Evgeny Lyandres
Institution
Tel Aviv University
PhD Year
2005
Phone
+972507575710
lyandres@tauex.tau.ac.il
FTG Membership
Senior Member
Website
https://en-coller.tau.ac.il/profile/lyandres#anchor_general_info
Featured Work
Mar 3, 2026
Financing via Partially Liquid Tokens
We develop a Diamond-Dybvig-style model in which a non-bank firm issues tokens backed by its future services. Consumers face uncertain liquidity demand and costly ex-post borrowing. Tokens are partially liquid–they provide liquidity for the firm’s service but not other consumption
goods, creating an endogenous liquidity premium. This premium is influenced by the imperfect substitution between tokens and fully liquid claims, leading to a non-monotonic relationship with...
