In this paper, I discuss the implications for emerging countries of the adoption of central bank digital currencies (CBDCs) in advanced jurisdictions, such as the United States, the United Kingdom, and the Euro Zone. The analysis identifies benefits as well as costs. Among the former, one of the...

Sebastian Edwards finds that monetary policy in Iceland has been run in an effective way since approximately 2012 and contributed in a significant way to the recovery of the Icelandic economy. He then addresses two new instruments of monetary policy: currency intervention and capital controls....