{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,7,2]],"date-time":"2026-07-02T16:39:53Z","timestamp":1783010393085,"version":"3.54.6"},"publisher-location":"Berlin, Heidelberg","reference-count":46,"publisher":"Springer Berlin Heidelberg","isbn-type":[{"value":"9783662639573","type":"print"},{"value":"9783662639580","type":"electronic"}],"license":[{"start":{"date-parts":[[2021,1,1]],"date-time":"2021-01-01T00:00:00Z","timestamp":1609459200000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.springer.com\/tdm"},{"start":{"date-parts":[[2021,1,1]],"date-time":"2021-01-01T00:00:00Z","timestamp":1609459200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/www.springer.com\/tdm"}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2021]]},"DOI":"10.1007\/978-3-662-63958-0_11","type":"book-chapter","created":{"date-parts":[[2021,9,16]],"date-time":"2021-09-16T14:04:04Z","timestamp":1631801044000},"page":"124-135","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":9,"title":["On Stablecoin Price Processes and Arbitrage"],"prefix":"10.1007","author":[{"given":"Ingolf Gunnar Anton","family":"Pernice","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"297","published-online":{"date-parts":[[2021,9,17]]},"reference":[{"key":"11_CR1","unstructured":"Federally chartered banks and thrifts may participate in independent node verification networks and use stablecoins for payment activities. https:\/\/www.occ.gov\/news-issuances\/news-releases\/2021\/nr-occ-2021-2.html. Accessed 7 Jan 2021"},{"key":"11_CR2","unstructured":"Almosova, A.: A monetary model of blockchain (2018)"},{"key":"11_CR3","doi-asserted-by":"crossref","unstructured":"Ante, L., Fiedler, I., Strehle, E.: The influence of stablecoin issuances on cryptocurrency markets. Finance Res. Lett. 41, 101867 (2020)","DOI":"10.1016\/j.frl.2020.101867"},{"key":"11_CR4","unstructured":"Athey, S., Parashkevov, I., Sarukkai, V., Xia, J.: Bitcoin pricing, adoption, and usage: theory and evidence (2016)"},{"key":"11_CR5","unstructured":"Baum\u00f6hl, E., Vyrost, T.: Stablecoins as a crypto safe haven? Not all of them! (2020)"},{"key":"11_CR6","unstructured":"Belsley, D.A., Kuh, E., Welsch, R.E.: Regression Diagnostics: Identifying Influential Data and Sources of Collinearity, vol. 571. John Wiley & Sons (2005)"},{"key":"11_CR7","doi-asserted-by":"crossref","unstructured":"Biais, B., Bisiere, C., Bouvard, M., Casamatta, C., Menkveld, A.J.: Equilibrium bitcoin pricing. Available at SSRN (2018)","DOI":"10.2139\/ssrn.3261063"},{"key":"11_CR8","doi-asserted-by":"crossref","unstructured":"Bianchi, D., Iacopini, M., Rossini, L.: Stablecoins and cryptocurrency returns: evidence from large Bayesian vars. Available at SSRN (2020)","DOI":"10.2139\/ssrn.3605451"},{"issue":"3","key":"11_CR9","doi-asserted-by":"publisher","first-page":"528","DOI":"10.1111\/j.1540-6261.1986.tb04513.x","volume":"41","author":"F Black","year":"1986","unstructured":"Black, F.: Noise. J. Finance 41(3), 528\u2013543 (1986)","journal-title":"J. Finance"},{"issue":"4","key":"11_CR10","doi-asserted-by":"publisher","first-page":"347","DOI":"10.1080\/13504869600000016","volume":"3","author":"M Britten-Jones","year":"1996","unstructured":"Britten-Jones, M., Neuberger, A.: Arbitrage pricing with incomplete markets. Appl. Math. Finance 3(4), 347\u2013363 (1996)","journal-title":"Appl. Math. Finance"},{"key":"11_CR11","doi-asserted-by":"crossref","unstructured":"Bullmann, D., Klemm, J., Pinna, A.: In search for stability in crypto-assets: are stablecoins the solution? ECB Occasional Paper (230) (2019)","DOI":"10.2139\/ssrn.3444847"},{"key":"11_CR12","unstructured":"Caginalp, C.: A dynamical systems approach to cryptocurrency stability. arXiv preprint arXiv:1805.03143 (2018)"},{"key":"11_CR13","doi-asserted-by":"crossref","unstructured":"Caginalp, C., Caginalp, G.: