Some of the areas of interests in the research work by Paolo Tasca are: Blockchain technologies, digital currencies, asset registry, application stacks, asset-centric technologies, P2P lending, crowdfunding and mobile payments.
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Available for corporate advisory, keynotes, press contributions, and research projects.

Articles in Journals

Chapters in Books

Working Papers


Articles in journals

Ontology of Blockchain Technologies. Principles of Identification and Classification

Ledger Journal

Tasca P., Thanabalasingham T., Tessone J.C.


The challenges faced by blockchain technologies – Part 1

The Journal of Digital Banking

Tasca P., Widmann S.


Managing Risk under the Blockchain Paradigm

Harvard Business Review – China

Tasca P., Morini M.


A View on Blockchain Technologies

IEEE Computer and Society

Tasca P., Aste T., Di Matteo T.


Portfolio Diversification and Systemic Risk in Interbank Networks

Journal of Economic Dynamics and Control

Tasca P., Battiston S., Deghi A.

February 2016

Market Procyclicality and Systemic Risk

Quantitative Finance Volume 19

Tasca P., Battiston S.


Diversification and Financial Stability

Journal of Economic Dynamics and Control

Tasca P., Battiston S.


Quantifying the Impact of Leveraging and Diversification on Systemic Risk

Journal of Financial Stability Volume 15

Tasca P., Mavrodiev P., Schweitzer F.


DebtRank: Too Central to Fail? Financial Networks, the FED and Systemic Risk


Tasca P., Battiston S., Puliga M., Kaushik R., Caldarelli G.

Chapters in books

Banking Beyond Banks & Money

A Guide To Banking Services In The Twenty-First Century

Tasca P., Pelizzon L., Riedel M.

ISBN 978-3-319-42448-4

The Fintech Book

Blockchain and Crypto Currencies

Tasca P., Heyes A.

ISBN: 978-1-119-21887-6

I believe that blockchain can open the way to an authentic sharing economy where end-users are the only beneficiaries of the market value generated by the platforms. Blockchain will bring us from centralised to decentralised platforms. The platforms will be directly controlled by the end users, censorship resistant, flexible and scalable.

— Paolo Tasca

Working papers, discussion papers and technical reports
July 2016 in Research

The Evolution of the Bitcoin Economy: Extracting and Analyzing the Network of Payment Relationships

In this paper, we gather together the minimum units of Bitcoin identity (the individual addresses), and group them into approximations of business entities, what we call “super clusters”.

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April 2016 in Completed Working Papers, Discussion Papers and Technical Report, Research

How Does P2P Lending Fit into the Consumer Credit Market?

Why do retail consumers look for P2P financial intermediation? Are internet-based peer-to-peer (P2P) loans a substitute for or a complement to bank loans? In this study we answer these questions by comparing P2P lending with the non-construction consumer credit market in Germany.

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February 2016 in Research

The Dual Nature of Bitcoin as Payment Network and Money (VI Chapter SUERF Conference Proceedings 2016/1)

Back to 2008, Nakamoto combined the distributed ledger technology with cryptography and gave origin to what is now known as blockchain technology. The blockchain technology allows for a trustworthy record of transactions among anonymous without the need of a neutral central authority.

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January 2016 in Books and Chapters in Books, Research

Blockchain and Crypto‐currencies

The notion of an entirely digital form of money has captured the curiosity of economists, computer scientists, and philosophers alike from the time the computer was still young.

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September 2015 in Completed Working Papers, Discussion Papers and Technical Report, Research

Digital Currencies:
Principles, Trends, Opportunities, and Risks

The report describes the ongoing innovations in the financial sector brought about by digital currencies from a multi-level perspective: systemic, technical, legal, and industrial.

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April 2015 in Papers Under Review, Research

Dynamic Interaction Between Asset Prices and Bank Behavior: A Systemic Risk Perspective

Systemic risk in banking systems is a crucial issue that remains to be completely addressed. In our toy model, banks are exposed to two sources of risks, namely, market risk from their investments in assets external to the system and credit risk from their lending in the interbank market.

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July 2014 in Research

Bitcoin and the PPP Puzzle

This paper approaches the PPP puzzle by using the Bitcoin/US Dollar exchange rate. The use of the virtual currency as macroeconomic laboratory allows us to remove frictions that previously impeded the empirical demonstration of the law of one price.

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August 2013 in Completed Working Papers, Discussion Papers and Technical Report, Research

Overlapping Correlation Coefficient

This paper provides a mapping from portfolio risk diversification into the pairwise correlation between portfolios.

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March 2013 in Journal Articles, Research

Quantifying the Impact of Leveraging and Diversification on Systemic Risk

The excessive increase of leverage, i.e. the abuse of debt financing, is considered one of the primary factors in the default of financial institutions since it amplifies potential investment losses. On the other side, portfolio diversification acts to mitigate these losses.

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August 2012 in Journal Articles, Research

Market Procyclicality and Systemic Risk

We develop a model that captures, at the same time, the temporal dynamics of single-firm credit risk and the contagion across banks via a network of obligations and common assets.

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March 2012 in Research

Diversification, leverage and systemic risk

The Thesis investigates from a theoretical perspective the relationship between leverage, diversification and systemic risk. Moving from the folk wisdom that asset diversification enhances financial stability by dispersing credit risks, we contribute to the debate shedding light on a critical facet of this strategy.

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February 2012 in Journal Articles, Research

Debtrank: Too central to fail? Financial networks, the fed and systemic risk

Systemic risk, here meant as the risk of default of a large portion of the financial system, depends on the network of financial exposures among institutions. However, there is no widely accepted methodology to determine the systemically important nodes in a network.

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April 2011 in Journal Articles, Research

Diversification and financial stability

This paper contributes to a growing literature on the pitfalls of diversification by shedding light on a new mechanism under which, full risk diversification can be suboptimal.

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