145 research outputs found
Kosovo: Lang rejse mod selvstændighed
Søren Jessen-Petersen skriver om Kosovos vanskeligheder i at tilslutte sig EU. 
Real-time Risk Metrics for Programmatic Stablecoin Crypto Asset-Liability Management (CALM)
Stablecoins have turned out to be the "killer" use case of the growing
digital asset space. However, risk management frameworks, including regulatory
ones, have been largely absent. In this paper, we address the critical question
of measuring and managing risk in stablecoin protocols, which operate on public
blockchain infrastructure. The on-chain environment makes it possible to
monitor risk and automate its management via transparent smart-contracts in
real-time. We propose two risk metrics covering capitalization and liquidity of
stablecoin protocols. We then explore in a case-study type analysis how our
risk management framework can be applied to DAI, the biggest decentralized
stablecoin by market capitalisation to-date, governed by MakerDAO. Based on our
findings, we recommend that the protocol explores implementing automatic
capital buffer adjustments and dynamic maturity gap matching. Our analysis
demonstrates the practical benefits for scalable (prudential) risk management
stemming from real-time availability of high-quality, granular,
tamper-resistant on-chain data in the digital asset space. We name this
approach Crypto Asset-Liability Management (CALM).Comment: The authors would like to thank Professor Moorad Choudhry for review
comments on an earlier draft. Submitted for the SNB-CIF Conference on
Cryptoassets and Financial Innovation, 24 May 202
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