Establishing cryptocurrency equilibria through game theory. Mathematics (AIMS), Forthcoming (2019)","DOI":"10.3934\/math.2019.3.420"},{"key":"11_CR14","doi-asserted-by":"crossref","unstructured":"Caginalp, G., Balenovich, D.: Asset flow and momentum: deterministic and stochastic equations. Philos. Trans. R. Soc. A Math. Phys. Eng. Sci. 357(1758), 2119\u20132133 (1999)","DOI":"10.1098\/rsta.1999.0421"},{"issue":"6","key":"11_CR15","doi-asserted-by":"publisher","first-page":"849","DOI":"10.1080\/14697680903220356","volume":"11","author":"G Caginalp","year":"2011","unstructured":"Caginalp, G., Desantis, M.: Stock price dynamics: nonlinear trend, volume, volatility, resistance and money supply. Quant. Finance 11(6), 849\u2013861 (2011)","journal-title":"Quant. Finance"},{"key":"11_CR16","doi-asserted-by":"crossref","unstructured":"Caginalp, G., DeSantis, M.: Nonlinear price dynamics of s&p 100 stocks. Physica A Statist. Mech. Appl. 547, 122067 (2019)","DOI":"10.1016\/j.physa.2019.122067"},{"issue":"2","key":"11_CR17","doi-asserted-by":"publisher","first-page":"193","DOI":"10.1016\/j.jeconom.2014.05.009","volume":"183","author":"G Caginalp","year":"2014","unstructured":"Caginalp, G., DeSantis, M., Sayrak, A.: The nonlinear price dynamics of us equity ETFs. J. Econometrics 183(2), 193\u2013201 (2014)","journal-title":"J. Econometrics"},{"issue":"4","key":"11_CR18","doi-asserted-by":"publisher","first-page":"17","DOI":"10.1016\/0893-9659(90)90038-D","volume":"3","author":"G Caginalp","year":"1990","unstructured":"Caginalp, G., Ermentrout, G.: A kinetic thermodynamics approach to the psychology of fluctuations in financial markets. Appl. Math. Lett. 3(4), 17\u201319 (1990)","journal-title":"Appl. Math. Lett."},{"key":"11_CR19","doi-asserted-by":"crossref","unstructured":"Clark, J., Demirag, D., Moosavi, S.: SoK: demystifying stablecoins. Available at SSRN 3466371 (2019)","DOI":"10.2139\/ssrn.3466371"},{"key":"11_CR20","doi-asserted-by":"publisher","first-page":"32","DOI":"10.1016\/j.frl.2019.04.027","volume":"31","author":"S Corbet","year":"2019","unstructured":"Corbet, S., Eraslan, V., Lucey, B., Sensoy, A.: The effectiveness of technical trading rules in cryptocurrency markets. Finance Res. Lett. 31, 32\u201337 (2019)","journal-title":"Finance Res. Lett."},{"key":"11_CR21","doi-asserted-by":"crossref","unstructured":"Croissant, Y., Millo, G., et al.: Panel data econometrics with R. Wiley Online Library (2019)","DOI":"10.1002\/9781119504641"},{"key":"11_CR22","doi-asserted-by":"publisher","unstructured":"Delbaen, F., Schachermayer, W.: The Mathematics of Arbitrage. Springer (2006). https:\/\/doi.org\/10.1007\/978-3-540-31299-4","DOI":"10.1007\/978-3-540-31299-4"},{"key":"11_CR23","first-page":"1","volume":"22","author":"M Dell\u2019Erba","year":"2019","unstructured":"Dell\u2019Erba, M.: Stablecoins in cryptoeconomics from initial coin offerings to central bank digital currencies. NYUJ Legis. & Pub. Pol\u2019y 22, 1 (2019)","journal-title":"NYUJ Legis. & Pub. Pol\u2019y"},{"issue":"4","key":"11_CR24","doi-asserted-by":"publisher","first-page":"549","DOI":"10.1162\/003465398557825","volume":"80","author":"JC Driscoll","year":"1998","unstructured":"Driscoll, J.C., Kraay, A.C.: Consistent covariance matrix estimation with spatially dependent panel data. Rev. Econ. Statist. 80(4), 549\u2013560 (1998)","journal-title":"Rev. Econ. Statist."},{"key":"11_CR25","series-title":"Finance and Capital Markets Series","doi-asserted-by":"publisher","first-page":"97","DOI":"10.1007\/978-3-030-22899-6_6","volume-title":"Derivatives and Internal Models","author":"H-P Deutsch","year":"2019","unstructured":"Deutsch, H.