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Settlement Infrastructure, Inside Money Elasticity, and the Network Economics of Distributed Ledger Technology

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  • Michail Samawi
  • Hui Gong
  • Francesca Medda

Abstract

We construct the Settlement Modernisation Index, a panel dataset of 809 reform events across 24 advanced economies between 1993 and 2024, decomposed into three economic channels and three adoption phases. We document an S-curve in inside money elasticity with two interior turning points at SMI = 0.27 and 0.93, separating a liberation phase, a post-global-financial-crisis compliance valley, and a mature-infrastructure recovery phase. We show that settlement modernisation generates network-conditional balance sheet efficiencies through a T2S event-study with year-by-year EMIR decomposition (saturation beta = +0.557, p

Suggested Citation

  • Michail Samawi & Hui Gong & Francesca Medda, 2026. "Settlement Infrastructure, Inside Money Elasticity, and the Network Economics of Distributed Ledger Technology," Papers 2607.22459, arXiv.org, revised Sep 2026.
    • Handle: RePEc:arx:papers:2607.22459
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