Report NEP-PAY-2026-09-14

This is the archive for NEP-PAY, a report on new working papers in the area of Payment Systems and Financial Technology. Bernardo Batiz-Lazo issued this report. It is usually issued weekly.

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Other reports in NEP-PAY

The following items were announced in this report:

• Keith Hazen, 2026, "How Do Large, Sophisticated Cryptocurrency Trades Impact Broader DeFi Market Dynamics?," Working Papers, Federal Reserve Bank of Philadelphia, number 26-42, Sep, DOI: 10.21799/frbp.wp.2026.42.
• Pablo D. Azar & Maryam Farboodi & Nish Sinha, 2026, "Stablecoins Meet the Mundell–Fleming Trilemma," Staff Reports, Federal Reserve Bank of New York, number 1202, Aug, DOI: 10.59576/sr.1202.
• Ylva Baeckström & Akanksha Jalan & Roman Matkovskyy, 2025, "Individual investor trust and cryptocurrency participation: evidence from three Nordic countries," Post-Print, HAL, number hal-05725456, Nov, DOI: 10.1007/s10961-025-10276-w.
• Fairbanks, Jackson, 2026, "Perpetual Preferred Equity Against Bitcoin: Required Coverage Across Observed Drawdowns," MPRA Paper, University Library of Munich, Germany, number 130390, Jul.
• Rosie Levy & Srini Ramaswamy, 2026, "Tokenized deposits could affect bank liquidity, maturity transformation," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 103709, Aug.
• Murillo Campello & Angela Gallo & Lira Mota & Tammaro Terracciano, 2026, "Demand for Safety in the Crypto Ecosystem," NBER Working Papers, National Bureau of Economic Research, Inc, number 35557, Jul.
• Maysam Rabbani & Ram Sewak Dubey, 2026, "Raising Rivals' Costs on Hybrid Platforms: The Complementarity of Fees and Self-Preferencing," Papers, arXiv.org, number 2608.02800, Aug.
• Panagiotis Mavridis & Anargyros Baklezos & Christos Nikolopoulos, 2026, "Blockchain-Enabled Secure Logging for Fiscal Electronic Mechanisms: Evaluation of the Greek eSEND and myDATA Tax Systems," Papers, arXiv.org, number 2609.04356, Sep.
• Freddy Cepeda-Lopez & Fredy Gamboa & Javier Miguelez-Márquez, 2026, "Settlement liquidity in the Colombian large-value payment system: the role of reserve requirements," BIS Working Papers, Bank for International Settlements, number 1373, Aug.
• Irene Aldridge, 2026, "Where Does Ethereum Validators' Money Go? A Spectral Analysis," Papers, arXiv.org, number 2608.23577, Jul.
• Martin Summer, 2026, "Stablecoins, Inflation and the Settlement Hierarchy (Martin Summer)," Working Papers, Oesterreichische Nationalbank (Austrian Central Bank), number 280, Sep.
• Andres, Raphaela & Elsas-Nicolle, Ambre & Rossi, Michelangelo & Tremblay, Mark J., 2026, "Staying for discovery, monetizing elsewhere: Platform governance and complementor bypassing," ZEW Discussion Papers, ZEW - Leibniz Centre for European Economic Research, number 26-033.
• Seiya Hirano, 2026, "Impact of Group Users on Two-sided Platform Competition," ISER Discussion Paper, Institute of Social and Economic Research, The University of Osaka, number 1320, Sep.
• Zhengyang Jiang, 2026, "Financial Interdependence and Currency Internationalization," NBER Working Papers, National Bureau of Economic Research, Inc, number 35541, Jul.
• Sophie Mignon & George Aboueldahab & Magali Aubert & Ysé Commandré & Micheline Mazawan Coulibaly & Romane Guillot-Pelliet & Anne Mione & Florent Saucède & Jan Smolinski, 2026, "Digital tools as instruments of intermediation: from multiple expectations to contrasted realities
  [Outils numériques comme instruments d’intermédiation : des attentes multiples aux réalités contrastées]," Post-Print, HAL, number hal-05732547, Aug, DOI: 10.35690/978-2-7592-4360-0.
• Hui Gong & Michail Samawi & Francesca Medda, 2026, "Authority-Inference Separation in Agentic Finance: First-Line Control, Blockchain Enforcement, and Replayable Assurance," Papers, arXiv.org, number 2608.30519, Aug.
• Tetsuya Takaishi, 2026, "Quantum Circuit Learning for Volatility Modeling: Multifractal Analysis of Realized Volatility Time Series," Papers, arXiv.org, number 2609.04569, Sep.
• Zachary Feinstein & Ionut Florescu & Sean O'Leary, 2026, "Mandate without Managers: Automated Market Makers as Verifiable Portfolio Products," Papers, arXiv.org, number 2608.02917, Aug.
• Alvaro Contreras & Peter Eccles & Paolo Siciliani, 2026, "Outsourcing and competition in the banking sector: the rise of Cloud Service Providers," Bank of England Staff Working Paper series, Bank of England, number 1199, Aug.
• Kevin M. Warsh, 2026, "In Our Time: speech at "Financial Innovation: Implications for Payments and Policy," an economic policy symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming., August 28th 2026," Speech, Board of Governors of the Federal Reserve System (U.S.), number 103707, Aug.
• Linsen Zhu & Mengqing Cai, 2026, "Artificial Intelligence in Equity and Crypto Markets: Progress, Profitability Evidence, and the Limits of Automated Investing," Papers, arXiv.org, number 2609.04917, Sep.
• Bastien Baude & Vincent Danos & Hamza El Khalloufi, 2026, "Capital allocation on decentralized lending platforms," Papers, arXiv.org, number 2608.24206, Aug.
• Abdellah Belbouli & Salma Senhaj & Fatima Touhami & Gilbert Alan Okouanga Pira & Abdelati Zouine & Ahmed Bahbah, 2026, "Cash in circulation and inflation in Morocco: Causality and economic impact
  [Liquidités et inflation au Maroc : causalité et impact économique]," Post-Print, HAL, number hal-05715333, Jun, DOI: 10.31893/multiscience.2026785.