Cryptocurrency exchange market structure is fragmented, since cryptocurrencies are fungible, but customers cannot move freely across cryptocurrency exchanges. We build a model where exchanges with captive customers are linked by arbitrageurs, showing that ``star-shaped'' equilibria can exist, in which arbitrageurs endogenously coordinate on one exchange as a liquidity hub. The model predicts that large exchanges' listing decisions should influence price dispersion, arbitrage flows, trade volumes,...

A property tax can be thought of as a capital structure, which divides a stream of rents into components accruing to the homeowner and to the government. Near-term rents mainly accrue to homeowners, and far-term rents mainly accrue to governments. This characterization implies that the value of property tax revenues is very sensitive to interest rates, that governments funded by tax revenues have future-biased incentives...