Blockchain Papers

Rahmatullah Mohammed

No abstract is available for this record.

Shehzad Ahmed, Rafiqul Bhuyan

No abstract is available for this record.

Zulfiqar Ali Mir

No abstract is available for this record.

Ken Alabi

No abstract is available for this record.

T. L. Kosohov, O. V. Olkhovska

We study the epistemic efficiency of decentralized prediction markets under autonomous agentic liquidity. We introduce the information-incentive gap (G) – the discrepancy between ground truth and the market-implied probability – and establish, via Itô's calculus and exact solution of the resulting moment ODE, exponential convergence of its second moment together with an explicit upper bound for the gap of order O(σ/λ−−√). A two-level empirical study on information-driven event categories (Politics, Economics, Finance, Crypto Markets), drawing on approximately 40 million time-series records collected over the study period, is consistent with the model: (i) platform-level analysis of N=100 resolved binary events per platform shows the mean gap decreasing from G¯=0.517 at T−168 h to G¯=0.229 at T−30 min for Kalshi, and from 0.583 to 0.002 for Polymarket, with an empirical convergence rate λemp≈1.4×10−6 s−1; (ii) a paired cross-platform comparison of N=34 matched event groups shows that Polymarket exhibits a lower mean gap than Kalshi (mean ΔG=0.27 at T−6 h; Polymarket leads in 85% of pairs), consistent with the theoretical dependence of convergence speed on liquidity-driven λ. Monte Carlo simulation (N=50000 paths) confirms a >276× reduction in convergence latency and a 109× improvement in the Information Efficiency Ratio (IER) compared to the human-centric baseline.

Kenneth Chibueze

No abstract is available for this record.

Jónas Gunnarsson Djurhuus

This thesis examines how the structure of municipal finance and budget governance affects the economic capacity of municipalities on the Faroe Islands. In recent decades, Faroese municipalities have been assigned increasing responsibility for welfare services, including elderly care, while substantial differences persist in municipal size, tax bases, and administrative capacity. These structural differences raise questions about whether the current decentralized governance system provides sustainable economic conditions for all municipalities. The study analyzes how the Faroese municipal financing and budgeting model is organized and explores the economic challenges municipalities face in practice. The analysis draws on qualitative interviews with Faroese mayors combined with document analysis of policy reports, legislation, and economic assessments. The empirical findings are interpreted through theoretical perspectives from fiscal federalism, incremental budgeting, soft budget constraint theory, and research on intermunicipal cooperation.The analysis shows that differences in population size, demographic composition, and tax bases create unequal economic conditions across municipalities. Smaller municipalities appear particularly vulnerable to economic shocks, demographic ageing, and large investments. While intermunicipal cooperation can enhance administrative capacity, it may also generate coordination challenges and common-pool dynamics. Furthermore, the financing model for elderly care contributes to uneven financial pressures between municipalities. The thesis concludes that the current institutional framework may create long-term challenges for the sustainability of municipal welfare provision. Possible policy responses include adjustments to the financing model, stronger equalization mechanisms, or structural reforms aimed at ensuring more economically robust local governments.

Charry Mae Grepon, Eloiza Tagarda, Maricel Ugat, Ray Butch Mahinay · 6 authors

The Alternative Learning System (ALS) plays a critical role in expanding access to education for out-of-school youth and adults in the Philippines. However, persistent governance and financing constraints continue to challenge the program’s capacity to deliver equitable learning opportunities. This study examines ALS financing within the context of the 2026 EDCOM II reform to understand how national and local funding mechanisms are structured to support program equity and implementation. The study employed a qualitative policy analysis using document review of official policy reports, fiscal allocations, and reform frameworks related to ALS financing. This study does not evaluate implementation outcomes, learner-level effects, or empirically observed program impacts, and is limited to policy-documentary analysis of financing structures and reform intent. Key sources included the FY 2026 proposed national ALS budget, formal EDCOM II reform documents, DEPED-DBM-DILG Joint Circular No. 1 (s. 2025) on the Special Education Fund (SEF), and related governance issues. A results-chain conceptual model was used to analyze the expected and policy derived relationships between financing inputs, intended program outcomes as reflected in policy logic, rather than empirically validated effects. The documentary analysis suggests that a significant portion of the ALS budget is allocated to direct learner subsidies, reflecting a learner-centered and equity-oriented financing design. Policy reforms under EDCOM II also introduce governance and financing mechanisms, such as decentralization, dedicated ALS budget lines, and SEF co-financing, designed to support more equitable resource allocation. However, persistent bottlenecks, including infrastructure gaps, uneven regional access, and service-delivery capacity constraints, may constrain implementation effectiveness. The study concludes that coordinated national and local financing mechanisms may provide enabling conditions for strengthening ALS implementation. Integrating Program Support Funds and SEF allocations may support more responsive resource distribution and locally responsive service delivery. The findings provide policy-documentary analysis that may inform ALS financing reforms and future efforts toward more equitable resource allocation.

