Implications Of Central Bank Digital Currencies For Monetary Policy Transmission
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Implications Of Central Bank Digital Currencies For Monetary Policy Transmission
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Author : Ms. Mitali Das
language : en
Publisher: International Monetary Fund
Release Date : 2023-09-15
Implications Of Central Bank Digital Currencies For Monetary Policy Transmission written by Ms. Mitali Das and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-15 with Business & Economics categories.
This fintech note presents an analysis of the implications of central bank digital currency (CBDC) for monetary policy. In our framework, the implications of CBDC issuance on monetary policy are intermediated by its impact on key parts of the macroeconomic environment. The note also makes a distinction between “level effects”—whereby the introduction of CBDCs could tighten or loosen financial conditions as a shock—and “transmission effects,” whereby CBDCs change the impact of a given monetary policy shock on output, employment, and inflation. In general, the effects of CBDCs on monetary policy transmission are expected to be relatively small in normal times; however, these effects can be more significant in an environment with low interest rates or financial market stress.
Monetary Policy Implications Central Bank Digital Currencies Perspectives On Jurisdictions With Conventional And Islamic Banking Systems
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Author : Inutu Lukonga
language : en
Publisher: International Monetary Fund
Release Date : 2023-03-17
Monetary Policy Implications Central Bank Digital Currencies Perspectives On Jurisdictions With Conventional And Islamic Banking Systems written by Inutu Lukonga and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-17 with categories.
Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems
Implications Of Central Bank Backed Digital Currencies Crypto Currencies On Monetary Policy Financial Stability And Balance Sheets
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Author : Marko Francesevic
language : en
Publisher: GRIN Verlag
Release Date : 2019-04-29
Implications Of Central Bank Backed Digital Currencies Crypto Currencies On Monetary Policy Financial Stability And Balance Sheets written by Marko Francesevic and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-04-29 with Business & Economics categories.
Master's Thesis from the year 2018 in the subject Economics - Finance, grade: 1,0, Copenhagen Business School, language: English, abstract: Inspired by the recent publication of various Central Banks that study the issuance of their own versions of digital currencies, this paper aims at identifying the implications of such a central bank issued digital currency on monetary policy, financial stability and non-bank private sector, central bank and commercial bank balance sheet. It does so by conducting a scenario analysis, where each scenario specifies a distinct form of how a central bank issued digital currency could be introduced and how the resulting implications on the spheres of interest might change as a consequence. The results of this scenario analysis propose that in either implementation mode a CBDC generally provides a positive effect on both financial stability and monetary policy. The degree of the advantageous effect is, however, not only dependent on the implementation scenario, but also on the behaviour of the central banks, the commercial banks and the general public. In terms of balance sheets, this paper identified major changes. The results and implications that have been derived are based on literature, an expert interview and previous research conducted by other central banks and notable scholars. Based on the implications stemming from the four investigated scenarios, this paper evaluates these implications from a perspective of the New Currency School and Banking School. All in all, since this paper sees a central bank backed digital currency as a potential catalyst for a substantial change of the current monetary system, it provides scenarios and theories that challenge the status quo.
Central Bank Digital Currency Initial Considerations
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2023-11-14
Central Bank Digital Currency Initial Considerations written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-11-14 with Business & Economics categories.
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.
Central Bank Digital Currencies In The Middle East And Central Asia
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Author : Serpil Bouza
language : en
Publisher: International Monetary Fund
Release Date : 2024-04-26
Central Bank Digital Currencies In The Middle East And Central Asia written by Serpil Bouza and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-04-26 with Business & Economics categories.
