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Over millennia, mankind has used hard cash in various forms ranging from shells to gold coins and paper. More recently, cash has become unpopular in political circles, as it effectively restricts states’ power to tax (explicitly or via negative interest rates) or to survey and potentially...
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We investigate the effect of financial integration on the degree of international business cycle synchronization. For identfication, we use a confidential database on banks' bilateral exposure over the past three decades and employ a novel bilateral country-pair panel instrumental vari- ables...
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distinguishes two aspects of the problem. The first one considers the implications of changes in payments for the roles of central … payments, information policy in the area of payments, promotion of standardization and interoperability of systems, effective … oversight and operational activities of central banks. The changing payments landscape also requires consideration of long …
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