Michael Neubert, Wolfgang Rams, Patrick Gruhn

No abstract is available for this record.

Sonia Shahid

No abstract is available for this record.

C.A. Bindyashree, Chitra G., Syed Muzamil Basha, Hamed Taherdoost

In the present times, Transformation finance has become a prominent approach for a systematic financial channel to facilitate the step-by-step decarbonization of carbon-intensive sectors. Such mechanisms rely on the accuracy of carbon emissions data to measure environmental performance and to inform capital decisions. The current carbon accounting methods are limited by inadequate data-collection provisions, slow verification processes, and low auditability, which undermine the reliability of emission-reduction claims and constrain the effectiveness of carbon asset markets. In the present research work, a blockchain-based framework is proposed that will create reliable carbon data accounting and facilitate structured carbon asset circulation within ecosystems of transformation finance. The framework establishes a single carbon lifecycle for data, integrating real-time emission tracking, multi-step verification, a secure registry, and computer-generated assets. The datasets of industrial emissions used to test the operation of the proposed system under multi-sector conditions include energy systems and manufacturing activities, logistics networks, and urban service infrastructure. The objective of the proposed framework is to measure the reliability of carbon accounting by normalizing emission intensities, estimating verification confidence, and scoring trust with uncertainty. In addition, a circulation model is proposed to describe the liquidity of carbon assets, the efficiency of their utilization, and the stability of decentralized transactions. The outcome of the present research is to regulate the creation and transfer of tokenized carbon assets, which guarantees the consistency of environmental performance and financial representation. The review shows a quantifiable increase in the visibility of emission records, a decrease in verification delays, and greater visibility into asset circulation processes compared with traditional centralized systems. The suggested framework establishes a logical link between verifiable carbon-reduction results and decentralized financial mechanisms, enhancing the operational feasibility of transformation finance.

Jie He, Haiyan Cheng

Effective risk management has grown more and more crucial in the complex world of international trade finance, bolstered by security, trust, and openness. By creating an integrated system that blends Hyperledger Fabric blockchain technology, Supply Chain Finance (SCF) protocols, and Generative Adversarial Networks (GANs), this study seeks to improve the intelligence and dependability of financial risk assessment. Four interrelated steps make up the suggested approach: (1) preprocessing and encoding SCF datasets; (2) creating synthetic risk data with GANs to mimic uncommon or dishonest trade behaviors; (3) using Hyperledger Fabric to execute smart contracts and log transactions decentralized; and (4) using real-time SCF compliance modeling for dynamic risk assessment. While blockchain guarantees the transparency, immutability, and auditability of financial records, GAN integration improves the prediction model by adding value to the training corpus. Comparative studies show that the suggested system considerably lowers the likelihood of data tampering and improves risk prediction accuracy by 12% when compared to traditional machine learning models. The results demonstrate that integrating generative modeling with blockchain technology can significantly improve financial risk management, transparency, and adaptability in global trade settings.

Sara Gace, Julian Rode

The Vjosa River Basin, located in the heart of the Balkans, is one of Europe's last free-flowing wild rivers comprising a large number of pristine habitat types with a wealth of biodiversity. Widespread degradation of the forest ecosystem and unsustainable land use due to logging and livestock farming have led to an urgent need for effective conservation planning and sustainable management. This study applies the Ecosystem Service Opportunity (ESO) framework to provide a diagnosis of the social-ecological context and the current institutional and legal frameworks governing the Vjosa River in Permet area and its surroundings. Based on 15 semi-structured interviews with stakeholders from local government, NGOs, and a national government agency, we identify opportunities for policy and finance instruments to encourage ecosystem conservation and sustainable livelihoods. The results are compared to Integrated Management Plan (IMP) for the Vjosa Wild River National Park. Our results align with the IMP approach in several strategic areas (i.e., stronger law enforcement and patrolling, regulating illegal livestock grazing, improved staff management and collaboration between local agencies, incorporating traditional knowledge in conservation strategies), but further emphasizes the need for action beyond national park boundaries, decentralization with stronger municipal involvement, establishment of a collaborative platform, and the diversification of funding initiatives.

