This paper provides a comparative analysis of the Great Depression (1929-1933) and the Great Financial Crisis (2007-2009) by contrasting the crises' main driving forces and how they relate to each other with respect to the United States. To this end, causes, consequences and measures undertaken...

In response to the COVID-19 pandemic, G7 central banks have launched asset purchase programs in anticipation of an increase in government bond offerings to finance ballooning fiscal deficits. As the volume of government bonds owned by private investors is not expected to rise during the current...

The author starts from the assumption that Croatia will access the European Union. Following this assumption, he analyzes the possible scenarios of Croatian monetary strategy based on the achievements of the country's monetary policy, on the degree of acceptance of the convergence criteria and...

A number of internet-based digital currency platform based on decentralized public ledgers have started since the introduction of the blockchain concept by the founder of Bitcoin in 2008. An important element of these public ledger platforms is an incentive system that elicits efforts from a...

The prospect of central banks issuing digital currency (CBDC) immediately raises the question of how this new form of money should co-exist and interact with existing forms of money. This paper evaluates three different scenarios for the implementation of CBDC in terms of their monetary policy...

This paper is a critical engagement with the four design principles for Central Bank Digital Currency (CBDC) recently proposed by Kumhof and Noone (KN). It is argued that the implicit notion of parity underlying KN's analysis is too narrow as it is only focused on the exchange rate between CBDC...

We develop a new framework to examine the effects of retail central bank digital currencies (CBDCs) on financial inclusion and stability, particularly how the results depend on an economy's existing degree of financial development. We demonstrate that when offering CBDCs in underdeveloped...

Many commentators have argued that if the Federal Reserve had followed a stricter monetary policy earlier this decade when the housing bubble was forming, and if Congress had not deregulated banking but had imposed tighter financial standards, the housing boom and bust - and the subsequent...

Since the dismantling of the Bretton Woods system, gold has delivered average return comparable to the average return delivered by the aggregate US stock market. This suggest that none of the growth and technological improvement gains accrued to the financiers. In the context of modern asset...

Few areas of monetary economics have been studied as extensively as the transmission mechanism. The literature on this topic has evolved substantially over the years, following the waxing and waning of conceptual frameworks and the changing characteristics of the financial system. In this paper,...