Policy & Industry Work

This paper examines the institutional structures underlying decentralized finance (DeFi) and contrasts them with the organizational forms prevalent in traditional finance (TradFi). It explores how DeFi's permissionless, composable architecture leads to fundamentally different industrial organization outcomes compared to the intermediary-heavy structure of TradFi.

This primer provides an accessible overview of how blockchain technology is transforming the backoffice operations of financial services. It covers tokenization of assets, settlement processes, clearing operations, and the emerging infrastructure connecting decentralized and centralized finance.

This primer surveys the current state of digital money, including central bank digital currencies (CBDCs), privately issued stablecoins, and tokenized bank deposits. It examines the technical architectures, regulatory considerations, and potential economic implications of each approach.

This paper analyzes the potential of blockchain-based tokenization for equity trading and capital raising. It examines how tokenized stocks could reduce settlement times, improve market access, and enable novel forms of capital formation while discussing regulatory challenges and implementation considerations.

This primer explains the mechanics of decentralized lending, covering protocols like Aave and Compound. It discusses overcollateralization, liquidation mechanisms, interest rate models, and the systemic risks that can emerge from composable lending markets.

This primer surveys the landscape of cryptocurrency trading, including centralized exchanges, decentralized exchanges, automated market makers, and the unique features that distinguish crypto markets from traditional financial markets.

This paper proposes a design framework for a Canadian central bank digital currency (CBDC), the "Digital Loonie." It addresses technical architecture, privacy considerations, monetary policy implications, and the role of commercial banks in the distribution of a potential CBDC. The design was commissioned by the Bank of Canada.

Using a global survey, this paper examines the trading behaviour, motivations, and financial literacy of retail investors who entered financial markets during the COVID-19 pandemic — the "Gen-Covid" investors. It documents their portfolio composition, information sources, and attitudes toward risk.

This paper presents the results of a randomized survey experiment conducted across multiple countries to assess public attitudes toward Facebook's proposed Libra (now Diem) cryptocurrency. It examines how trust, financial access, and regulatory environments shape willingness to adopt a big-tech-issued digital currency.