Current literature on central bank digital currencies (CBDCs) generally focuses on regulatory issues in the domestic context. This paper discusses the challenges when a CBDC circulates across national borders. It addresses three cross-border spillover effects of the CBDC: the crowding out effect...

Consumer spending declined significantly during the recent COVID-19 pandemic. This negative shock likely reduced spending across all methods of payment (cash, debit, credit, etc.). As well, the mix of payment methods that consumers use could also be affected. This paper is a first step in...