Research & Publications

I am working on different topics related to monetary and digital economics, and applied microeconomics, such as:

1. Digital currencies: cryptocurrencies & central bank digital currencies.

2. Monetary Economics.

3. Banking, financial intermediation, FinTech, payments.

4. Applied Microeconomics.

PUBLICATIONS IN REFEREED JOURNALS

1. Di Casola, P., Habib, M. and Tercero-Lucas, D. (2025). Global and local drivers of Bitcoin trading vis-à-vis fiat currencies (ECB WP, No 2828) (Forthcoming at the Journal of International Money and Finance).

Media coverage:

Paradise lost? How crypto failed to deliver on its promises and what to do about it. Speech by Fabio Panetta, Member of the Executive Board of the ECB.

Delano (Luxemburg's Financial and Expat Communities): "Global crypto cycle driven by speculative motives, says ECB working paper", by Kangkan Halder.

2. Balietti, S., Celebi, C. and Tercero-Lucas, D. (2025). From Crypto to NTFs: Identifying the New Wave Of Digital Investors, International Review of Financial Analysis, 104 (104172).

3. Tercero-Lucas, D. (2023). Central Bank Digital Currencies and Financial Stability in a Modern Monetary System, Journal of Financial Stability, 69 (101188).

4. Auer, R. and Tercero-Lucas, D. (2022). Distrust or Speculation? The Socioeconomic Drivers of Cryptocurrency Investments, Journal of Financial Stability, 62 (101066).

Previously: BIS Working Papers (951).

Media coverage:

• Financial Times. Crypto bros stay loyal despite gathering crackdown.

• The Economist. How digital-currency investors differ from the general population

5. Fernández-Navia , T . Polo-Muro, E. and Tercero-Lucas, D. (2021), "Too Afraid to Vote? The Effects of COVID-19 on Voting Behaviour", European Journal of Political Economy, 102012.

Media coverage (in Spanish):

• https://nadaesgratis.es/admin/miedo-al-contagio-impacto-electoral-de-la-covid-19-en-las-elecciones-vascas-un-analisis-preliminar

• https://agendapublica.es/miedo-a-votar-elecciones-y-covid-19/

6. Tercero-Lucas, D. (2021). "Non-Standard Monetary Policies and Bank Profitability: The Case of Spain", International Journal of Finance & Economics, 1-30.

CHAPTERS OF BOOKS:

1. Tercero-Lucas, D. (2024). "A Universal Stablecoin to Rule Them All?" in Digital Assets and the Law Fiat Money in the Era of Digital Currency by Zatti, F. and Barresi R. G. (coords), Routledge (Taylor & Francis Group). 

This chapter was published as a working paper before with the title: "A Global Digital Currency to rule them all? A Monetary-financial view of the Facebook's LIBRA for the Euro Area". Url: https://www.researchgate.net/publication/344379213_A_Global_Digital_Currency_to_rule_them_all_A_Monetary- financial_View_of_the_Facebook's_Libra_for_the_Euro_Area

WORKING PAPERS:

• Grande-Herrera, C., Rodríguez-Garnica, G. and Tercero-Lucas, D. (2025). Crypto on Board (submitted, R&R).

• Kaplan , S., Polyzos, E., and Tercero-Lucas, D. (2025). Crypto listens: Asymmetric reactions to text-based signals in central bank communications (submitted).

• Lara-Bueno, P. and Tercero-Lucas, D. (2025). Traditional vs. Crypto Investors: Worlds apart or Two sides of the Same Coin? (submitted).

• Saccal, A., and Tercero-Lucas, D. (2025). Cash Out, Log In: Shift to Electronic Funds Transfers? A New Monetarist Analysis (submitted).

• Tercero-Lucas, D., Trabelsi Karoui, A., and Vaquero-Lafuente, E. (2025). All in on Bitcoin: Are maximalists really different? (submitted).

WORK IN PROGRESS:

• Aguilar Lagos, G., Navarro y Jiménez, R. and Tercero-Lucas, D. (ongoing). Keeping Up with the Pitucos: The Prevalence of the Relative Income Hypothesis in Peru.

• Balietti, S., Celebi, C., Pennella, L., and Tercero-Lucas, D. (ongoing). Meme Money, Real People.

• Costa Junior, C. J., García-Cintado, A. C. and Tercero-Lucas, D. (ongoing). Cryptocurrency and Sanctions.

PUBLICATIONS IN REFEREED JOURNALS (in SPANISH)

1. Albert, J. F. and Tercero-Lucas, D. (2020). “Política Monetaria en Tiempos de Pandemia: Evaluación y Propuesta del Helicóptero Monetario”, Revista de Economía Mundial, 56, pp.1-22.

Media coverage (in Spanish):

• https://nadaesgratis.es/admin/trata-de-arrancarlo-christine 

• https://theconversation.com/y-si-al-final-la-crisis-de-covid-19-sirviese-para-apuntalar-el-proyecto-europeo-139619 

PUBLICATIONS IN NON-REFEREED JOURNALS (in SPANISH)

1. Tercero-Lucas, D. (2024). Educación financiera e inflación, ¿una historia olvidada?, Mediterráneo Económico, 38, pp. 205-219.

2. Tercero-Lucas, D. (2021). "Moneda digital: Disrupción o Evolución", Política Exterior, 35 (204), pp. 100-108.

3. Tercero-Lucas, D. (2020). "Helicóptero Monetario: Consecuencias de Desencadenar al Leviatán de la Política Monetaria", Noticias de Política Económica, (27), pp. 44-47, ISSN: 2340-8650.