{"id":"https://openalex.org/W4414757293","doi":"https://doi.org/10.4337/9781035306213.00035","title":"Cryptocurrencies and decentralised finance: functions and financial stability implications","display_name":"Cryptocurrencies and decentralised finance: functions and financial stability implications","publication_year":2026,"publication_date":"2026-05-07","ids":{"openalex":"https://openalex.org/W4414757293","doi":"https://doi.org/10.4337/9781035306213.00035"},"language":"en","primary_location":{"id":"doi:10.4337/9781035306213.00035","doi":"https://doi.org/10.4337/9781035306213.00035","is_oa":false,"landing_page_url":"https://doi.org/10.4337/9781035306213.00035","pdf_url":null,"source":{"id":"https://openalex.org/S4306463223","display_name":"Edward Elgar Publishing eBooks","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310320353","host_organization_name":"Edward Elgar Publishing","host_organization_lineage":["https://openalex.org/P4310320353"],"host_organization_lineage_names":["Edward Elgar Publishing"],"type":"ebook platform"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Research Handbook of Macroprudential Policy","raw_type":"book-chapter"},"volume":{"id":"https://openalex.org/W7160524132","display_name":"Research Handbook of Macroprudential Policy"},"type":"book-chapter","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5040280098","display_name":"Matteo Aquilina","orcid":"https://orcid.org/0000-0002-3699-8242","observed_orcids":["https://orcid.org/0000-0002-3699-8242"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Matteo Aquilina","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5065263062","display_name":"Giulio Cornelli","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Giulio Cornelli","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5012235694","display_name":"Jon Frost","orcid":"https://orcid.org/0000-0001-9635-1590","observed_orcids":["https://orcid.org/0000-0001-9635-1590"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Jon Frost","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5047191177","display_name":"Leonardo Gambacorta","orcid":"https://orcid.org/0000-0002-9895-6590","observed_orcids":["https://orcid.org/0000-0002-9895-6590"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Leonardo Gambacorta","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":27.9394,"has_fulltext":false,"cited_by_count":4,"citation_normalized_percentile":{"value":0.9880678,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":93,"max":96},"biblio":{"volume":null,"issue":null,"first_page":"522","last_page":"545"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.8988999724388123,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},"topics":[{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.8988999724388123,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.08449999988079071,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13346","display_name":"Digital Transformation in Financial Services","score":0.007199999876320362,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/cryptocurrency","display_name":"cryptocurrency","score":0.9990000128746033},{"id":"https://openalex.org/keywords/decentralized-finance","display_name":"decentralized finance","score":0.9950000047683716},{"id":"https://openalex.org/keywords/financial-stability","display_name":"financial stability","score":0.9390000104904175},{"id":"https://openalex.org/keywords/smart-contracts","display_name":"smart contracts","score":0.9769999980926514},{"id":"https://openalex.org/keywords/decentralized-exchanges","display_name":"decentralized exchanges","score":0.9990000128746033},{"id":"https://openalex.org/keywords/stablecoins","display_name":"stablecoins","score":1.0},{"id":"https://openalex.org/keywords/central-bank-money","display_name":"central bank money","score":0.8970000147819519},{"id":"https://openalex.org/keywords/information-asymmetry","display_name":"information asymmetry","score":0.9409999847412109},{"id":"https://openalex.org/keywords/market-inefficiency","display_name":"market inefficiency","score":0.8870000243186951},{"id":"https://openalex.org/keywords/prudential-regulation","display_name":"prudential regulation","score":0.847000002861023},{"id":"https://openalex.org/keywords/financial-regulation","display_name":"financial regulation","score":0.4620000123977661},{"id":"https://openalex.org/keywords/emerging-markets","display_name":"emerging markets","score":0.9470000267028809}],"concepts":[{"id":"https://openalex.org/C180706569","wikidata":"https://www.wikidata.org/wiki/Q13479982","display_name":"Cryptocurrency","level":2,"score":0.8884999752044678},{"id":"https://openalex.org/C2992337254","wikidata":"https://www.wikidata.org/wiki/Q31275820","display_name":"Financial stability","level":2,"score":0.5789999961853027},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.553600013256073},{"id":"https://openalex.org/C26517878","wikidata":"https://www.wikidata.org/wiki/Q228039","display_name":"Key (lock)","level":2,"score":0.5419999957084656},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.4575999975204468},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4138000011444092},{"id":"https://openalex.org/C139043278","wikidata":"https://www.wikidata.org/wiki/Q837171","display_name":"Financial