Online Appendix: Distributed Ledgers

Online Appendix to the article by Robert M. Townsend (2019), "Distributed Ledgers: Innovation and Regulation in Financial Infrastructure and Payment Systems." This appendix contains links to the literature underpinning the model used in the paper.

Statement of Cash Flow and Financial Accounts: What are the accounts, how to create them, where they can be used

e-Transfers, e-Messages: Predominant use of paper currency in Thailand, contrasted with M-Pesa for Kenya

Contracts, Mechanism Design: Some basics, first principles

Costly State Verification

Limited Commitment, Punishment

Moral Hazard

Market Design and Regulation of Financial Infrastructure: Implemented as smart contracts

Building Financial Infrastructure: Background, what is on the ground from Townsend Thai project, and mixed impact of interventions

Building Financial Infrastructure: Interventions, impact and mechanisms

Building Financial Infrastructure: General equilibrium perspective

Design of Improved Payment Systems

Regulating Payments Systems: Coordination and impossibility of decentralized exchange

Crypto Currency: What is money

Insights from Mechanism Design

Lessons from Monetary Theory for Value and Bubbles

Optimal Activist Policy