Binh Nguyen Thanh.

Learner · Researcher · Educator

Empowering the human potential through education and technologies

I am passionate about how education and frontier technologies augment human potential, so that people can understand economies, create value and design better institutions.

Imaginationto see new value, markets and institutions
Impactto create sustainable futures
Empowermentto unlock human potential and creativity
Portrait of Associate Professor Binh Nguyen Thanh
Assoc. Prof. Binh Nguyen Thanh
Nguyễn Thanh Bình
23journal articles, including Real Estate Economics and the Journal of Financial Stability 3book chapters on AI, assessment and higher education 1policy report for the Ethereum Foundation
Associate Professor of Digital FinanceRMIT University Vietnam
Associate Head (Research & Innovation)Economics & Finance
Co-Lead and Co-FounderCentre for Business and Emerging Technologies
Research philosophy
Ultimately, it is about humans, empowered by technology and education, making decisions that create value and sustainable futures.
Key research

Three ways people elevate their condition

Explore the map, pick a question, or open any paper for its full summary.

Explore by question:
Featured findings

Two stories from the research

How AI is changing what education must develop in people, and how blockchain could become financial infrastructure that empowers them.

1 · AI and education2 · Digital financial infrastructure
Story 1

If machines can pass the test, what should we teach?

From two studies in the Australasian Journal of Educational Technology (2023): Race with the machines and Digital transformation in engineering education.

Bloom’s taxonomy of learning objectives, from remembering (base) to creating (top). Shading summarises the paper’s findings; it is not a score.

  1. 1

    A test built on Bloom’s taxonomy

    We designed authentic economics assessments that climb Bloom’s six levels, from remembering facts to creating something new, and set them for ChatGPT-4, ChatGPT-3.5, Google Bard and Microsoft Bing.

  2. 2

    Strong at the base

    The tools performed very well at the lower levels: remembering, understanding and applying. They also did better on numeric questions than on text-based ones.

  3. 3

    Weakest at the top

    Performance stayed decent at the higher levels, but “create” was the weakest. The tools struggled to build arguments on theoretical frameworks, keep several arguments coherent, and give appropriate references.

  4. 4

    Learning with AI, by design

    In an engineering course, we built an AI-assisted learning flow for learners and lecturers, using ChatGPT to test exercises, tutorials and assessment questions, with a self-rating system for its answers. It has significant potential, but students need training and guidance to use it well.

  5. 5

    What it means

    Universities should redesign course outcomes and assessment around higher-order skills, especially creating, and teach students to work with AI rather than around it.

    See the education research ↑
Story 2

Finance as open infrastructure: who it can empower, and what it takes

Drawing on papers in the Journal of Risk and Financial Management, Global Finance Journal, Journal of Industrial and Business Economics and Journal of Financial Stability, and a report for the Ethereum Foundation.

Digital financial infrastructure, layer by layer.

  1. 1

    An institution anyone can use

    Blockchain can be understood as an economic and financial institution: a place to make contracts, hold money and use financial services without a gatekeeper. It is open enough that even autonomous AI agents could transact on people's behalf.

    Journal of Risk and Financial Management, 2024
  2. 2

    Digital dollars on top

    Stablecoins bring a stable unit of account to this open network. But their stability is connected: instability in USDT and USDC spreads to other stablecoins, so confidence in the whole layer rests on the largest issuers.

    Journal of Industrial and Business Economics, 2023
  3. 3

    Lending without a bank

    Decentralised lending lets anyone with a wallet lend or borrow. Yet liquidity is interconnected across platforms, and funding liquidity risk, the on-chain version of a bank run, depends on protocol design such as interest-rate rules.

    Global Finance Journal, 2025
  4. 4

    Connected to the world economy

    Open access also means open exposure. Crypto returns rise by about 12 percentage points in months of abundant U.S. liquidity, and rising policy uncertainty cuts that premium roughly in half.

    Journal of Financial Stability, 2026
  5. 5

    Designing for empowerment

    For this infrastructure to widen financial inclusion rather than risk, it needs sound monetary design, stable money, resilient lending and accountable governance. These are the questions my research asks, from programmable money to AI agents that transact on our behalf.