services","level":2,"score":0.3928999900817871},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.37610000371932983},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.3716999888420105},{"id":"https://openalex.org/C121087249","wikidata":"https://www.wikidata.org/wiki/Q546395","display_name":"Emerging markets","level":2,"score":0.35899999737739563},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.34540000557899475},{"id":"https://openalex.org/C144587487","wikidata":"https://www.wikidata.org/wiki/Q1369234","display_name":"Systemic risk","level":3,"score":0.33550000190734863},{"id":"https://openalex.org/C112972136","wikidata":"https://www.wikidata.org/wiki/Q7595718","display_name":"Stability (learning theory)","level":2,"score":0.3296999931335449},{"id":"https://openalex.org/C76073288","wikidata":"https://www.wikidata.org/wiki/Q1337875","display_name":"Financial risk","level":2,"score":0.30970001220703125},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.3012999892234802},{"id":"https://openalex.org/C510755694","wikidata":"https://www.wikidata.org/wiki/Q281095","display_name":"Financial regulation","level":2,"score":0.29760000109672546},{"id":"https://openalex.org/C136810230","wikidata":"https://www.wikidata.org/wiki/Q188961","display_name":"Decentralization","level":2,"score":0.28029999136924744},{"id":"https://openalex.org/C2778660980","wikidata":"https://www.wikidata.org/wiki/Q173800","display_name":"Bank regulation","level":2,"score":0.2685000002384186},{"id":"https://openalex.org/C2992735868","wikidata":"https://www.wikidata.org/wiki/Q66344","display_name":"Central bank","level":3,"score":0.26759999990463257},{"id":"https://openalex.org/C2779465119","wikidata":"https://www.wikidata.org/wiki/Q1817463","display_name":"Lender of last resort","level":4,"score":0.2583000063896179},{"id":"https://openalex.org/C207267971","wikidata":"https://www.wikidata.org/wiki/Q120208","display_name":"Emerging technologies","level":2,"score":0.2502000033855438}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.4337/9781035306213.00035","doi":"https://doi.org/10.4337/9781035306213.00035","is_oa":false,"landing_page_url":"https://doi.org/10.4337/9781035306213.00035","pdf_url":null,"source":{"id":"https://openalex.org/S4306463223","display_name":"Edward Elgar Publishing eBooks","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310320353","host_organization_name":"Edward Elgar Publishing","host_organization_lineage":["https://openalex.org/P4310320353"],"host_organization_lineage_names":["Edward Elgar Publishing"],"type":"ebook platform"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Research Handbook of Macroprudential Policy","raw_type":"book-chapter"},{"id":"pmh:oai:RePEc:bis:bisbps:156","doi":null,"is_oa":false,"landing_page_url":"http://www.bis.org/publ/bppdf/bispap156.pdf","pdf_url":"http://www.bis.org/publ/bppdf/bispap156.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"book"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W7165849098","https://openalex.org/W7110483697","https://openalex.org/W4318613298","https://openalex.org/W4390637185","https://openalex.org/W4289884627","https://openalex.org/W7161019304","https://openalex.org/W7111641201","https://openalex.org/W4293235935","https://openalex.org/W4412483586","https://openalex.org/W7113604837"],"abstract_inverted_index":{"Cryptocurrencies":[0],"and":[1,30,42,76,96],"decentralised":[2,38],"finance":[3,15],"(DeFi)":[4],"aim":[5],"to":[6,102],"replicate":[7],"many":[8],"of":[9,13,45,71,79,100],"the":[10,54,77,98,123],"economic":[11,56],"functions":[12],"traditional":[14],"(TradFi),":[16],"but":[17],"their":[18],"distinctive":[19],"features":[20],"introduce":[21],"new":[22,43,69],"financial":[23,104],"stability":[24,105],"risks.":[25,106],"We":[26,84],"analyse":[27],"these":[28],"features,":[29],"examine":[31],"key":[32],"developments,":[33],"such":[34,89],"as":[35,90],"smart":[36,94],"contracts,":[37],"exchanges":[39],"(DEXs),":[40],"stablecoins":[41],"forms":[44,70],"central":[46],"bank":[47],"money.":[48],"Our":[49],"findings":[50],"suggest":[51],"that":[52,115],"while":[53,119],"underlying":[55],"drivers":[57],"are":[58],"not":[59],"different":[60],"than":[61],"in":[62,81,122],"TradFi,":[63],"DeFi":[64],"poses":[65],"significant":[66],"challenges,":[67],"including":[68],"information":[72],"asymmetries,":[73],"market":[74],"inefficiencies":[75],"risk":[78],"cryptoisation":[80],"emerging":[82],"markets.":[83],"propose":[85],"tailored":[86],"regulatory":[87],"interventions,":[88],"embedding":[91],"rules":[92],"within":[93],"contracts":[95],"strengthening":[97],"oversight":[99],"stablecoins,":[101],"manage":[103],"Finally,":[107],"we":[108],"provide":[109],"a":[110],"framework":[111],"for":[112],"prudential":[113],"regulation":[114],"can":[116],"mitigate":[117],"risks":[118],"fostering":[120],"innovation":[121],"rapidly":[124],"evolving":[125],"crypto":[126],"ecosystem.":[127]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":2}],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2025-10-02T00:00:00"}
