We study a model of financial intermediation, payment choice, and privacy in the digital economy. Cash preserves anonymity but cannot be used for more efficient online transactions. By contrast, bank deposits can be used online but do not preserve anonymity. Banks use the information contained...

What roles exist for public and private partnerships within the context of central bank digital currencies (CBDCs), in an increasingly digitalized global system? Do central bank digital currencies (CBDCs) serve as public goods rather than tools which should primarily remain within the realm and...