Against the backdrop of a rapidly digitalizing world, there is a growing interest in central bank digital currencies (CBDCs) among central banks, including in the Middle East and Central Asia (ME&CA) region. This paper aims to support ME&CA policymakers in examining key questions when considering the adoption of a CBDC while underscoring the importance of country-specific analyses. This paper does not provide recommendations on CBDC issuance. Instead, it frames the discussion around the following key questions: What is a CBDC? What objectives do policymakers aim to achieve with the issuance of a CBDC? Which inefficiencies in payment systems can CBDCs address? What are the implications of CBDC issuance for financial stability and central bank operational risk? How can CBDC design help achieve policy objectives and mitigate these risks? The paper provides preliminary answers to these questions at the regional level. A survey of IMF teams and public statements from ME&CA policymakers confirm that promoting financial inclusion and making payment systems more efficient (domestic and cross-border) are the top priorities in the region. Payment services through CBDCs, if offered at a lower cost than existing alternatives, could spur competition in the payment market and help increase access to bank accounts, improve financial inclusion, and update legacy technology platforms. CBDCs may also help improve the efficiency of cross-border payment services, especially if designed to address frictions arising from a lack of payment system interoperability, complex processing of compliance checks, long transaction chains, and weak competition. At the same time, CBDCs could negatively impact bank profitability while introducing a substantial operational burden for central banks. However, the exact economic and financial impacts of CBDCs need further study and would depend on estimates of CBDC demand, which are uncertain and country- dependent. CBDC issuance and adoption is a long journey that policymakers should approach with care. Policymakers need to analyze carefully whether a CBDC serves their country’s objectives and whether the expected benefits outweigh the potential costs, in addition to risks for the financial system and operational risks for the central bank.
Casting Light On Central Bank Digital Currencies
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Author : Mr.Tommaso Mancini Griffoli
language : en
Publisher: International Monetary Fund
Release Date : 2018-11-12
Casting Light On Central Bank Digital Currencies written by Mr.Tommaso Mancini Griffoli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-12 with Business & Economics categories.
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.
A Survey Of Research On Retail Central Bank Digital Currency
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Author : Mr.John Kiff
language : en
Publisher: International Monetary Fund
Release Date : 2020-06-26
A Survey Of Research On Retail Central Bank Digital Currency written by Mr.John Kiff and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-26 with Business & Economics categories.
This paper examines key considerations around central bank digital currency (CBDC) for use by the general public, based on a comprehensive review of recent research, central bank experiments, and ongoing discussions among stakeholders. It looks at the reasons why central banks are exploring retail CBDC issuance, policy and design considerations; legal, governance and regulatory perspectives; plus cybersecurity and other risk considerations. This paper makes a contribution to the CBDC literature by suggesting a structured framework to organize discussions on whether or not to issue CBDC, with an operational focus and a project management perspective.
Recent Central Bank Digital Currency Developments In Asia And Their Implications
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Author : Asian Development Bank
language : en
Publisher: Asian Development Bank
Release Date : 2023-08-01
Recent Central Bank Digital Currency Developments In Asia And Their Implications written by Asian Development Bank and has been published by Asian Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-01 with Computers categories.
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.
The Rise Of Digital Money
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Author : Mr.Tobias Adrian
language : en
Publisher: International Monetary Fund
Release Date : 2019-07-15
The Rise Of Digital Money written by Mr.Tobias Adrian and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-15 with Business & Economics categories.
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.
Digital Currencies And The New Global Financial System
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Author : Ranjan Aneja
language : en
Publisher: Taylor & Francis
Release Date : 2022-12-13
Digital Currencies And The New Global Financial System written by Ranjan Aneja and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-12-13 with Business & Economics categories.
This book analyses the current debate around Central Bank Digital Currencies (CBDC) and the future of New Global Financial System. It offers deep insight into the global monetary policy in the context of digital and cryptocurrencies and examines both the opportunities and challenges to come. The book draws a clear distinction between digital and cryptocurrencies and answers several research questions, such as what the consequences of forming Central Bank Digital Currencies and their impact on the financial markets, in both advanced and developing economies, might be. Another question refers to whether the role of monetary policy easing has led to the rise of the virtual currency market, while still others relate to the impact of the pandemic on international settlements. The book also discusses the issue of investment in cryptocurrencies, and the related risks, whether or not this is a profitable investment vehicle, and how the digital banking system evaluates such investments. Further, the book also highlights the post-pandemic challenges for central banks, such as future monetary policy. It includes a complex review of the literature and presents elaborate econometric models of digital currencies and cryptocurrencies. The book has a wide geographic focus, examining these aspects from the perspective of several countries including China, India and the US. The primary audience for the book is researchers, scholars and students of international finance and economics but it will also appeal to practitioners concerned with the digitalisation of financial systems, policymakers and regulatory agencies. Note: Prof. Shalini Talwar's affiliation is published incorrectly. Her correct affiliation, which may be considered for referencing and records is: Shalini Talwar, Associate Professor, S. P. Jain Institute of Management and Research, Mumbai, India.