Carapella, Francesca
- Gerszten, Jacob
- Lubis, Arazi
- Perez-Sangimino, Juan Pablo
- Rappoport, David E.
- Scotti, Chiara
- Swem, Nathan
- Vardoulakis, Alexandros
- Werman, Aurite
- Federal Reserve Bank of New York
Entstanden
- 2022
Ähnliche Objekte (12)
The marketability of bank assets and managerial rents: implications for financial stability
The marketability of bank assets and managerial rents : implications for financial stability
Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures
Digital transformation: Some implications for financial and macroeconomic stability
Growth of Asian pension assets: Implications for financial and capital markets
Governance of Crown Financial Assets
Digital Assets und Recht
Hedge funds and their implications for financial stability
Portfolio Choice of Financial Institutions and Sovereigns : Implications for Financial Stability
The dynamic pricing of financial assets
Specialized financial intermediation - stability implications for financial systems and real estate markets
Low interest rates and the implications of financial stability
The marketability of bank assets and managerial rents: implications for financial stability
The marketability of bank assets and managerial rents : implications for financial stability
Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures
Digital transformation: Some implications for financial and macroeconomic stability
Growth of Asian pension assets: Implications for financial and capital markets
Governance of Crown Financial Assets
Digital Assets und Recht
Hedge funds and their implications for financial stability
Portfolio Choice of Financial Institutions and Sovereigns : Implications for Financial Stability
The dynamic pricing of financial assets
Specialized financial intermediation - stability implications for financial systems and real estate markets
Low interest rates and the implications of financial stability
The marketability of bank assets and managerial rents: implications for financial stability
The marketability of bank assets and managerial rents : implications for financial stability
Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures
Digital transformation: Some implications for financial and macroeconomic stability
Growth of Asian pension assets: Implications for financial and capital markets
Governance of Crown Financial Assets
Digital Assets und Recht
Hedge funds and their implications for financial stability
Portfolio Choice of Financial Institutions and Sovereigns : Implications for Financial Stability
The dynamic pricing of financial assets
Specialized financial intermediation - stability implications for financial systems and real estate markets