Ernie Teo

Nanyang Technological University, Nanyang Business School, Division of Banking and Finance, Faculty Member

The University of New South Wales, School of Economics, Alumnus

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Technology and Blockchain Practitioner, Economist by training. Director, Applied Computing in Finance, Nanyang Technological University, Singapore
Address: https://sites.google.com/site/ernieteo/

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Papers by Ernie Teo

Strategic Sequential Bidding for Government Land Auction Sales – Evidence from Singapore

Journal of Real Estate Finance and Economics, Aug 1, 2017

for their comments and suggestions. We thank the Sim Kee Boon Institute for Financial Economics a... more

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Dynamic Topic Modelling for Cryptocurrency Community Forums

Statistics and computing, 2017

Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public. If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence.

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Introduction to Blockchain Smart Contracts and Programming with Solidity for Ethereum

Blockchain and Smart Contracts

A Look at Security and Privacy: Bitcoin, Cryptocurrencies and Blockchain Networks

Price or Rent, That is the Question

SSRN Electronic Journal, 2015

We utilize a novel method from Phillips, Shi and Yu (2013) to investigate whether Singaporean rea... more We utilize a novel method from Phillips, Shi and Yu (2013) to investigate whether Singaporean real estate markets have experienced bubbles. This method involves a doubly recursive right tailed unit root test which can be used for real time policy decisions. We fi nd that the Singaporean real estate markets were subjected to explosive growth (where fundamental rental grew at a higher rate than property prices) during the Global Financial Crisis. We also found two specifi c segments lead the Singaporean residential housing markets and commercial markets. Additionally, it is found that these two leading sectors affected the growth of other markets positively in normal periods and negatively during the Global Financial Crisis.

The New Money: The Utility of Cryptocurrencies and the Need for a New Monetary Policy

Disintermediation Economics, 2021

Since its inception in 2008, cryptocurrencies are gaining adoption globally. Even though its util... more Since its inception in 2008, cryptocurrencies are gaining adoption globally. Even though its utility may vary, the primary purpose of cryptocurrencies is to provide some form of payment (or medium of exchange) in the digital world. As more use cases arise from the industry, cryptocurrencies and blockchain are no longer a niche topic. Educational institutions are introducing it into their curriculum, and governments are talking about it in parliament. In particular, governments are keen to determine if the underlying technologies can form the fundamentals to issue a Central Bank issued Digital Currency (CBDC). Will these forms of currency become the “New Money”? This paper sets out to explore the utility of cryptocurrencies and CBDC, their implications on the economy and the government’s ability to use monetary policy. We examine and compare the approaches to CBDCs suggested by various governments.

Emergence of Fintech and the Lasic Principles

SSRN Electronic Journal, 2015

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Emergence, Growth, and Sustainability of Bitcoin

Handbook of Digital Currency, 2015

Socially-Optimal Locations of Duopoly Firms with Non-Uniform Consumer Densities

Theoretical Economics Letters, 2014

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Introduction to Blockchain Smart Contracts and Programming with Solidity for Ethereum

Densities Which Yield Unique Spatial Duopoly Equilibria

Anderson, Goeree and Ramer (1997) observe that although the Uniform consumer density is almost un... more Anderson, Goeree and Ramer (1997) observe that although the Uniform consumer density is almost universally assumed in Hotelling style location games, it is more realistic to assume nonuniform distributions. Using Anderson et al.’s (1997) sufficient conditions for the existence of a unique pure strategy equilibrium, we extend the list of known distributions with characterised equilibria from two (Uniform and Triangular) to seven. Our extension includes the Normal and Logistic distributions which are commonly used in empirical research. We also analyse the effects of density choice on equilibrium outcomes. Holding the mean and dispersion of consumer tastes constant, we find that the Uniform distribution inflates differentiation effects.

Architecting and Designing Your Own Blockchain Solution

Inclusion or Exclusion? Trends in Robo-advisory for Financial Investment Services

Brokerages are one of the first financial institutions to embrace the Internet and put their serv... more Brokerages are one of the first financial institutions to embrace the Internet and put their services online. This is a natural progression as trading ideally requires real-time information and action. Technology allowed the introduction of computerized quantitative analytics with increased digitization; it became crucial to have access to the fastest information. When first introduced, this technology was beyond the reach of everyday retail investors. As markets became efficient (supported by low latency technology), the number of active retail investors dwindled. However, in recent years, we saw a re-emergence of retail investment activity with the offering of new low-cost “fintech” platforms such as robo-advisors. The development of robo-advisory services is changing behavior of individual retail investors, giving them direct and low-cost access to a wide range of global multi-asset class investments. This chapter explores the evolution of robo-advisors and trends by examining a ...

Is the environment a game? Game theoretical analysis of the Kyoto Protocol

186 Ernie GS Teo described as a Prisoner's Dilemma and we analyze several game theorists&#x2... more 186 Ernie GS Teo described as a Prisoner's Dilemma and we analyze several game theorists' take on this issue. We will discuss the incentive for countries to join a climate change agreement and why certain countries are unwilling to participate. We also examine the problem of member countries not meeting emission targets and how this free-rider problem may be addressed.

