Cross Border Central Bank Digital Currencies Bank Runs And Capital Flows Volatility

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Cross-Border Central Bank Digital Currencies, Bank Runs and Capital Flows Volatility

Ms. Adina Popescu
Cross Border Central Bank Digital Currencies Bank Runs and Capital Flows Volatility Book PDF

Author : Ms. Adina Popescu
Publisher : International Monetary Fund
Page : 43 pages
File Size : 43,6 Mb
Release : 2022-05-06
Category : Business & Economics
ISBN : 9798400209185

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Cross-Border Central Bank Digital Currencies, Bank Runs and Capital Flows Volatility by Ms. Adina Popescu Pdf

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 presence of a credible foreign central bank, which issues an account-based interest bearing CBDC available to nonresidents. The paper finds that the presence of a foreign CBDC which acts as an international safe asset may increase the risk of financial disintermediation in the domestic banking sector, which can be accompanied by higher and more volatile capital flows.

Casting Light on Central Bank Digital Currencies

Mr.Tommaso Mancini Griffoli,Mr.Maria Soledad Martinez Peria,Mr.Itai Agur,Mr.Anil Ari,Mr.John Kiff,Ms.Adina Popescu,Ms.Celine Rochon
Casting Light on Central Bank Digital Currencies Book PDF

Author : Mr.Tommaso Mancini Griffoli,Mr.Maria Soledad Martinez Peria,Mr.Itai Agur,Mr.Anil Ari,Mr.John Kiff,Ms.Adina Popescu,Ms.Celine Rochon
Publisher : International Monetary Fund
Page : 39 pages
File Size : 51,8 Mb
Release : 2018-11-12
Category : Business & Economics
ISBN : 9781484393604

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Casting Light on Central Bank Digital Currencies by Mr.Tommaso Mancini Griffoli,Mr.Maria Soledad Martinez Peria,Mr.Itai Agur,Mr.Anil Ari,Mr.John Kiff,Ms.Adina Popescu,Ms.Celine Rochon Pdf

Digitalization is reshaping economic activity, shrinking the role of cash, and spurring new digital forms of money. Central banks have been pondering wheter and how to adapt. One possibility is central bank digital currency (CBDC)-- a widely accessible digital form of fiat money that could be legal tender. This discussion note proposes a conceptual framework to assess the case for CBDC adoption from the perspective of users and central banks. It discusses possible CBDC designs, and explores potential benefits and costs, with a focus on the impact on monetary policy, financial stability, and integrity. This note also surveys research and pilot studies on CBDC by central banks around the world.

Central Bank Digital Currency—Initial Considerations

International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Research Dept.
Central Bank Digital Currency Initial Considerations Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 22 pages
File Size : 43,8 Mb
Release : 2023-11-14
Category : Business & Economics
ISBN : 9798400259210

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Central Bank Digital Currency—Initial Considerations by International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Research Dept. Pdf

The paper briefs the Executive Board on the initial considerations on CBDC. These cover a framework to guide countries’ CBDC exploration, as well as implications for monetary policy transmission, capital flow management measures, and financial inclusion.

Cross-Border Payments with Retail Central Bank Digital Currencies

Andre Reslow,Gabriel Soderberg,Natsuki Tsuda
Cross Border Payments with Retail Central Bank Digital Currencies Book PDF

Author : Andre Reslow,Gabriel Soderberg,Natsuki Tsuda
Publisher : International Monetary Fund
Page : 43 pages
File Size : 44,5 Mb
Release : 2024-05-15
Category : Business & Economics
ISBN : 9798400272035

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Cross-Border Payments with Retail Central Bank Digital Currencies by Andre Reslow,Gabriel Soderberg,Natsuki Tsuda Pdf

Many central banks are currently exploring the possibility of issuing retail central bank digital currency (CBDC). While the primary objective varies between jurisdictions, many central banks consider improved cross-border payments as a potential benefit and previous work has shown that CBDC can help overcome some of the frictions in cross-border payments. CBDC is a safe and liquid asset reducing the number of financial intermediaries and the settlement risk. Designing CBDC systems for cross-border payments is not fundamentally different from tailoring other payment systems. However, the roles and responsibilities might be slightly different in a CBDC system, and the central bank may play a more pivotal role given CBDC’s nature as public money as opposed to commercial bank money. This note draws lessons from ongoing experimentation and research to identify design and policy considerations when developing retail CBDC systems so it may be compatible for cross-border payments. The note focuses on retail CBDC—a CBDC primarily targeting households and non-financial firms—and leaves wholesale CBDC considerations for future work, although many of the discussions are applicable to wholesale CBDC and other forms of money as well.

