Blockchain Papers

Philip Saunders

No abstract is available for this record.

Darío Cestau, Burton Hollifield, Dan Li, Norman Schürhoff

The effective functioning of the municipal bond market is crucial for the provision of public services, as it is the largest capital market for state and municipal issuers. Prior research has documented tax, credit, liquidity, and segmentation effects in municipal bonds. Recent regulatory initiatives to improve transparency have made granular trade data available to researchers, rendering the municipal bond market a natural laboratory for the study of financial intermediation, asset pricing in decentralized markets, and local public finance. Trade-by-trade studies have found large trading costs, contemporaneous price dispersion, and other deviations from the law of one price. More research is required to understand optimal market design and the impact of post-crisis regulation, sustainability, and financial technology.

Jan Veuger

Purpose The real estate world finds itself at a tipping point of a transition: a dramatic and irreversible shift in (real estate) systems in society. This paper is a State of the art of Disruption, Blockchain and Real Estate in the Netherlands and international. Design/methodology/approach The following questions were asked to all those involved: What do you think is the essence of Blockchain for real estate? What is the most current situation with respect to Blockchain and real estate from your perspective? Which publications are important from your perspective? What do you expect with respect to the impact of Blockchain on real estate for (social) real estate? What are questions for the future for real estate and Blockchain? In addition, interviews, exploratory conversations and correspondence took place, and the content was peer reviewed. Findings Changes in value concepts affect the valuation of real estate and the thinking about it. The orientation of changing users and owners of real estate affects innovativeness, values and flexibility in managing that property. Orientation on disruption must be seen as proof that the real estate world is able to actually innovate the accumulated assets and consolidate this. The financial and real estate markets are markets that exaggerate through irrational behaviour. Fear of “eat or be eaten” determines people’s behaviour. Financial and thus real estate markets are always unstable and must always be regulated by people and organizations. Research limitations/implications The question that remains is whether it is important to look at disruptive innovations in existing markets or newcomers in the real estate market and Blockchain. The question is whether Blockchain is only a technological disruption, or a real game changer, and whether the entire value chain of the real estate market will embrace it. No two disruptions are the same. Trust in Blockchain is a prerequisite for guiding the predictable form of that disruption where start-up companies use new technology to offer cheaper and inferior alternatives to real estate in the market. You could also talk about anti-fragile value: “Some things benefit from shocks; they thrive and grow when exposed to volatility, randomness, disorder, and stressors and love adventure, risk, and uncertainty. Yet, in spite of the ubiquity of the phenomenon, there is no word for the exact opposite of fragile. Let us call it antifragile” (Taleb, 2012), in other words: attention to disruption and Blockchain creates a viable real estate economy. Practical implications The true meaning of the Blockchain technology for real estate still needs to be investigated. The author is still curious to understand and clarify the value of Blockchain for real estate processes. Doubt continues to exist and is therefore a feeding ground for further research, because we do not know what we have not seen. Social implications Looking at the impact of Blockchain on real estate, a number of conclusions can be drawn. First of all, the relationship between Blockchain and real estate has not yet been proven in practice. It is expected to develop further in the form of registering transaction processes and the DNA passport of a real estate object. Secondly, completeness and transparency are the basic ingredients for trust in the system. Third, real estate wants to remain viable. For this reason, taking the offense is necessary for real estate and management to connect with social demand. Behaviour also leads to new earnings models of the social and economic spin-off of disruptive real estate. If the Dutch real estate sector embraces Blockchain and is able to realize innovations, there are opportunities for real estate entrepreneurs to exploit the disruptive character to provide those new services. Originality/value The way in which disruption, Blockchain and real estate will develop in the coming years are not the only obvious characteristics of a particular era but also its social impact and user behaviour. This also applies to how this real estate transition can best be tracked, guided and utilized in society at the international, national and regional level. Disruptive organizations clearly respond to the viability of the (built) environment and therefore determine competitive strength. This affects the current and future valuation of real estate.

Denis Corluka, Ulrika Wänström Lindh

The overall market is in front of a new technological change, where blockchain is the most probable technology that will be implemented. There are several markets that need a technology that bring more efficiency, safety and transparency into the market, for instance the real estate market. The real estate market is highly important to the overall economy due to its size and devastating consequences if it collapses. A real estate crisis often affect and creates financial crises which in turn could lead to economic meltdowns both on a micro- but also on a macrolevel. There are inefficiencies within the real estate market that might cause the crises, such as problems with transparency and illiquidity, high transaction costs, personal biases and slow transaction processes. This master thesis examines the potential of an implementation of blockchain technology on the real estate market and how it might affect the inefficiencies within the market. Blockchain is a new and emerging information technology with several markets and areas suitable for an implementation. Earlier researches on the topic are generally focusing on the technology itself or its implication impacts in the financial sector. This master thesis aims to examine the implications to implement blockchain technology on the real estate market and how an implementation would impact the market. To be able to answer the research questions formulated in the thesis, an extensive literature study has been conducted, and additionally, semi-structured interviews as well as a questionnaire have been performed. The research is primarily contributing with an improved knowledge about blockchain technology and its potentials and challenges on the real estate market. One conclusion from the study is that the technology is most likely capable in changing the real estate market fundamentally, which is why the topic needs to be investigated deeper and to develop the technology further for a successful implementation.

Lili Liu, Michael A. De Angelis, Sally M. Torbert

Despite a world awash with liquidity,
\n large infrastructure supply gaps exist across developing and
\n emerging markets. Infrastructure has been largely
\n decentralized to subnational governments in many countries,
\n and many policymakers are keenly interested in developing
\n subnational bond markets to give subnational governments
\n access to private financing for infrastructure. Despite
\n this, the transaction costs of bond issuance are still
\n prohibitive for many subnational governments to access
\n financing. Pooled financing, through regional infrastructure
\n funds, municipal funds, or bond banks, has become a
\n sought-after solution for helping subnational governments
\n access private financing for infrastructure. In the United
\n States, municipal bond banks that were established since the
\n 1970s have become a cost-effective and stable model for
\n expanding subnational financing for many small
\n municipalities, while maintaining strong credit ratings with
\n virtually no defaults from sub-borrowers. The municipal bond
\n banks have been successful in lowering financing costs for
\n many small, unrated local governments, with loan sizes as
\n low as less than $50,000. This paper examines the policies
\n and structures that have made pooled financing successful in
\n the United States, including regulatory frameworks,
\n governance and managerial systems, the role of project
\n appraisal, operations and pricing, and managing the default
\n risks of borrowers. The paper also explores broader lessons
\n for developing countries that are interested in establishing
\n pooled financing for subnational infrastructure.

Marcela Cristini, Ramiro Moya, Guillermo Bermúdez

In the last three decades, the supply of housing in Argentina has not kept pace with demand. This study analyzes the main drivers of Argentina's housing market and relates them to the macroeconomic environment in order to advance a policy agenda for housing policy reform. The demand for housing was calculated and tenure choice was analyzed. Structural characteristics affecting Argentina's housing market include the high concentration of the urban population in a few large metropolitan areas, te association of urban poverty with the housing deficit, and overcrowding. The mortgage market lost its appeal following the 2001-02 crisis due to widespread breaches of contract legitimized through protective legislation (still in place), insufficient long-term financing, and high inflation. The housing deficit could be eliminated in five to eight years if well-coordinated policy initiatives to develop the mortgage market and provide low-income housing were adopted under a decentralized, demand-driven, subsidized program.

Feng Deng

No abstract is available for this record.