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Cash Use Across Countries And The Demand For Central Bank Digital Currency
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Book Synopsis Cash Use Across Countries and the Demand for Central Bank Digital Currency by : Mr.Tanai Khiaonarong
Download or read book Cash Use Across Countries and the Demand for Central Bank Digital Currency written by Mr.Tanai Khiaonarong and published by International Monetary Fund. This book was released on 2019-03-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: The level and trend in cash use in a country will influence the demand for central bank digital currency (CBDC). While access to digital currency will be more convenient than traveling to an ATM, it only makes CBDC like a bank debit card—not better. Demand for digital currency will thus be weak in countries where cash use is already very low, due to a preference for cash substitutes (cards, electronic money, mobile phone payments). Where cash use is very high, demand should be stronger, due to a lack of cash substitutes. As the demand for CBDC is tied to the current level of cash use, we estimate the level and trend in cash use for 11 countries using four different measures. A tentative forecast of cash use is also made. After showing that declining cash use is largely associated with demographic change, we tie the level of cash use to the likely demand for CBDC in different countries. In this process, we suggest that one measure of cash use is more useful than the others. If cash is important for monetary policy, payment instrument competition, or as an alternative payment instrument in the event of operational problems with privately supplied payment methods, the introduction of CBDC may best be introduced before cash substitutes become so ubiquitous that the viability of CBDC could be in doubt.
Book Synopsis Falling Use of Cash and Demand for Retail Central Bank Digital Currency by : Mr. Tanai Khiaonarong
Download or read book Falling Use of Cash and Demand for Retail Central Bank Digital Currency written by Mr. Tanai Khiaonarong and published by International Monetary Fund. This book was released on 2022-02-04 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cash use in most countries is falling slowly. On the margin, younger adults favor cash substitutes over cash. For older adults it is the reverse. Revealed preference tied to a changing population age structure seems to be the main influence on the demand for cash and why it is falling. Cash use may continue to fall, and card use (the main cash substitute) may fall by more, if CBDC is issued. The extent of this reduction depends on the demand for retail CBDC and the incentives (primarily transaction fees) that can play a determining role in CBDC adoption and use.
Book Synopsis The Rise of Digital Money by : Mr.Tobias Adrian
Download or read book The Rise of Digital Money written by Mr.Tobias Adrian and published by International Monetary Fund. This book was released on 2019-07-15 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Designing Central Bank Digital Currencies by : Mr.Itai Agur
Download or read book Designing Central Bank Digital Currencies written by Mr.Itai Agur and published by International Monetary Fund. This book was released on 2019-11-18 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Casting Light on Central Bank Digital Currencies by : Mr.Tommaso Mancini Griffoli
Download or read book Casting Light on Central Bank Digital Currencies written by Mr.Tommaso Mancini Griffoli and published by International Monetary Fund. This book was released on 2018-11-12 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis A Survey of Research on Retail Central Bank Digital Currency by : Mr.John Kiff
Download or read book A Survey of Research on Retail Central Bank Digital Currency written by Mr.John Kiff and published by International Monetary Fund. This book was released on 2020-06-26 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Legal Aspects of Central Bank Digital Currency: Central Bank and Monetary Law Considerations by : Wouter Bossu
Download or read book Legal Aspects of Central Bank Digital Currency: Central Bank and Monetary Law Considerations written by Wouter Bossu and published by INTERNATIONAL MONETARY FUND. This book was released on 2020-11-20 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the legal foundations of central bank digital currency (CBDC) under central bank and monetary law. Absent strong legal foundations, the issuance of CBDC poses legal, financial and reputational risks for central banks. While the appropriate design of the legal framework will up to a degree depend on the design features of the CBDC, some general conclusions can be made. First, most central bank laws do not currently authorize the issuance of CBDC to the general public. Second, from a monetary law perspective, it is not evident that “currency” status can be attributed to CBDC. While the central bank law issue can be solved through rather straithforward law reform, the monetary law issue poses fundmental legal policy challenges.
Book Synopsis General Principles for International Remittance Services by : Group of Ten. Committee on Payment and Settlement Systems
Download or read book General Principles for International Remittance Services written by Group of Ten. Committee on Payment and Settlement Systems and published by . This book was released on 2007 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Curse of Cash by : Kenneth S. Rogoff
Download or read book The Curse of Cash written by Kenneth S. Rogoff and published by Princeton University Press. This book was released on 2017-06-27 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: “A brilliant and lucid new book” (John Lanchester, New York Times Magazine) about why paper money and digital currencies lie at the heart of many of the world’s most difficult problems—and their solutions In The Curse of Cash, acclaimed economist and bestselling author Kenneth Rogoff explores the past, present, and future of currency, showing why, contrary to conventional economic wisdom, the regulation of paper bills—and now digital currencies—lies at the heart some of the world’s most difficult problems, but also their potential solutions. When it comes to currency, history shows that the private sector often innovates but eventually the government regulates and appropriates. Using examples ranging from the history of standardized coinage to the development of paper money, Rogoff explains why the cryptocurrency boom will inevitably end with dominant digital currencies created and controlled by governments, regardless of what Bitcoin libertarians want. Advanced countries still urgently need to stem the global flood of large paper bills—the vast majority of which serve no legitimate purpose and only enable tax evasion and other crimes—but cryptocurrencies are like $100 bills on steroids. The Curse of Cash is filled with revealing insights about many of the most pressing issues facing monetary policymakers, from quantitative easing to alternative inflation targeting regimes. It also explains in detail why, if low interest rates persist, the best way to reinvigorate monetary policy is to implement fully effective and unconstrained negative interest rates. Provocative, engaging, and backed by compelling original arguments and evidence, The Curse of Cash has sparked widespread debate and its ideas have moved to the center of financial and policy discussions.