    See the research on markets and institutions ↓

Designing new markets and institutions

Prosperity rests on institutions that let strangers cooperate. Blockchain lets people redesign money, lending and organisations as code; I study when those designs hold, and when they break.

Can code-based money, lending and organisations earn lasting trust?

Right nowTotal stablecoin market capitalisation across all blockchains, layer 1s included

The live TradingView figure appears here on the published website.

Live · TradingView
2026Journal of Financial Stability

Liquidity fuels crypto; uncertainty cools itU.S. excess liquidity lifts monthly crypto returns by about 12 percentage points; rising policy uncertainty cuts that premium roughly in half

Excess liquidity, cryptocurrency returns, and the moderating role of economic policy uncertainty

2025Global Finance Journal

On-chain bank runswhat drives funding liquidity risk in DeFi lending

The determinants of funding liquidity risk in decentralized lending

2023Journal of Industrial and Business Economics

USDT & USDC leadinstability spreads from the two largest stablecoins

Are the stabilities of stablecoins connected?

2026North American Journal of Economics and Finance

Following the crowdherding in crypto around the 2024 U.S. election

Herding behavior of cryptocurrency during the 2024 U.S. presidential election

2023Report for the Ethereum Foundation

Money as codewhat programmable money means for growth and inflation

Monetary policy in the age of cryptocurrencies

Creating new types of value

Frontier technologies create value that did not exist before: digitally scarce assets, signals AI extracts from millions of posts, better measures of uncertainty, and AI agents that can transact.

What new value can people create when machines can read, measure and transact?

Right now–Papers on AI in finance published so far this yearLive · OpenAlex
2025China Finance Review International

ChatGPT reads marketsAI-built sentiment from X explains Bitcoin returns

Decoding market sentiment: the power of ChatGPT in explaining Bitcoin returns from X data

2024Journal of Risk and Financial Management

AI agents need institutionsblockchain can let them transact on our behalf

Blockchain: the economic and financial institution for autonomous AI?

2020Real Estate Economics

2× explanatory powerfor housing prices from a real-estate-specific uncertainty measure

A new measure of real estate uncertainty shocks

Augmenting potential through education

Generative AI can now answer and even grade assignments, so universities must rethink what students learn. I measure what AI can and cannot do, and design assessment that builds distinctly human strengths.

If machines can pass the test, what should education develop in people?

Right now–Software developers active in VietnamLive · GitHub Innovation Graph
2023Australasian Journal of Educational Technology

Weakest at “create”how generative AI performs across Bloom’s taxonomy

Race with the machines: assessing the capability of generative AI in solving authentic assessments

2023Australasian Journal of Educational Technology

AI-assisted learning flowChatGPT helps students, with training and guidance

Digital transformation in engineering education: exploring the potential of AI-assisted learning

2025Journal of Applied Research in Higher Education

Leadership growsthrough team-based authentic assessment

Authentic assessment designs and students' self-perception of leadership in business education in Vietnam

This is a selection. See all publications further down the page.

Impact

Impact: elevating people and institutions in practice

Select any tile for details.

Public policyVietnam's FinTech sandboxReviewing Committee, Ministry of Justice

Member of the Reviewing Committee for the FinTech Sandbox at the Vietnamese Ministry of Justice, informing the country's approach to FinTech regulation.

IndustryDragon CapitalAdvisor of Applied Financial Technology, 2022–2023

Advised Vietnam's largest investment fund on its strategic initiatives in digital assets. Chief Investigator on the 2024 Dragon Capital project The Digital Economy Pathway.

Monetary policyEthereum FoundationChief Investigator, Monetary Policy in the Age of Cryptocurrencies

Led the 2022 Ethereum Foundation project and report on what adopting programmatic cryptocurrencies as legal tender would mean for monetary policy, growth and inflation.

Research capabilityCBET and the Fintech–Crypto HubCo-Lead and Co-Founder

Co-Lead and Co-Founder of the Centre for Business and Emerging Technologies, shaping its research strategy and capability development, and co-founder of the RMIT Fintech–Crypto Hub.