Capital Flow Management Measures in the Digital Age (2)

Mr. Dong He,Annamaria Kokenyne,Mr. Tommaso Mancini Griffoli,Mr. Marcello Miccoli,Mr. Thorvardur Tjoervi Olafsson,Gabriel Soderberg,Hervé Tourpe
Capital Flow Management Measures in the Digital Age 2 Book PDF

Author : Mr. Dong He,Annamaria Kokenyne,Mr. Tommaso Mancini Griffoli,Mr. Marcello Miccoli,Mr. Thorvardur Tjoervi Olafsson,Gabriel Soderberg,Hervé Tourpe
Publisher : International Monetary Fund
Page : 37 pages
File Size : 46,9 Mb
Release : 2023-09-15
Category : Business & Economics
ISBN : 9798400252105

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Capital Flow Management Measures in the Digital Age (2) by Mr. Dong He,Annamaria Kokenyne,Mr. Tommaso Mancini Griffoli,Mr. Marcello Miccoli,Mr. Thorvardur Tjoervi Olafsson,Gabriel Soderberg,Hervé Tourpe Pdf

This fintech note looks at how capital flow measures (CFMs) could be implemented with central bank digital currency (CBDC), and what benefits, risks and complexities could arise. There are several implications of the analysis. First, CBDC ecosystems should generally be designed such that they can accommodate the introduction of CFMs. Second, thanks to the programmability of the payment infrastructure given by the new digital technologies, certain CFMs could likely be implemented more efficiently and effectively with CBDC compared to the traditional system. Third, implementing CFMs requires central banks to collaborate on practices and standards. Finally, CFMs on CBDC need to operate alongside traditional CFMs.

Central Bank Digital Currencies and the Global Financial System

Muhammad Ashfaq,Rashedul Hasan,Jošt Merčon
Central Bank Digital Currencies and the Global Financial System Book PDF

Author : Muhammad Ashfaq,Rashedul Hasan,Jošt Merčon
Publisher : Walter de Gruyter GmbH & Co KG
Page : 180 pages
File Size : 51,5 Mb
Release : 2023-07-24
Category : Business & Economics
ISBN : 9783110982398

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Central Bank Digital Currencies and the Global Financial System by Muhammad Ashfaq,Rashedul Hasan,Jošt Merčon Pdf

Central Bank Digital Currencies and Global Financial System: Theory and Practice is the perfect book for anyone interested in the impact of digital currencies on the global financial system, providing valuable insights and analysis on the topic. The topic of central bank digital currencies (CBDCs) is particularly relevant in 2023 because the use of digital currencies is rapidly growing around the world, and many central banks are exploring the idea of developing their own CBDCs. This book offers readers an opportunity to gain a better understanding of CBDCs, including their history, differences with cryptocurrencies, and the potential impact of CBDCs on the future of the financial system. The book’s didactic approach breaks down complex topics into easily digestible chapters, allowing readers to easily understand and follow the progression of digital currencies. For those interested in the future of digital currencies, the book offers a chapter on future research directions and concluding remarks. Central Bank Digital Currencies and Global Financial System: Theory and Practice is a must-read for anyone interested in the intersection of finance and technology. By exploring the evolution of digital currencies and their impact on the global financial system, this book provides valuable insights for policymakers, financial professionals, and anyone looking to understand the future of money.

Exploring Central Bank Digital Currencies: Concepts, Frameworks, Models, and Challenges

Kaur, Guneet,Lekhi, Pooja,Popli, Simriti
Exploring Central Bank Digital Currencies Concepts Frameworks Models and Challenges Book PDF

Author : Kaur, Guneet,Lekhi, Pooja,Popli, Simriti
Publisher : IGI Global
Page : 380 pages
File Size : 46,8 Mb
Release : 2024-03-07
Category : Business & Economics
ISBN : 9798369318836

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Exploring Central Bank Digital Currencies: Concepts, Frameworks, Models, and Challenges by Kaur, Guneet,Lekhi, Pooja,Popli, Simriti Pdf