Book Synopsis The Macroeconomics of De-Cashing by : Mr.Alexei P Kireyev
Download or read book The Macroeconomics of De-Cashing written by Mr.Alexei P Kireyev and published by International Monetary Fund. This book was released on 2017-03-27 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper presents a simple framework for the analysis of the macroeconomic implications of de-cashing. Defined as replacing paper currency with convertible deposits, de-cashing would affect all key macroeconomic sectors. The overall macreconomic impact of de-cashing would depend on the balance of growth-enhancing and growth-constraining factors. Starting from a traditional saving-investment balance, the paper develops a four-sector macroeconomic framework. It is purely illustrative and is designed to provide a roadmap for a systematic evaluation of de-cashing. The framework is disaggregated into the real, fiscal, monetary, and external sectors and potential implications of de-cashing are then identified in each sector. Finally, the paper draws a balance on possible positive and negative macroeconomic implications of de-cashing, and proposes policies capable of augmenting its economic and social benefits, while reducing potential costs.
Book Synopsis Virtual Currencies and Beyond by : Mr.Dong He
Download or read book Virtual Currencies and Beyond written by Mr.Dong He and published by International Monetary Fund. This book was released on 2016-01-20 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Designing Central Bank Digital Currencies by : Mr.Itai Agur
Download or read book Designing Central Bank Digital Currencies written by Mr.Itai Agur and published by International Monetary Fund. This book was released on 2019-11-18 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Central Bank Digital Currencies in the Middle East and Central Asia by : Serpil Bouza
Download or read book Central Bank Digital Currencies in the Middle East and Central Asia written by Serpil Bouza and published by International Monetary Fund. This book was released on 2024-04-26 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Global Findex Database 2017 by : Asli Demirguc-Kunt
Download or read book The Global Findex Database 2017 written by Asli Demirguc-Kunt and published by World Bank Publications. This book was released on 2018-04-19 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2011 the World Bank—with funding from the Bill and Melinda Gates Foundation—launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Inc., the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account—the unbanked—as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals. The database, the full text of the report, and the underlying country-level data for all figures—along with the questionnaire, the survey methodology, and other relevant materials—are available at www.worldbank.org/globalfindex.
Book Synopsis Money Creation in Fiat and Digital Currency Systems by : Mr.Marco Gross
Download or read book Money Creation in Fiat and Digital Currency Systems written by Mr.Marco Gross and published by International Monetary Fund. This book was released on 2019-12-20 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 creation is compatible with the notion of liquid funding needs in a multi-bank system, in which liquid fund (reserve) transfers across banks happen naturally. Second, interest rate-based monetary policy has a bearing on macroeconomic dynamics precisely due to that multi-bank structure. It would lose its impact in the hypothetical case that only one (“singular”) commercial bank would exist. We link our discussion to the emergence and design of central bank digital currencies (CBDC), with a special focus on how loans would be granted in a CBDC world.
Book Synopsis Implications of central bank backed digital currencies (crypto currencies) on monetary policy, financial stability and balance sheets by : Marko Francesevic
Download or read book Implications of central bank backed digital currencies (crypto currencies) on monetary policy, financial stability and balance sheets written by Marko Francesevic and published by GRIN Verlag. This book was released on 2019-04-29 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Digital Money and Central Bank Operations by : Mr. Charles M. Kahn
Download or read book Digital Money and Central Bank Operations written by Mr. Charles M. Kahn and published by International Monetary Fund. This book was released on 2022-05-06 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rise of new and proposed monetary vehicles, including CBDC, stablecoins, payment service providers etc., are unprecedented. An important question for central banks is the extent to which these innovations upend the role of and implementation of monetary policy. The paper focuses on the interest rate channel and if digital money (especially CBDC) will change monetary policy and central bank operations. We argue that new policy instruments make sense only to the extent that there is limited substitutability between the various payment sectors. We analyze trends in currency-in-circulation, and how it may impact central bank’s seigniorage, monetary base, and transactional velocity of digital money if money demand declines. Liquidity outside the monetary base will also be important to understand.