-P., Beinker, M.W.: Arbitrage. In: Derivatives and Internal Models. FCMS, pp. 97\u2013106. Springer, Cham (2019). https:\/\/doi.org\/10.1007\/978-3-030-22899-6_6"},{"issue":"1","key":"11_CR26","doi-asserted-by":"publisher","first-page":"75","DOI":"10.2469\/faj.v51.n1.1861","volume":"51","author":"EF Fama","year":"1995","unstructured":"Fama, E.F.: Random walks in stock market prices. Financ. Anal. J. 51(1), 75\u201380 (1995)","journal-title":"Financ. Anal. J."},{"issue":"4","key":"11_CR27","doi-asserted-by":"publisher","first-page":"1913","DOI":"10.1111\/jofi.12903","volume":"75","author":"JM Griffin","year":"2020","unstructured":"Griffin, J.M., Shams, A.: Is bitcoin really untethered? J. Finance 75(4), 1913\u20131964 (2020)","journal-title":"J. Finance"},{"key":"11_CR28","doi-asserted-by":"crossref","unstructured":"Grobys, K., Ahmed, S., Sapkota, N.: Technical trading rules in the cryptocurrency market. Finance Res. Lett. 32, 101396 (2020)","DOI":"10.1016\/j.frl.2019.101396"},{"issue":"3","key":"11_CR29","doi-asserted-by":"publisher","first-page":"357","DOI":"10.1177\/0731121419863785","volume":"63","author":"TD Hill","year":"2020","unstructured":"Hill, T.D., Davis, A.P., Roos, J.M., French, M.T.: Limitations of fixed-effects models for panel data. Sociol. Perspect. 63(3), 357\u2013369 (2020)","journal-title":"Sociol. Perspect."},{"issue":"1","key":"11_CR30","doi-asserted-by":"publisher","first-page":"191","DOI":"10.1007\/s10479-019-03357-1","volume":"297","author":"R Hudson","year":"2019","unstructured":"Hudson, R., Urquhart, A.: Technical trading and cryptocurrencies. Ann. Oper. Res. 297(1), 191\u2013220 (2019). https:\/\/doi.org\/10.1007\/s10479-019-03357-1","journal-title":"Ann. Oper. Res."},{"key":"11_CR31","volume-title":"On the use of two-way fixed effects regression models for causal inference with panel data","author":"K Imai","year":"2019","unstructured":"Imai, K., Kim, I.S.: On the use of two-way fixed effects regression models for causal inference with panel data. Harvard University, Unpublished paper (2019)"},{"key":"11_CR32","unstructured":"Kimmerl, J.: Understanding users\u2019 perception on the adoption of stablecoins-the libra case. In: PACIS, p. 187 (2020)"},{"key":"11_CR33","doi-asserted-by":"crossref","unstructured":"Klages-Mundt, A., Harz, D., Gudgeon, L., Liu, J.Y., Minca, A.: Stablecoins 2.0: economic foundations and risk-based models. In: Proceedings of the 2nd ACM Conference on Advances in Financial Technologies, pp. 59\u201379 (2020)","DOI":"10.1145\/3419614.3423261"},{"key":"11_CR34","unstructured":"Klages-Mundt, A., Minca, A.: (in) stability for the blockchain: Deleveraging spirals and stablecoin attacks. arXiv preprint arXiv:1906.02152 (2019)"},{"key":"11_CR35","doi-asserted-by":"crossref","unstructured":"Klages-Mundt, A., Minca, A.: While stability lasts: a stochastic model of stablecoins. arXiv preprint arXiv:2004.01304 (2020)","DOI":"10.1145\/3419614.3423261"},{"key":"11_CR36","unstructured":"Kropko, J., Kubinec, R.: Why the two-way fixed effects model is difficult to interpret, and what to do about it. Available at SSRN 3062619 (2018)"},{"issue":"1","key":"11_CR37","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1016\/S0304-4076(01)00098-7","volume":"108","author":"A Levin","year":"2002","unstructured":"Levin, A., Lin, C.F., Chu, C.S.J.: Unit root tests in panel data: asymptotic and finite-sample properties. J. Econometrics 108(1), 1\u201324 (2002)","journal-title":"J. Econometrics"},{"key":"11_CR38","doi-asserted-by":"publisher","DOI":"10.3386\/w27136","volume-title":"What keeps stablecoins stable?","author":"RK Lyons","year":"2020","unstructured":"Lyons, R.K., Viswanath-Natraj, G.: What keeps stablecoins stable? Tech. rep, National Bureau of Economic Research (2020)"},{"key":"11_CR39","unstructured":"Misc.: Centre whitepaper. https:\/\/www.centre.io\/pdfs\/centre-whitepaper.pdf. visited on 30 Nov 2018"},{"key":"11_CR40","unstructured":"Misc.: