BEGIN:VCALENDAR VERSION:2.0 METHOD:PUBLISH PRODID:-//Telerik Inc.//Sitefinity CMS 15.1//EN BEGIN:VTIMEZONE TZID:Eastern Standard Time BEGIN:STANDARD DTSTART:20251102T020000 RRULE:FREQ=YEARLY;BYDAY=1SU;BYHOUR=2;BYMINUTE=0;BYMONTH=11 TZNAME:Eastern Standard Time TZOFFSETFROM:-0400 TZOFFSETTO:-0500 END:STANDARD BEGIN:DAYLIGHT DTSTART:20250301T020000 RRULE:FREQ=YEARLY;BYDAY=2SU;BYHOUR=2;BYMINUTE=0;BYMONTH=3 TZNAME:Eastern Daylight Time TZOFFSETFROM:-0500 TZOFFSETTO:-0400 END:DAYLIGHT END:VTIMEZONE BEGIN:VEVENT DESCRIPTION:The Moynihan Institute’s Study of Global Politics series welcom es David Leblang from the University of Virginia.Paper: Monetary Credibili ty\, Institutional Substitution\, and the Political Economy of Cryptocurre ncy ChoiceAbstract: What can cryptocurrency markets tell us about governme nt failure? When states inflate away savings or freeze the accounts of pol itical opponents\, citizens respond — and the instruments and channels the y choose reveal exactly which failure they are solving. Using novel transa ction data covering 120 economies\, we show that democratic accountability is the central organizing variable: it determines whether citizens hold d ollar-pegged stablecoins or censorship-resistant Bitcoin\, and whether the y transact through state-visible exchanges or platforms that hide their id entity from authorities. In autocracies\, citizens do both simultaneously — wanting the dollar\, but not wanting the state to know they have it.Co-a uthor \;Ghita Chraibi\, University of Virginia \;(usx8ns@virginia. edu)David Leblang is the Ambassador Henry J. Taylor and Mrs. Marion R. Tay lor Endowed Professor of Politics at the University of Virginia. He is the Randolph Compton Professor of Public Affairs at the University’s Miller C enter of Public Affairs where he is also director of policy studies.Leblan g is a scholar of political economy with research interests in global migr ation and in the politics of financial markets. His recent publications in clude “A Deportation Boomerang? Evidence from US Removals to Latin America and the Caribbean (Demography\, 2025)\, The Ties That Bind: Immigration a nd the Global Political Economy \;(Cambridge University Press\, 2023)\ , \;“Labor Market Policy as Immigration Control: the Case of Temporary Protected Status“ \;(International Studies Quarterly\, 2022)\, and “F raming Unpopular Foreign Policies” (American Journal of Political Science\ , 2022). \; In 2015\, Leblang was awarded the Outstanding Faculty Ment oring Award by the University of Virginia and in 2016 he received the Outs tanding Mentoring Award from the Society of Women in International Politic al Economy of the International Studies Association. DTEND:20260327T153000Z DTSTAMP:20260510T041225Z DTSTART:20260327T140000Z LOCATION: SEQUENCE:0 SUMMARY:David Leblang | The Political Economy of Crypto-Currency Usage UID:RFCALITEM639139687459379526 X-ALT-DESC;FMTTYPE=text/html:
The Moynihan Institute’s Study of Global Politics series welcomes David Leblang from the University of Virginia.

Paper: Monetary Credibility\, Institutional Substit ution\, and the Political Economy of Cryptocurrency Choice

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Abstract: What can cryptocurrency markets tell us about gover nment failure? When states inflate away savings or freeze the accounts of political opponents\, citizens respond — and the instruments and channels they choose reveal exactly which failure they are solving. Using novel tra nsaction data covering 120 economies\, we show that democratic accountabil ity is the central organizing variable: it determines whether citizens hol d dollar-pegged stablecoins or censorship-resistant Bitcoin\, and whether they transact through state-visible exchanges or platforms that hide their identity from authorities. In autocracies\, citizens do both simultaneous ly — wanting the dollar\, but not wanting the state to know they have it.< /p>

Co-author \;Ghita Chraibi\, University of Virginia \;(usx8ns@virginia.edu)

David Leblang is the Ambassador Henry J. Taylor and Mrs. Marion R . Taylor Endowed Professor of Politics at the University of Virginia. He i s the Randolph Compton Professor of Public Affairs at the University’s Mil ler Center of Public Affairs where he is also director of policy studies.< /p>

Leblang is a scholar of political economy with research interests in global migration and in the politics of financial markets. His recent pub lications include “A Deportation Boomerang? Evidence from US Removals to L atin America and the Caribbean (Demography\, 2025)\, The Ties That Bin d: Immigration and the Global Political Economy \;(Cambridge Univ ersity Press\, 2023)\, \;“Labor Market Policy as Immigration Control: the Case of Temporary Protected Status“ \;(International Studies Q uarterly\, 2022)\, and “Framing Unpopular Foreign Policies” (Amer ican Journal of Political Science\, 2022). \;

In 2015\, Le blang was awarded the Outstanding Faculty Mentoring Award by the Universit y of Virginia and in 2016 he received the Outstanding Mentoring Award from the Society of Women in International Political Economy of the Internatio nal Studies Association.

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