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The economics of central bank digital currency

Ahnert, Toni; Assenmacher, Katrin; Hoffmann, Peter; … - 2022

This paper provides a structured overview of the burgeoning literature on the economics of CBDC. We document the economic forces that shape the rise of digital money and review motives for the issuance of CBDC. We then study the implications for the financial system and discuss of a number of...

Persistent link: https://www.econbiz.de/10013342232

Interdependencies between mining costs, mining rewards and blockchain security

Ciaian, Pavel; Kancs, D'Artis; Rajcaniova, Miroslava - 2021

cryptocurrency market outcomes. We theoretically derive an equilibrium relationship between the cryptocurrency price, mining rewards … endogenous - we provide empirical evidence of cryptocurrency price and mining rewards indeed being intrinsically linked to … and mining costs, and blockchain security outcomes. Using daily crypto market data for 2014-2021 and employing the …

Persistent link: https://www.econbiz.de/10012661203

Cryptocurrency market reactions to regulatory news

Auer, Raphael A.; Claessens, Stijn - 2020

Cryptocurrencies are often thought to operate out of the reach of national regulation, but in fact their valuations, transaction volumes and user bases react substantially to news about regulatory actions. The impact depends on the specific regulatory category to which the news relates: events...

Persistent link: https://www.econbiz.de/10012205633

How money relates to value? : an empirical examination on gold, silver and bitcoin

Alves, José; Gonçalves, João Quental - 2022

. We analyse price dynamics from 1980 to 2020 for gold and silver resorting to annual data. Regarding bitcoin we employ … hedging properties. Moreover, we also do so for Bitcoin since we consider it an appropriate asset due to its specific …

Persistent link: https://www.econbiz.de/10013170942

A policy framework for e-money : a report on Bank of Canada Research

Davoodalhosseini, Seyed Mohammadreza; Rivadeneyra, Francisco - 2018

We present a policy framework for electronic money and payments. The framework poses a set of positive questions related to the areas of responsibility of central banks: payments systems, monetary policy and financial stability. The questions are posed to four broad forms of e-money: privately...

Persistent link: https://www.econbiz.de/10011824436

Is a cashless society problematic?

Engert, Walter; Fung, Ben Siu-cheong; Hendry, Scott - 2018

The use of bank notes in Canada for payments has declined consistently for some time, and similar trends are evident in other countries. This has led some observers to predict a cashless society in the future. This paper considers the implications of the abandonment of the use of cash in the...

Persistent link: https://www.econbiz.de/10011926055

Swedish Riksbank notes and Enskilda bank notes : lessons for digital currencies

Fung, Ben Siu-cheong; Hendry, Scott; Weber, Warren E. - 2018

This paper examines the experience of Sweden with government notes and private bank notes to determine how well the Swedish experience corresponds to that of Canada and the United States. Sweden is important to study because it has had government notes in circulation for more than 350 years, and...

Persistent link: https://www.econbiz.de/10011864604

Central bank digital currency : motivations and implications

Engert, Walter; Fung, Ben Siu-cheong - 2017

The emergence of digital currencies such as Bitcoin and the underlying blockchain and distribution ledger technology …

Persistent link: https://www.econbiz.de/10011759869

Central Bank digital currencies : a framework for assessing why and how

Fung, Ben Siu-cheong; Hałaburda, Hanna - 2016

Digital currencies have attracted strong interest in recent years and have the potential to become widely adopted for use in making payments. Public authorities and central banks around the world are closely monitoring developments in digital currencies and studying their implications for the...

Persistent link: https://www.econbiz.de/10011565226

Canadian bank notes and Dominion notes : lessons for digital currencies

Fung, Ben Siu-cheong; Hendry, Scott; Weber, Warren E. - 2017

This paper studies the period in Canada when both private bank notes and governmentissued notes (Dominion notes) were simultaneously in circulation. Because both of these notes shared many of the characteristics of today's digital currencies, the experience with these notes can be used to draw...

Persistent link: https://www.econbiz.de/10011599127