In the ever-evolving landscape of global finance, the rise of Central Bank Digital Currencies (CBDCs) has introduced a myriad of challenges that demand immediate scholarly attention. The accelerating pace of digital transformation, coupled with the intricate dynamics of these novel currencies, poses significant hurdles in their widespread adoption. From privacy concerns to the technological complexities involved, the academic community finds itself at the forefront of deciphering the multifaceted challenges inherent in the CBDC landscape. Addressing this imperative need for comprehensive analysis is the groundbreaking publication, Exploring Central Bank Digital Currencies: Concepts, Frameworks, Models, and Challenges. Within the pages of this compelling work, scholars will encounter a meticulous exploration of the intricate evolution of money, navigating from traditional barter systems to the digital era. The catalytic role of Bitcoin in reshaping the financial landscape serves as a cornerstone, laying the foundation for a profound understanding of the cryptocurrency fundamentals that underpin CBDCs. This book delves into the conceptual frameworks and technological models shaping CBDCs, aiming to illuminate the complex challenges faced by central banks, governments, and financial institutions in their pursuit of digital currency integration.

Central Bank Digital Currencies (CBDCs)

Christos V. Gortsos,Rolf Sethe
Central Bank Digital Currencies CBDCs Book PDF

Author : Christos V. Gortsos,Rolf Sethe
Publisher : buch & netz
Page : 100 pages
File Size : 43,8 Mb
Release : 2023-10-27
Category : Business & Economics
ISBN : 9783038056201

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Central Bank Digital Currencies (CBDCs) by Christos V. Gortsos,Rolf Sethe Pdf

The present book contains five contributions relating to the introduction of Central Bank Digital Currencies (CBDCs), i.e., the digital form of state-issued legal tender. It is the by-product of a Colloquium jointly hosted by the Collegium Helveticum (the joint Institute for Advanced Studies of ETH Zurich, the University of Zurich and the Zurich University of the Arts) and the University of Zurich’s Priority Research Program on Financial Market Regulation (URPP FinReg) on 9 May 2023. The contributions to this book provide an in-depth analysis of the following aspects of CBDCs: - Global Financial Architecture and Decentralized CBDC Regimes (by Rolf H. Weber), - The Shift from Private Money into “Unlimited” CBDCs: An Unviable Development or a Chance for Reform and New Opportunities? (by Christian Hofmann), - A Macroeconomic Perspective on retail CBDC and the Digital Euro (by Dirk Niepelt), - Central Bank Digital Currencies: Central Bank Money reaches a new frontier (by Chiara Zilioli) and - The Simple(r) Case for Wholesale Central Bank Digital Currency (by Thomas Moser). The articles constitute an optimal blend between legal, institutional, and economic aspects on CBDCs by high-quality experts, combining the academic and the central bank perspectives.

IMF Approach to Central Bank Digital Currency Capacity Development

International Monetary,International Monetary Fund. Monetary and Capital Markets Department
IMF Approach to Central Bank Digital Currency Capacity Development Book PDF

Author : International Monetary,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 23 pages
File Size : 51,9 Mb
Release : 2023-04-11
Category : Business & Economics
ISBN : 9798400240256

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IMF Approach to Central Bank Digital Currency Capacity Development by International Monetary,International Monetary Fund. Monetary and Capital Markets Department Pdf

The global central banking community is actively exploring Central Bank Digital Currencies (CBDCs), which may have a fundamental impact on both domestic and international economic and financial stability. Over 40 countries have approached the IMF to request assistance through CBDC capacity development (CD). Current IMF CBDC CD efforts have focused on facilitating peer learning and developing analytical underpinnings for staff advice to member countries. CD missions have aimed at helping country authorities answer questions about how to think about CBDCs. With more available country experiments and empirical evidence, IMF CD will evolve to provide increased value-added advice more tailored to country circumstances and more solidly anchored in empirical and analytical work, and strengthen synergies with surveillance. This paper sketches a multi-year strategy to address frequently asked questions related to CBDC and outlines the process for developing a CBDC Handbook which will document emerging lessons, analytical findings, and policy views. The paper (1) explains the IMF’s approach to CBDC CD; (2) summarizes member countries’ emerging questions and challenges regarding CBDC; and (3) introduces the CBDC Handbook by motivating its scope and elucidating its governance structure.

