英文标题：
《A Dynamical Systems Approach to Cryptocurrency Stability》
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作者：
Carey Caginalp
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最新提交年份：
2018
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英文摘要：
Recently, the notion of cryptocurrencies has come to the fore of public interest. These assets that exist only in electronic form, with no underlying value, offer the owners some protection from tracking or seizure by government or creditors. We model these assets from the perspective of asset flow equations developed by Caginalp and Balenovich, and investigate their stability under various parameters, as classical finance methodology is inapplicable. By utilizing the concept of liquidity price and analyzing stability of the resulting system of ordinary differential equations, we obtain conditions under which the system is linearly stable. We find that trend-based motivations and additional liquidity arising from an uptrend are destabilizing forces, while anchoring through value assumed to be fairly recent price history tends to be stabilizing.
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中文摘要：
最近，加密货币的概念已经成为公众关注的焦点。这些资产仅以电子形式存在，没有潜在价值，为所有者提供了一些保护，使其免受政府或债权人的追踪或扣押。我们从Caginalp和Balenovich开发的资产流方程的角度对这些资产进行建模，并研究它们在各种参数下的稳定性，因为经典金融方法不适用。利用流动性价格的概念，分析了所得到的常微分方程组的稳定性，得到了系统线性稳定的条件。我们发现，基于趋势的动机和上升趋势带来的额外流动性是破坏稳定的力量，而通过价值锚定（假设是最近的价格历史）往往趋于稳定。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：Mathematical Finance 数学金融学
分类描述：Mathematical and analytical methods of finance, including stochastic, probabilistic and functional analysis, algebraic, geometric and other methods
金融的数学和分析方法，包括随机、概率和泛函分析、代数、几何和其他方法
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一级分类：Mathematics 数学
二级分类：Dynamical Systems 动力系统
分类描述：Dynamics of differential equations and flows, mechanics, classical few-body problems, iterations, complex dynamics, delayed differential equations
微分方程和流动的动力学，力学，经典的少体问题，迭代，复杂动力学，延迟微分方程
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