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The paper explores the precarious balance between modernizing monetary systems by means of digital currencies (either issued by the central bank itself or independently) and safeguarding financial stability as also ensured by tangible payment (and saving) instruments like paper money. Which...
Persistent link: https://www.econbiz.de/10012063969
The paper explores the precarious balance between modernizing monetary systems by means of digital currencies (either issued by the central bank itself or independently) and safeguarding financial stability as also ensured by tangible payment (and saving) instruments like paper money. Which...
Persistent link: https://www.econbiz.de/10012034364
Persistent link: https://www.econbiz.de/10011944433
Persistent link: https://www.econbiz.de/10014581022
We consider the debut of a new monetary instrument, central bank digital currencies (CBDCs). Drawing on examples from monetary history, we argue that a successful monetary transformation must combine microeconomic efficiency with macroeconomic credibility. A paradoxical feature of these...
Persistent link: https://www.econbiz.de/10013472251
cryptocurrencies specifically. First, what is fundamentally new about the technology that underpins cryptocurrencies and other … cryptoassets? Second, how do cryptocurrencies affect a central bank's role in the economy? Third, given the two challenges of a … rise of cryptoassets and a decline in the use of cash, should digital payments be left entirely to the private sector or …
Persistent link: https://www.econbiz.de/10011967273
Persistent link: https://www.econbiz.de/10012798262
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similar to cash. The implications of such a digital currency are explored, focusing on central bank seigniorage, monetary …
Persistent link: https://www.econbiz.de/10011759869
, cryptocurrencies have been increasingly utilised for international transactions, and it is possible that the use of these … cryptocurrencies might expand in the future. This paper therefore examines the potential role of digital currency balances as part of …
Persistent link: https://www.econbiz.de/10011450546