The Rise of Digital Money

Mr.Tobias Adrian,Mr.Tommaso Mancini Griffoli
The Rise of Digital Money Book PDF

Author : Mr.Tobias Adrian,Mr.Tommaso Mancini Griffoli
Publisher : International Monetary Fund
Page : 20 pages
File Size : 46,9 Mb
Release : 2019-07-15
Category : Business & Economics
ISBN : 9781498324908

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The Rise of Digital Money by Mr.Tobias Adrian,Mr.Tommaso Mancini Griffoli Pdf

This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.

Towards Central Bank Digital Currencies in Asia and the Pacific

Mrs. Sarwat Jahan,Ms. Elena Loukoianova,Mr. Evan Papageorgiou,Ms. Natasha X Che,Ankita Goel,Mike Li,Umang Rawat,Yong Sarah Zhou
Towards Central Bank Digital Currencies in Asia and the Pacific Book PDF

Author : Mrs. Sarwat Jahan,Ms. Elena Loukoianova,Mr. Evan Papageorgiou,Ms. Natasha X Che,Ankita Goel,Mike Li,Umang Rawat,Yong Sarah Zhou
Publisher : International Monetary Fund
Page : 44 pages
File Size : 43,9 Mb
Release : 2022-09-28
Category : Business & Economics
ISBN : 9798400221521

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Towards Central Bank Digital Currencies in Asia and the Pacific by Mrs. Sarwat Jahan,Ms. Elena Loukoianova,Mr. Evan Papageorgiou,Ms. Natasha X Che,Ankita Goel,Mike Li,Umang Rawat,Yong Sarah Zhou Pdf

Drawing on survey responses from 34 Asian economies and country case studies, this note takes stock of recent developments related to central bank digital currencies (CBDCs) and crypto assets in Asia. The survey finds that there is significant heterogeneity in terms of stage of development, but the emergence of private crypto assets has created an impetus to consider CBDCs. While most countries are engaged in research and development, with some at advanced stages of testing and pilots, very few countries are likely to issue CBDCs in the near-to-medium term, reflecting the still considerable uncertainties. Still, country experiences so far provide some key insights for others in their journey in this area.

Recent Central Bank Digital Currency Developments in Asia and Their Implications

Asian Development Bank
Recent Central Bank Digital Currency Developments in Asia and Their Implications Book PDF

Author : Asian Development Bank
Publisher : Asian Development Bank
Page : 158 pages
File Size : 48,6 Mb
Release : 2023-08-01
Category : Computers
ISBN : 9789292702816

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Recent Central Bank Digital Currency Developments in Asia and Their Implications by Asian Development Bank Pdf

This publication analyzes the evolution of Central Bank Digital Currencies (CBDC) in Asia and the Pacific, assesses their potential risks and technical challenges, and explores their potential to improve cross-border payments and financial inclusion. Ahead of the launch of any large-scale Asian CBDC, it details various models and explores how Cambodia, the People’s Republic of China, Singapore, and Thailand are taking the lead. Outlining global developments and emerging trends, it shows why a robust digital infrastructure, strong public-private collaboration, and fintech literacy are central to ensuring CBDCs help drive the transition to a digital economy.

Digital Money, Cross-Border Payments, International Reserves, and the Global Financial Safety Net

Mr. Seunghwan Kim,Alex Miksjuk,Mr. Narayan Suryakumar,Ms. Anita Tuladhar,Mrs. Delia Velculescu,Mr. Yiqun Wu,Jimena Zuniga,Mr. Nick Hallmark
Digital Money Cross Border Payments International Reserves and the Global Financial Safety Net Book PDF

Author : Mr. Seunghwan Kim,Alex Miksjuk,Mr. Narayan Suryakumar,Ms. Anita Tuladhar,Mrs. Delia Velculescu,Mr. Yiqun Wu,Jimena Zuniga,Mr. Nick Hallmark
Publisher : International Monetary Fund
Page : 23 pages
File Size : 54,6 Mb
Release : 2024-01-04
Category : Business & Economics
ISBN : 9798400253478

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Digital Money, Cross-Border Payments, International Reserves, and the Global Financial Safety Net by Mr. Seunghwan Kim,Alex Miksjuk,Mr. Narayan Suryakumar,Ms. Anita Tuladhar,Mrs. Delia Velculescu,Mr. Yiqun Wu,Jimena Zuniga,Mr. Nick Hallmark Pdf

