Central Bank Digital Currency: Implications of narrowing the Traditional Banking System

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dc.contributor.advisorVaal de, Albert
dc.contributor.authorHartman, Rinze
dc.date.issued2019-07-10
dc.description.abstractThis thesis sets out to find the risk-free asset. In the literature, this concept is often seen as a given and operationalized by government bond yields. This thesis first deconstructs the theoretical concept of the risk-free asset, then evaluates government bonds and gold, wine and corporate bonds as possible alternatives. Then these proxies are tested on their effectiveness in a theoretical model (CAPM) and their functioning in a Markowitz-inspired portfolio. The main finding is that corporate bonds pose as a promising alternative to government bonds as operationalization of the risk-free asset.en_US
dc.embargo.lift10000-01-01
dc.embargo.typePermanent embargoen_US
dc.identifier.urihttps://theses.ubn.ru.nl/handle/123456789/7833
dc.language.isoenen_US
dc.thesis.facultyFaculteit der Managementwetenschappenen_US
dc.thesis.specialisationFinancial Economicsen_US
dc.thesis.studyprogrammeMaster Economicsen_US
dc.thesis.typeMasteren_US
dc.titleCentral Bank Digital Currency: Implications of narrowing the Traditional Banking Systemen_US
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