The Game of Dian Fu: The Rise of Chinese Finance

In April 2016, Alibaba's Ant Financial Services Group announced US$ 4.5 billion in its Series... more In April 2016, Alibaba's Ant Financial Services Group announced US$ 4.5 billion in its Series B round of financing, making history as the largest private funding round for any Internet company. Technology is changing the face of finance in China and disrupting traditional financial institutions and giving the Chinese people access to more financial services. In this chapter, we look at five main areas/types of disruption, how it is changing the face Chinese finance, in the equity market, with peer-to-peer lending and crowdfunding, in its currency and in the banking sector. We also discuss how these disruptions would affect the international economy, especially China's neighbors in Asia.

To Integrate or Not To Integrate? The Role of Country Size

Public goods are an important aspect to consider when countries in- tegrated economically. Using ... more Public goods are an important aspect to consider when countries in- tegrated economically. Using a Hotelling style model with elements from Alesina and Spolaore (2003), we analyse the eects of economic integra- tion between two countries, the only dierence between them being size. We consider two sorts of integration, one where the countries fully merge to form a new country (Country Formation) and one where country inte- grate but retain their own sovereignty (Unions). For Country Formation, we allow one capital in the new country. Here we …nd that building a more e¢ ciently located capital will yield the most bene…ts but retaining the larger country's capital will be the voter's choice. For unions, we …nd that if the two countries'capitals are retained, the smaller country bene- …ts. The smaller country will vote for integration and the larger country will not. We extend this by looking at the bene…ts from choosing a level of infrastructure to reduce transport costs. T...

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Consensus for Blockchain and Distributed Ledger Technologies

Blockchain and Smart Contracts

Double-Blind Consent-Driven Data Sharing on Blockchain

2018 IEEE International Conference on Cloud Engineering (IC2E)

The New Money: The Utility of Cryptocurrencies and the Need for a New Monetary Policy

by Ernie Teo and David Lee

SSRN Electronic Journal

Bitcoins and other cryptocurrencies as property?

Law, Innovation and Technology

Strategic Sequential Bidding for Government Land Auction Sales – Evidence from Singapore

Journal of Real Estate Finance and Economics, Aug 1, 2017

for their comments and suggestions. We thank the Sim Kee Boon Institute for Financial Economics a... more

Download

Dynamic Topic Modelling for Cryptocurrency Community Forums

Statistics and computing, 2017

Download

Introduction to Blockchain Smart Contracts and Programming with Solidity for Ethereum

Blockchain and Smart Contracts

A Look at Security and Privacy: Bitcoin, Cryptocurrencies and Blockchain Networks

Price or Rent, That is the Question

SSRN Electronic Journal, 2015

The New Money: The Utility of Cryptocurrencies and the Need for a New Monetary Policy

Disintermediation Economics, 2021

Emergence of Fintech and the Lasic Principles

SSRN Electronic Journal, 2015

Download

Emergence, Growth, and Sustainability of Bitcoin

Handbook of Digital Currency, 2015

Socially-Optimal Locations of Duopoly Firms with Non-Uniform Consumer Densities

Theoretical Economics Letters, 2014

Download

Introduction to Blockchain Smart Contracts and Programming with Solidity for Ethereum

Densities Which Yield Unique Spatial Duopoly Equilibria

Architecting and Designing Your Own Blockchain Solution

Inclusion or Exclusion? Trends in Robo-advisory for Financial Investment Services

Is the environment a game? Game theoretical analysis of the Kyoto Protocol

The Game of Dian Fu: The Rise of Chinese Finance

To Integrate or Not To Integrate? The Role of Country Size

Download

Consensus for Blockchain and Distributed Ledger Technologies

Blockchain and Smart Contracts

Double-Blind Consent-Driven Data Sharing on Blockchain

2018 IEEE International Conference on Cloud Engineering (IC2E)

The New Money: The Utility of Cryptocurrencies and the Need for a New Monetary Policy

by Ernie Teo and David Lee

SSRN Electronic Journal

Bitcoins and other cryptocurrencies as property?

Law, Innovation and Technology

Emergence, Growth, and Sustainability of Bitcoin: The Network Economics Perspective

A large and well-connected set of users is essential for the survival of Bitcoin or any other pee... more A large and well-connected set of users is essential for the survival of Bitcoin or any other peer-to-peer cryptocurrency. We can use network economics to analyze the Bitcoin network; cryptocurrencies are said to exhibit network externalities or demand side economies of scale. The chapter starts by discussing network effects and how they affect a cryptocurrency's emergence and growth; it then moves on to discuss a cryptocurrency's long run sustainability. This is analyzed through a game theoretical model of agent-based simulations to examine the participation incentives of miners and nodes. It was found that less miners will be willing to participate in the network (as reward falls), and the author proposes possible tweaks to the incentive schemes to encourage participation as the system matures.

Ernie Teo

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