Discussions on Central Bank Digital Currencies (CBDCs) have so far mostly focused on the potential risks that these currencies could represent for financial intermediation and financial stability. It is important, however, to also consider how they could contribute to the welfare of citizens,...

This comparative table includes statistics on geographical distribution of financial flows with a focus on deflators comprising the effect of exchange rate changes which pertain both to resource flows for individual DAC Members as well as Total DAC deflator. Data are available from 1960 onwards.

This study of the major industrial countries' interbank markets for overnight loans links the behavior of very short-term interest rates to the operating procedures of the countries' central banks. Previous studies have focused on key features of the U.S. federal funds rate's behavior. We find...