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CBDC next-level : a new architecture for financial "super-stability"
Bossone, Biagio; Haines, Michael R. - 2023
Fractional reserve regimes generate fragile banking, and full reserve regimes (e.g., narrow banking) remove fragility at the cost of suppressing the role of banks as lenders. A Central Bank Digital Currency (CBDC) could provide safe money, but at the cost of potentially disrupting bank lending....
Persistent link: https://www.econbiz.de/10014230396
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Money creation in fiat and digital currency systems
Groß, Marco; Siebenbrunner, Christoph - 2019
To support the understanding that banks' debt issuance means money creation, while centralized nonbank financial institutions' and decentralized bond market intermediary lending does not, the paper aims to convey two related points: First, the notion of money creation as a result of banks' loan...
Persistent link: https://www.econbiz.de/10012155100
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The macroeconomics of central bank digital currencies
Barrdear, John; Kumhof, Michael - In: Journal of economic dynamics & control 142 (2022), pp. 1-24
Persistent link: https://www.econbiz.de/10013474148
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Investigation of the Potential for Using the Bitcoin Blockchain as the World's Primary Infrastructure for Internet Commerce
Wright, Craig S - 2017
Bitcoin has the potential to replace all existing payment systems to become the world's primary infrastructure for … commerce over the internet. However, to grow in scale to meet the demands of such a system's current imposed constraints will …
Persistent link: https://www.econbiz.de/10012944141
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Business perspectives on the digital economy
Gershon, Richard A. - In: De Gruyter handbook of media economics, (pp. 27-41). 2024
Persistent link: https://www.econbiz.de/10014538806
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Assessing global and local interest in eNaira CBDC and cryptocurrency information : implications for financial stability
Ozili, Peterson K. - In: Journal of Internet and Digital Economics 3 (2023) 1/2, pp. 1-17
Purpose This paper investigates the global and local interest in Internet information about cryptocurrency and the … Internet information about eNaira in the first six weeks after eNaira adoption. Local interest in Internet information about … cryptocurrency in Nigeria exceeded global interest in Internet information about cryptocurrency. The south-east region had the …
Persistent link: https://www.econbiz.de/10014433780
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On the equivalence of private and public money
Brunnermeier, Markus Konrad; Niepelt, Dirk - 2019
When does a swap between private and public money leave the equilibrium allocation and price system unchanged? To answer this question, the paper sets up a generic model of money and liquidity which identifies sources of seignorage rents and liquidity bubbles. We derive sufficient conditions for...
Persistent link: https://www.econbiz.de/10012033128
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Before Babylon, beyond Bitcoin : from money that we understand to money that understands us
Birch, David G. W. - 2017
Persistent link: https://www.econbiz.de/10011902703
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Money creation in decentralized finance : a dynamic model of stablecoin and crypto shadow banking
Li, Ye; Mayer, Simon - 2021
Stablecoins rise to meet the demand for safe assets in decentralized finance. Stablecoin issuers transform risky reserve assets into tokens of stable values, deploying a variety of tactics. To address the questions on the viability of stablecoins, regulations, and the initiatives led by large...
Persistent link: https://www.econbiz.de/10012607298
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Money Creation in Decentralized Finance : A Dynamic Model of Stablecoin and Crypto Shadow Banking
Li, Ye; Mayer, Simon - 2021
Stablecoins rise to meet the demand for safe assets in decentralized finance. Stablecoin issuers transform risky reserve assets into tokens of stable values, deploying a variety of tactics. To address the questions on the viability of stablecoins, regulations, and the initiatives led by large...
Persistent link: https://www.econbiz.de/10013214344