Stably whitepaper. https:\/\/s3.ca-central-1.amazonaws.com\/stably-public-documents\/whitepapers\/Stably+Whitepaper+v6.pdf (2018). Visited on 16 July 2018"},{"key":"11_CR41","doi-asserted-by":"crossref","unstructured":"Moin, A., Sekniqi, K., Sirer, E.G.: SoK: a classification framework for stablecoin designs. In: Financial Cryptography (2020)","DOI":"10.1007\/978-3-030-51280-4_11"},{"key":"11_CR42","doi-asserted-by":"crossref","unstructured":"Nickell, S.: Biases in dynamic models with fixed effects. Econometrica J. Econometric Soc. 46, 1417\u20131426 (1981)","DOI":"10.2307\/1911408"},{"key":"11_CR43","doi-asserted-by":"crossref","unstructured":"Pernice, I.G., Henningsen, S., Proskalovich, R., Florian, M., Elendner, H., Scheuermann, B.: Monetary stabilization in cryptocurrencies-design approaches and open questions. In: 2019 Crypto Valley Conference on Blockchain Technology (CVCBT), pp. 47\u201359. IEEE (2019)","DOI":"10.1109\/CVCBT.2019.00011"},{"issue":"2","key":"11_CR44","doi-asserted-by":"publisher","first-page":"111","DOI":"10.1080\/13504869400000008","volume":"1","author":"DP Porter","year":"1994","unstructured":"Porter, D.P., Smith, V.L.: Stock market bubbles in the laboratory. Appl. Math. Finance 1(2), 111\u2013128 (1994)","journal-title":"Appl. Math. Finance"},{"key":"11_CR45","doi-asserted-by":"crossref","unstructured":"Wang, G.J., Ma, X.Y., Wu, H.Y.: Are stablecoins truly diversifiers, hedges, or safe havens against traditional cryptocurrencies as their name suggests? Res. Int. Bus. Finance 54, 101225 (2020)","DOI":"10.1016\/j.ribaf.2020.101225"},{"key":"11_CR46","unstructured":"Wooldridge, J.M.: Introductory econometrics: a modern approach. Nelson Education (2016)"}],"container-title":["Lecture Notes in Computer Science","Financial Cryptography and Data Security. FC 2021 International Workshops"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/978-3-662-63958-0_11","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,1,9]],"date-time":"2023-01-09T11:38:18Z","timestamp":1673264298000},"score":1,"resource":{"primary":{"URL":"https:\/\/link.springer.com\/10.1007\/978-3-662-63958-0_11"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2021]]},"ISBN":["9783662639573","9783662639580"],"references-count":46,"URL":"https:\/\/doi.org\/10.1007\/978-3-662-63958-0_11","relation":{},"ISSN":["0302-9743","1611-3349"],"issn-type":[{"value":"0302-9743","type":"print"},{"value":"1611-3349","type":"electronic"}],"subject":[],"published":{"date-parts":[[2021]]},"assertion":[{"value":"17 September 2021","order":1,"name":"first_online","label":"First Online","group":{"name":"ChapterHistory","label":"Chapter History"}},{"value":"FC","order":1,"name":"conference_acronym","label":"Conference Acronym","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"International Conference on Financial Cryptography and Data Security","order":2,"name":"conference_name","label":"Conference Name","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"2021","order":5,"name":"conference_year","label":"Conference Year","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"1 March 2021","order":7,"name":"conference_start_date","label":"Conference Start Date","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"5 March 2021","order":8,"name":"conference_end_date","label":"Conference End Date","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"25","order":9,"name":"conference_number","label":"Conference Number","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"fc2021","order":10,"name":"conference_id","label":"Conference ID","group":{"name":"ConferenceInfo","label":"Conference Information"}},{"value":"https:\/\/fc21.ifca.ai\/","order":11,"name":"conference_url","label":"Conference URL","group":{"name":"ConferenceInfo","label":"Conference Information"}}]}}