RecognitionAwardsBlockchain education, research impact, living values

Pioneering University in Blockchain Education (Vietnam Blockchain Union, 2022); RMIT College of Business & Law Research Excellence Award for Research Impact (team, 2020); RMIT Living Values Award for Impact (2019).

Industry researchVinaCapitalAssociate Investigator, 2018

Associate Investigator on the VinaCapital project on Vietnamese state-owned enterprise equitisation.

Live desk

What I study, right now

Live data on artificial intelligence and digital financial markets, from openly licensed sources and official embeds. Each panel links to the research it relates to.

01Artificial intelligence

Trending open AI models

Connecting

Models the developer community is adopting this week

  1. Loading…

Source: Hugging Face. Downloads over the last 30 days.

The compute behind frontier AI

Interactive

Training computation of notable AI systems, by domain

Source: Our World in Data, based on Epoch AI (CC BY)

Related research: race with the machines

AI research momentum

Connecting

Scholarly works published per year, by topic

Loading publication counts…

Generative AI in educationAI in finance

Source: OpenAlex (CC0). The current year is partial.

Related research: race with the machines

02Digital financial markets

The live TradingView price ticker appears here on the published website.

Stablecoin supply

Interactive

Market capitalisation of all stablecoins, USDT and USDC

The TradingView chart appears here on the published website.

Chart by TradingView

Blockchain usage: layer 1 and layer 2

Connecting

Daily transactions, weekly average, last 12 months

Loading…

All Ethereum layer 2sEthereum mainnet (layer 1)

Source: growthepie, https://www.growthepie.com (CC BY 4.0)

Publications

All publications

Journal articles, book chapters and reports, newest first. Titles link to the published version.

23Journal articles
  1. 2026

    Excess liquidity, cryptocurrency returns, and the moderating role of economic policy uncertainty

    Nguyen, T. C., Nguyen, T. V. H., Nguyen, T., & Nguyen, B. T.

    Journal of Financial Stability, 87, 101587

  2. 2026

    Herding behavior of cryptocurrency during the 2024 U.S

    Thanh, B. N., Nguyen, T. C., Tuan, A. N., Le Hong, H., & Le Trang, A. D.

    presidential election. The North American Journal of Economics and Finance, 85, 102663

  3. 2025

    Authentic assessment designs and students' self-perception of leadership in business education in Vietnam

    Chu, T., Pham, T. T. T., Nguyen, T. V. H., Nguyen, C. T., Vu, T. H. N., Nguyen, T. B., & Nguyen, T. M. H.

    Journal of Applied Research in Higher Education, 17(5), 1594-1611

  4. 2025

    The determinants of funding liquidity risk in decentralized lending

    Nguyen, M. H., Thanh, B. N., Pham, H., & Pham, T. T. T.

    Global Finance Journal, 64, 101055

  5. 2025

    Decoding market sentiment: the power of ChatGPT in explaining Bitcoin returns from X data

    Nguyen, B. T., Chu, T. T., Ha, S. X., & Nguyen, A. T.

    China Finance Review International, 1-31

  6. 2024

    Revisiting the determinants of cryptocurrency excess return: Does scarcity matter?

    Bui, M., Pham, H., Thanh, B. N., & Tiwari, A. K.

    International Review of Economics & Finance, 96, 103733

  7. 2024

    Blockchain: The Economic and Financial Institution for Autonomous AI?

    Nguyen, B., Xuan Son, H., & Vo, D.

    Journal of Risk and Financial Management, 17(2), 1-20

  8. 2024

    Herding behavior in the cryptocurrency market: the case of the Russia–Ukraine conflict

    Le, H. -H., Nguyen, B. T., & Thien, N. N.

    Journal of Industrial and Business Economics, 51(1), 99-110

  9. 2023

    Race with the machines: Assessing the capability of generative AI in solving authentic assessments

    Nguyen Thanh, B., Vo, D. T. H., Nguyen Nhat, M., Pham, T. T. T., Thai Trung, H., & Ha Xuan, S.

    Australasian Journal of Educational Technology, 39(5), 59-81

  10. 2023

    Digital transformation in engineering education: Exploring the potential of AI-assisted learning

    Pham, T., Nguyen, T. B., Ha, S., & Nguyen Ngoc, N. T.

