This paper assesses the impact of unconventional United States (US) and Japanese monetary policies on emerging economies, and explores policy coordination issues to promote macroeconomic and financial stability in developed and emerging economies. The paper first considers a theoretical...

This paper sheds light on Australia's fast real-time retail payments system, the New Payments Platform (NPP), which was launched in February 2018 by a consortium of 13 financial institutions, including the Reserve Bank of Australia (RBA). The NPP operates on a 24/7 basis and allows financial...

Demand for cash is generally known to be influenced by several factors−including transaction motive used for payment, opportunity cost, precautionary motive (such as crisis period), and other motives (such as aging and demand from abroad). In recent years, cashless payment methods have...

As it is becoming clear that climate change will exert a major impact on inflation, economic growth, and financial system stability, central banks and financial regulators have increasingly recognized that they can no longer ignore climate change and other environmental issues. In general,...

Low inflation hit the Japanese economy shortly after the burst of the bubble in stocks and real estate in 1991 and has haunted the domestic economy ever since. The bubbles were partly attributable to prolonged monetary easing in the second half of 1980s, which was conducted to increase domestic...

A key lesson of the 2007 - 2009 global financial crisis (GFC) was the importance of containing systemic financial risk and the need for a "macroprudential" approach to surveillance and regulation that can identify system-wide risks and take appropriate actions to maintain financial stability. By...

Responsibility for financial and macroeconomic stability implicitly or explicitly lies with the central bank, which therefore ought to address climate-related and other environmental risks on a systemic level. Furthermore, central banks, through their regulatory oversight over money, credit, and...

This paper provides an overview of the operational implementation of negative interest rates in Europe and Japan. Drawing attention to the fact that there is precedent for negative policy rates and negative money market rates, the paper addresses conceptual issues and summarizes measures which...

In this study, we describe the fintech and cryptoassets-related trends in the Republic of Korea and review the measures and assessments of the Government of the Republic of Korea and the Bank of Korea. We also provide discussion on central bank digital currency. Fintech in the Republic of Korea...

This study reviews the concepts and features of both central bank and private sector money and focuses on them in selected advanced and emerging economies. As a newly emerged form of private sector money, digital coins (cryptoassets) such as bitcoin have garnered much attention because their...