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3．結語巷間、仮想通貨に対する注目度が高まっていることもあり、仮想通貨に関する学術研究も少なからず知られるようになってきている。もっとも、仮想通貨が巷間注目されているのにもかかわらず、その先行研究の多くが情報工学の研究であるため、経済学者からは“This has earned plenty of coverage in the media but surprisingly not in the academic literature.”＊18（Cheung et al., 2015, p.2348）との声も囁かれているのも事実である。今後、経済学においても当該分野に対してより一層の研究の蓄積が行われることを期待したい。（参考文献）Bariviera, Aurelio F., Maria Jose Basgall, Waldo Hasperue & Marcelo Naiouf, 2017, “Some stylized facts of the Bitcoin market.” Physica A 484, 82-90.Bohme, Rainer, Nicolas Christin, Benjamin Edelman & Tyler Moore, 2015, “Bitcoin：Economics, Technology, and Governance.” Journal of Economic Perspectives29（2）, 213-238.Bonneau, Joseph, Andrew Miller, Jeremy Clark, Arvind Narayanan, Joshua A. Kroll & Edward W. Felten, 2015, “SoK：Research Perspectives and Challenges for Bitcoin and Cryptocurrencies” IEEE Security and PrivacyBouoiyour, Jamal & Refk Selmi, 2017, “The Bitcoin price formation：Beyond the fundamental sources” arXiv：1707.01284Bouoiyour, Jamal, Refk Selmi, Aviral Kumar Tiwari & Olaolu Richard Olayeni, 2016, “What drives Bitcoin price?” Economics Bulletin36（2）, 843-850Cheah, Eng-Tuck & John Fry, 2015, “Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin.” Economics Letters130, 32-36Cheung, Adrian （Wai-Kong）, Eduardo Roca & Jen-Je Su, 2015, “Crypto-currency bubbles：an application of the Phillips-Shi-Yu （2013） methodology on Mt. Gox bitcoin prices.” Applied Economics47（23）, 2348-2358Chu, Gillian & Brian Ho, 2018, “Cryptoeconomics and Proof-of-Stake” Blockchain at Berkeley, https://blockchain.berkeley.edu/decal/sp18/fund/Ciaian, Pavel, Miroslava Rajcaniova & d’Artis Kancs, 2016, “The Economics of BitCoin Price Formation.” Applied Economics48（19）, 1799-1815Cocco, Luisanna & Michele Marchesi, 2016, “Modeling and Simulation of the Economics of Mining in the Bitcoin Market.” PLoS One 11（10）, 1-31Corbae, Dean, Ted Temzelides & Randall Wright, 2003, “Directed Matching and Monetary Exchange.” Econometrica71（3）, 731-756.Fry, John & Eng-Tuck Cheah, 2016, “Negative bubbles and shocks in cryptocurrency markets.” International Review of Financial Analysis47, 343-352.Gandal, Neil, JT Hamrick, Tyler Moore & Tali Oberman, 2018, “Price Manipulation in the Bitcoin Ecosystem” Journal of Monetary Economics, In press＊18） 拙訳：「（仮想通貨は）メディアでは大々的に報道されているが、これについての学術研究は驚くほど少ない。」Gandal, Neil & Hanna Halaburda, 2016, “Can We Predict the Winner in a Market with Network Effects? Competition in Cryptocurrency Market.” Games7（3）, 1-21.Hendrickson, Joshua R., Thomas L. Hogan & William J. Luther, 2016, “The Political Economy of Bitcoin.” Economic Inquiry54（2）, 925–939Houy, Nicolas, 2016, “The Bitcoin Mining Game.” Ledger1, 53-68.Houy, Nicolas, 2014, a, “The economics of Bitcoin transaction fees.” mimeo.Houy, Nicolas, 2014, b, “It will cost you nothing to “kill” a proof-of-stake crypto-currency.” Economic Bulletin34（2）, 1038-1044Iwamura, Mitsuru, Yukinobu Kitamura & Tsutomu Matsumoto, 2014 "Is Bitcoin the Only Cryptocurrency in the Town? Economics of Cryptocurrency and Friedrich A.Hayek.” mimeoKatsiampa, 2017, “Volatility estimation for Bitcoin：A comparison of GARCH models.” Economics Letters158, 3-6Kiyotaki, Nobuhiro & Randall Wright, 1993, “A Search-Theoretic Approach to Monetary Economics.” American Economic Review83（1）, 63–77.Kondor, Daniel, Marton Posfai, Istvan Csabai & Gabor Vattay, 2014, “Do the Rich Get Richer? An Empirical Analysis of the Bitcoin Transaction Network.” PLoS One9（2）, 1-10.Kristine, Samuelson, 2011, “The ins and outs of Bitcoin. Does the latest digital currency have staying power?” Chicago Tribune, November 13.Krugman, Paul, 2013, https://krugman.blogs.nytimes.com/2013/04/12/adam-smith-hates-bitcoin/Ma, June, Joshua S. Gans & Rabee Tourky, 2018, “Market Structure in Bitcoin Mining.” NBER Working Paper 24242.Nadarajah, Saralees & Jeffrey Chu, 2017, “On the inefciency of Bitcoin.” Economics Letters 150, 6-9Nakamoto, Satoshi , 2008, “Bitcoin：A Peer-to-Peer Electronic Cash System.”Saito, Tetsuya, 2016 “Altcoins as Alternatives for What?” MCIS 2016 Proceedings. 64.Urquhart, Andrew, 2017, “Price clustering in Bitcoin.” Economics Letters159, 145-148Urquhart, Andrew, 2016, “The inefficiency of Bitcoin.” Economics Letters148, 80-82岡田仁志, 2015, 「仮想通貨の登場が国家・社会・経済に与える影響」電子情報通信学会 基礎・境界ソサイエティFundamentals Review, 8（3）, pp.183–192小野伸一, 2017, 「通貨の将来と仮想通貨の意義～デジタル化とブロックチェーンがもたらすもの～」経済のプリズムNo161, 1-41金子邦彦, 2018, 「現代貨幣論̶電子マネーや仮想通貨は貨幣とよべるか」晃洋書房津曲俊英, 2003, 「幣制について」財務省財務総合政策研究所PRI Discussion Paper Series, no.03A-21野口悠紀雄, 2014, 「仮想通貨革命」ダイヤモンド社堀天子, 2017, 「改正資金決済法施行―仮想通貨の法的規制―」国民生活（6月）, p.11-13山本正行, 2016, 「キャッシュレス決済入門 第7回　多様化する“キャッシュレス決済” （4）携帯端末で決済ができる!?」国民生活（2月）, p.29-31吉田康志, 2016, 「支払手段としての「仮想通貨」」商大論集、兵庫県立大学、67（3）, 211-223 ファイナンス　2018 Apr.49シリーズ 日本経済を考える 76連 載 ■ 日本経済を考える