    Australasian Journal of Educational Technology, 39(5), 1-19

  11. 2023

    Are the stabilities of stablecoins connected?

    Nguyen, B., Nguyen, T., Pham, H., Nguyen, T., & Pham, T.

    Journal of Industrial and Business Economics, 50(3), 515-525

  12. 2022

    The effects of hacking events on bitcoin

    Pham, H., Nguyen, B., Ramiah, V., & Moosa, N.

    Journal of Public Affairs, 22(S1), 1-5

  13. 2021

    Modern portfolio theory in the age of cryptocurrency

    Pham, H., Nguyen, B., & Bui, M.

    Australian Journal of Applied Finance (formerly JASSA), (5), 41-48

  14. 2021

    Price discovery in the cryptocurrency market: evidence from institutional activity

    Doan, H., Pham, H., & Nguyen, B.

    Journal of Industrial and Business Economics, 49(1), 111-131

  15. 2020
  16. 2020

    Determinants of foreign direct investment inflows: The role of economic policy uncertainty

    Nguyen, C., Nguyen, B., Su, D., & Schinckus, C.

    International Economics, 161, 159-172

  17. 2020

    Effects of Macroeconomic Uncertainty and Labor Demand Shocks on the Housing Market

    Strobel, J., Nguyen, B., & Lee, G.

    Real Estate Economics, 48(2), 345-372

  18. 2020

    Excess liquidity and net interest margins: Evidence from Vietnamese banks

    Nguyen, T., Pham, T., Nguyen, C., Nguyen, T., & Nguyen, B.

    Journal of Economics and Business, 110, 1-9

  19. 2020

    A New Measure of Real Estate Uncertainty Shocks

    Nguyen, B., Strobel, J., & Lee, G.

    Real Estate Economics, 48(3), 744-771

  20. 2019

    Asymmetric Monetary Policy Effects on Cryptocurrency Markets

    Nguyen, T., Nguyen, B., Nguyen, K., & Pham, H.

    Research in International Business and Finance, 48, 335-339

  21. 2019

    Bitcoin return: Impacts from the introduction of new altcoins

    Nguyen, T., Nguyen, B., Nguyen, T., & Nguyen, Q.

    Research in International Business and Finance, 48, 420-425

  22. 2018

    Uncertainty and Trade: Evidence from Germany

    Nguyen, B.

    The Empirical Economics Letters, 17(10), 1245-1252

  23. 2017

    Vertical specialization in the EU and the causality of trade

    Huber, S., & Nguyen Thanh, B.

    Applied Economics Letters, 24(5), 329-333

3Book chapters
  1. 2024

    A Practical Study of Generative AI Tools for Higher Education Innovative Transformation

    Borer, D., Hackenberg, E., McIntosh, N., Lane, A., & Thanh, B. N.

    In M. D. Lytras (Ed.), The Evolution of Artificial Intelligence in Higher Education (pp. 35-62). Bingley, United Kingdom: Emerald Group Publishing

  2. 2024

    Educational technology and responsible automated essay scoring in the generative AI era

    Thai, H., Nguyen, M., Nguyen, H. T. T., Vo, D. T. H., Thanh, B. N., Nguyen, K., . . . Le, T. V. A.

    In T. Umair, I. Shamaila, T. Q. Huy, & T. G. Hoang (Eds.), Navigating the Circular Age of a Sustainable Digital Revolution (pp. 325-356). Hershey, Pennsylvania, United States: IGI Global

  3. 2021

    The Effectiveness of Authentic Assessments during COVID-19

    Pham, H., Thanh, B. N., Nguyen, T. V. H., & Jain, U.

    In R. Y. Chan, K. Bista, & R. M. Allen (Eds.), Online Teaching and Learning in Higher Education during COVID-19 (pp. 69-78). United States: Routledge

1Policy report
  1. 2023

    Monetary Policy in the Age of Cryptocurrencies: Ethereum Foundation

    Nguyen, T. B., Perera, K. L. U. D., Nguyen, P., Nguyen, T., Pham, T., Nguyen, L., . . . Kok, S. K.

    Ho Chi Minh City, Vietnam: Ethereum Foundation