Central Banks

Will Central Bank Digital Currencies Doom Dollar Dominance?

2021-08-15

Some say that issuance of central bank digital currencies will transform the international monetary status quo by eroding the US dollar’s dominance of cross-border payments and greatly reducing transaction costs. But this is not going to happen.

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Preventing a Stablecoin Liquidity Crisis

2021-08-10

There is no sound argument for applying lender-of-last-resort protection to privately issued cryptocurrencies. But regulators can prevent the all-too-predictable liquidity squeeze caused by a run on stablecoins...

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COVID Coin?

2020-08-08

The COVID-19 pandemic is accelerating the long-term shift away from cash, and monetary authorities risk falling behind. A recent report from the G30 argues that if central banks want to shape the outcome, they need to start thinking fast.

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Whither Central Banking?

2019-09-02

In an environment of secular stagnation in the developed economies, central bankers ingenuity in loosening monetary policy is exactly what is not needed. What is needed are admissions of impotence, in order to spur efforts by governments to promote demand

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