Balaram Tripathy

Enterprises are rapidly shifting from human-interpreted dashboards to Autonomous Analytical Entities (AAE) that execute decisions directly on production systems. This transition introduces a new failure mode—Agentic Divergence—where decentralized agents act on misaligned, drifted, or out-of-scope data products and metadata, leading to high-impact errors at scale. This paper proposes the Autonomous Analytical Coherence (AAC) framework, centered on an Analytical Control Plane (ACP) that inserts a mandatory, machine-enforced governance layer between AAEs and decentralized data products. The ACP mandates Agentic Data Contracts (ADC) as runtime dependencies and enforces Kullback–Leibler (KL) divergence-based drift checks within Trusted Execution Environments (TEE) to safeguard both analytical coherence and data sovereignty. Simulation-based experiments across finance and logistics workloads indicate that AAC reduces erroneous autonomous transactions by 77% compared with uncoordinated agent deployments, with only a 25 ms median increase in latency. These results demonstrate that treating governance as a runtime dependency is a practical path toward safe, high-stakes autonomous analytics in enterprise data meshes.

Krishna C.V.

Sustainable Development Goals (SDGs) emphasize inclusive, equitable, and environmentally sustainable growth, requiring effective localization for meaningful outcomes. Local governments, particularly in developing countries, play a crucial role in translating global goals into actionable strategies at the grassroots level. In India, Panchayati Raj Institutions (PRIs) and Urban Local Bodies (ULBs), empowered by the 73rd and 74th Constitutional Amendments, serve as key agents in implementing SDGs through decentralized planning, resource allocation, and community participation. This research article examines the role of local governments in achieving SDGs in India, with a special focus on Karnataka. Using a narrative review methodology based on PRISMA-ScR guidelines, the study synthesizes findings from 28 empirical studies, government reports, and policy documents published between 2015 and 2026. Evidence suggests that local governance interventions have improved service delivery outcomes by 30–50 percent in sectors such as water management, sanitation, renewable energy, and rural livelihoods. Initiatives such as Gram Panchayat Development Plans (GPDPs), e-Gram Swaraj, and Finance Commission grants have strengthened participatory planning and accountability. However, challenges such as limited fiscal autonomy, capacity deficits among elected representatives, and coordination gaps persist. The study concludes that strengthening local governance through capacity building, financial empowerment, and technological integration is essential for achieving SDGs. Karnataka's innovative practices demonstrate the potential of decentralized governance in driving sustainable development.

Md. Al Amin Alamin, Sabekun Nahar Setu

This research investigates the barriers to effective climate finance in Bangladesh, a Least Developed Country (LDC) highly vulnerable to climate threats such as sea-level rise, cyclones, salinity intrusion, and flooding. Despite receiving a significant share of international climate funds for LDCs, Bangladesh faces persistent challenges including complex access procedures, reliance on loan-based financing, institutional limitations, and centralized governance. The study examines Bangladesh's legal and institutional frameworks, including the Bangladesh Climate Change Strategy and Action Plan (BCCSAP) and the Climate Change Trust Act 2010, alongside constitutional and judicial environmental commitments. Findings reveal systemic issues such as limited local participation, donor-driven management, and concerns over debt sustainability. Key recommendations include shifting towards grant-based finance, expanding legal standing for environmental litigation, decentralizing fund access to local governments, and enacting a dedicated Climate Change Act. The study underscores the imperative for Bangladesh to embed climate justice within its legal and financial systems and to advocate strongly in international climate forums. This research contributes valuable insights to the global discourse on climate justice and resilience for the most vulnerable nations.

