In the inverted yield curve environment, whether the sixteen SDGs set up by the United Nations could be realized by 2030 sparks interesting considerations. Meanwhile, as the Reserve Bank of New Zealand is considering the potential issuance of the CBDC, the boost to SDG 8 - decent work and...

While the potential issuance of CBDC might enable SDG 8 to be realized in New Zealand, mutual interactions between SDG 8 and other goals attract interesting considerations of if both SDG 8 and other goals could be achieved. SDGs are grouped in terms of the common characteristics that will enable...

This paper explores the regulation and differences between various digital currencies, including cryptocurrency, stablecoin, central bank digital currency, e-money, virtual currency, and in-game currency. The rise of digital currencies has created a complex ecosystem of financial instruments...

One of the main concerns associated with central bank digital currencies (CBDC) is the disintermediating effect on the banking sector in general, and the risk of bank runs in times of crisis in particular. This paper examines the implications of an interest-bearing CBDC on banking crises in a...

The decision to introduce a central bank digital currency (CBDC) is part of the new challenges that central banks are facing as technology keeps moving. The e-Peso pilot plan, implemented between 2017 and 2018, could provide some key findings for central banks. In this sense, we can learn seven...

There are currently notable innovations emerging from Central Banks across the world, from the focus on climate change, resilient recovery and technological innovations. In the current Fourth Industrial Revolution (4IR), the emergence of technology-driven innovations in the work of Central Banks...

Central banks around the world are increasingly exploring central bank digital currencies (CBDCs). This paper investigates the possible impacts of cross-border CBDCs on capital flows and financial stability in a simple open economy extension of a classical model of bank runs, augmented with the...

This study examines how the issuance of a central bank digital currency (CBDC) affects both the payment instrument choice and asset allocation decisions of consumers, as well as the profitability of financial intermediaries. Specifically, we suggest a theoretical model where introducing a CBDC...

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...

After introducing digital currency, the central bank emerges as a monopolist bank. It then faces an "impossible trinity". To achieve price stability and financial stability, optimal consumption allocation is sacrificed. In this paper, I show that fiscal policy designed in coordination with the...