The rapid advent of digital money (DM) and assets raises questions about its implications for the functioning of the international monetary system (IMS). The low transaction costs of digital technologies, their accessibility and ease of automation, and their integration into existing digital services may bring opportunities in the form of higher financial interconnectedness and inclusion but may also add to risks. This paper explores the possible implications of DM for the IMS from the perspective of cross-border payments, international reserves and the supply of global safe assets, and the global financial safety net. To help inform the discussion, the paper presents empirical analyses of the effect of payment efficiency on international currency adoption for payment/transaction purposes as well as on reserve currency holdings, along with an illustrative modeling scenario of a DM-induced shock for the potential demand for global financial safety net resources.

Designing Central Bank Digital Currencies

Mr.Itai Agur,Mr.Anil Ari,Mr.Giovanni Dell'Ariccia
Designing Central Bank Digital Currencies Book PDF

Author : Mr.Itai Agur,Mr.Anil Ari,Mr.Giovanni Dell'Ariccia
Publisher : International Monetary Fund
Page : 38 pages
File Size : 41,6 Mb
Release : 2019-11-18
Category : Business & Economics
ISBN : 9781513519883

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Designing Central Bank Digital Currencies by Mr.Itai Agur,Mr.Anil Ari,Mr.Giovanni Dell'Ariccia Pdf

We study the optimal design of a central bank digital currency (CBDC) in an environment where agents sort into cash, CBDC and bank deposits according to their preferences over anonymity and security; and where network effects make the convenience of payment instruments dependent on the number of their users. CBDC can be designed with attributes similar to cash or deposits, and can be interest-bearing: a CBDC that closely competes with deposits depresses bank credit and output, while a cash-like CBDC may lead to the disappearance of cash. Then, the optimal CBDC design trades off bank intermediation against the social value of maintaining diverse payment instruments. When network effects matter, an interest-bearing CBDC alleviates the central bank's tradeoff.

Virtual Currencies and Beyond

Mr.Dong He,Mr.Karl Friedrich Habermeier,Mr.Ross B Leckow,Mr.Vikram Haksar,Ms.Yasmin Almeida,Ms.Mikari Kashima,Mr.Nadim Kyriakos-Saad,Ms.Hiroko Oura,Tahsin Saadi Sedik,Natalia Stetsenko,Ms.Concha Verdugo Yepes
Virtual Currencies and Beyond Book PDF

Author : Mr.Dong He,Mr.Karl Friedrich Habermeier,Mr.Ross B Leckow,Mr.Vikram Haksar,Ms.Yasmin Almeida,Ms.Mikari Kashima,Mr.Nadim Kyriakos-Saad,Ms.Hiroko Oura,Tahsin Saadi Sedik,Natalia Stetsenko,Ms.Concha Verdugo Yepes
Publisher : International Monetary Fund
Page : 42 pages
File Size : 48,7 Mb
Release : 2016-01-20
Category : Business & Economics
ISBN : 9781498321303

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Virtual Currencies and Beyond by Mr.Dong He,Mr.Karl Friedrich Habermeier,Mr.Ross B Leckow,Mr.Vikram Haksar,Ms.Yasmin Almeida,Ms.Mikari Kashima,Mr.Nadim Kyriakos-Saad,Ms.Hiroko Oura,Tahsin Saadi Sedik,Natalia Stetsenko,Ms.Concha Verdugo Yepes Pdf

New technologies are driving transformational changes in the global financial system. Virtual currencies (VCs) and the underlying distributed ledger systems are among these. VCs offer many potential benefits, but also considerable risks. VCs could raise efficiency and in the long run strengthen financial inclusion. At the same time, VCs could be potential vehicles for money laundering, terrorist financing, tax evasion and fraud. While risks to the conduct of monetary policy seem less likely to arise at this stage given the very small scale of VCs, risks to financial stability may eventually emerge as the new technologies become more widely used. National authorities have begun to address these challenges and will need to calibrate regulation in a manner that appropriately addresses the risks without stifling innovation. As experience is gained, international standards and best practices could be considered to provide guidance on the most appropriate regulatory responses in different fields, thereby promoting harmonization and cooperation across jurisdictions.