Helene Natalia Hall

This thesis examines the implications of market frictions in international finance and macroeconomics in three contexts. The first chapter documents the effect of trading relationships on client trading outcomes in the over-the-counter (OTC) foreign exchange (FX) derivatives market. The second chapter documents the effect of nominal wage setting frictions on employment. The third chapter examines the behavior of non-U.S. central banks when firms engage in currency mismatch, borrowing more in dollars than given by their dollar operating exposures, emphasizing how imperfect regulation may affect U.S. dollar interest rates. In the first chapter, joint with Gerardo Ferrara, I study whether clients that rely more heavily on a dealer in the OTC FX derivatives market have worse trading outcomes after the dealer is adversely shocked. Using granular transaction-level data, we document that trading relationships are persistent—in an active trading week, clients are more likely to trade with a dealer that they had a relationship with and relied on more heavily. Then, we exploit the March 2023 collapse of Credit Suisse as an exogenous shock to exposed clients’ set of trading alternatives when relationships are persistent. Using difference-in differences analyses, we find that, although Credit Suisse’s EURUSD notional traded and trade count declined, clients that relied less heavily on Credit Suisse did not differentially reduce their Credit Suisse-specific trading activity relative to more reliant clients. Instead, more reliant clients continued trading at the client level and increased activity with other existing dealer relationships without incurring additional costs, relative to less reliant clients. These findings suggest that search and bargaining frictions were not particularly costly for heavily reliant clients after the shock—relationship persistence did not differentially prevent them from reallocating activity to existing alternative dealers, or lead to relatively greater costs, when their relationship dealer came under stress. In the second chapter, joint with Gert Bijnens, Hugo Monnery, and Laura Nicolae, I empirically document the effect of wage changes, driven by wage indexation to inflation, on firm-level employment growth. In Belgium, nearly all employees’ wages are indexed to inflation and firms are grouped into labor agreements that determine the exact timing and frequency at which wages are indexed, e.g. every year or every month. Using firm-level administrative data, we estimate two-stage least squares regressions of firm-level employment growth on wage growth, instrumented by the wage growth implied by the firm’s indexation policy. We find that employment contracts by 0.4% over four quarters for each 1% increase in wages. This result is robust to including NACE sector-date fixed effects and to using only variation in firms’ indexation timing, controlling for their chosen indexation frequency. About one-third of the response comes via anticipation of future wage increases. The elasticity is more than twice as large in magnitude in the post-pandemic period than before it, suggesting strong nonlinearities. Overall, these results show that, by preventing inflation from reducing real wages, inflation indexation reduces employment. In the third chapter, joint with Mitali Das, Gita Gopinath, Taehoon Kim, and Jeremy Stein, I document an externality of central banks’ imperfect regulation of firms that engage in currency mismatch, which results from central banks’ dollar reserve accumulation decisions. We explore how foreign central banks behave when firms engage in currency mismatch. Using a panel of 56 countries, we document that central bank holdings of dollar reserves are correlated with the dollar-denominated bank borrowing of their non-financial corporate sectors. Then, we build a model in which the central bank can deal with private-sector mismatch, and the associated risk of a domestic financial crisis, by: (i) imposing ex ante financial regulations; or (ii) accumulating dollar reserves to serve as an ex post dollar lender of last resort. The model highlights a novel externality: individual central banks may over-accumulate dollar reserves, relative to what a global planner would choose. Under imperfect regulation of currency mismatch, individual central banks do not internalize that their hoarding of reserves exacerbates a global scarcity of dollar-denominated safe assets, which lowers dollar interest rates and encourages firms to further increase the currency mismatch of their liabilities. Relative to the decentralized outcome, a global planner may therefore prefer higher capital requirements and reduced holdings of dollar reserves.

Christian Kaps, Serguei Netessine, Vishrut Rana, Ömer Karaduman

No abstract is available for this record.

Svitlana Yermishova, Oleksandr Bilyk, Мykola Мykola Zos-Kior

The article examines financial and investment mechanisms of ensuring sustainable development of enterprises in the context of decentralization reform and change management. It is substantiated that decentralization processes change the configuration of financial flows and powers, strengthen the role of territorial communities and form new conditions for making investment decisions, which requires adapting the financial policy of enterprises and revising investment priorities. It is shown that sustainable development in a decentralized economy acquires a multidimensional nature and requires the integration of economic, social, environmental and management goals into a single strategic model of enterprise development. The research determined that financial and investment mechanisms under decentralization conditions are transformed from instruments for providing resources to levers of strategic transformation aimed at increasing the sustainability, innovation and adaptability of enterprises. The focus is on the growing importance of combined financing models that combine resources from business, local budgets, institutional investors and international programs, as well as on the need to strengthen financial discipline, transparency and control over investment performance.It is proven that change management requires a financial and strategic approach that ensures the coordination of investment projects with organizational transformations and territorial development priorities. It is concluded that the effective combination of financial and investment mechanisms, change management and sustainable development principles creates the basis for the formation of adaptive and competitive enterprises that are able not only to respond to institutional transformations, but also to actively influence the socio-economic development of territorial communities in the long term

Kasturi Sharma

No abstract is available for this record.

Julian Fong Chuan Yu

No abstract is available for this record.

Andrea Stazi, Riccardo Jovine

No abstract is available for this record.

Amar Razaq, Muhammad Asad ur Rehman Naseer, Muhammad Naseer, Saher Jabeen

Decentralization has become one of the main governance reforms through which developing economies try to make food security policy more responsive to local conditions. The reform promise is straightforward: subnational governments and community institutions may know local agroecological conditions, household vulnerability, market constraints, and social exclusion better than central ministries. Yet decentralization can also reproduce weak service delivery when authority is transferred without finance, staff, data systems, accountability, or coordination. This chapter argues that local food governance should be assessed as a design problem rather than as a general reform ideal. Effective devolution links clear functional assignments, predictable finance, capable local administration, public participation, and national standards. The chapter develops a multilevel framework for food governance, compares fiscal and institutional patterns in selected developing economies, and uses case boxes from Pakistan, India, Brazil, Kenya, Indonesia, and Ethiopia. It concludes that decentralized governance can strengthen inclusion and responsiveness, but only when local discretion is embedded in transparent institutions and coherent intergovernmental systems.

Mark Urusov

No abstract is available for this record.