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Monetary Policy Implications Central Bank Digital Currencies Perspectives On Jurisdictions With Conventional And Islamic Banking Systems
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Book Synopsis Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems by : Inutu Lukonga
Download or read book Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems written by Inutu Lukonga and published by International Monetary Fund. This book was released on 2023-03-17 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems
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 Implications of Central Bank Digital Currencies for Monetary Policy Transmission by : Ms. Mitali Das
Download or read book Implications of Central Bank Digital Currencies for Monetary Policy Transmission written by Ms. Mitali Das and published by International Monetary Fund. This book was released on 2023-09-15 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
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 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 Digital Currency Assets and Challenges to Financial System Stability by : Balogun, Adekunle Alexander
Download or read book Digital Currency Assets and Challenges to Financial System Stability written by Balogun, Adekunle Alexander and published by IGI Global. This book was released on 2024-01-10 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: In today's rapidly changing financial landscape, a formidable challenge looms large—digital currencies. The surge in popularity of virtual currencies has sparked a global debate, captivating the attention of investors, regulators, and scholars alike. However, a pressing concern persists amidst this digital revolution: the potential for unregulated digital currencies to facilitate the laundering of illicit funds, ranging from organized crime profits to terrorism financing and government corruption. This growing threat not only jeopardizes the integrity of our financial systems but also disrupts the socioeconomic and political order as we know it. Digital Currency Assets and Their Impact on Financial System Stability is the key to unlocking a profound understanding of the challenges posed by digital currencies and, more importantly, discovering intelligent solutions to safeguard our financial ecosystem. With meticulous research and expert insights, this book embarks on a comprehensive exploration of digital currencies' structure, potential disruptions, and capacity to reshape the financial landscape. Is it the primary objective? To provide a platform for scholars, investors, regulators, and researchers to delve into the risks, dangers, and threats stemming from unregulated digital currencies and to propose innovative strategies for mitigating these challenges.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 : Total Pages :22 pages Book Rating :4.4/5 (2 download)
Book Synopsis Central Bank Digital Currency—Initial Considerations by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Central Bank Digital Currency—Initial Considerations written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2023-11-14 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Digital Currencies and the New Global Financial System by : Ranjan Aneja
Download or read book Digital Currencies and the New Global Financial System written by Ranjan Aneja and published by Taylor & Francis. This book was released on 2022-12-13 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis IMF Approach to Central Bank Digital Currency Capacity Development by : International Monetary
Download or read book IMF Approach to Central Bank Digital Currency Capacity Development written by International Monetary and published by International Monetary Fund. This book was released on 2023-04-11 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis How Should Central Banks Explore Central Bank Digital Currency? by : Gabriel Soderberg
Download or read book How Should Central Banks Explore Central Bank Digital Currency? written by Gabriel Soderberg and published by International Monetary Fund. This book was released on 2023-09-08 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Digitalization of the economy provides both challenges and opportunities. Central banks should ensure that they have the capacity to continue to meet their policy objectives in the digital age. It is in this context that central bank digital currency (CBDC) should be evaluated. If designed appropriately, CBDCs could allow central banks to modernize payment systems and future-proof central bank money as the pace and shape of digitalization continues to evolve. However, the decision to proceed with CBDC exploration and an eventual launch would need to be jurisdiction specific, depending on the degree of digitalization of the economy, the legal and regulatory frameworks, and the central bank’s internal capacity. This paper proposes a dynamic decision-making framework under which the central bank can make decisions under uncertainty. A phased and iterative approach could allow central banks to adjust the pace, scale, and scope of their CBDC projects as the domestic and international environment changes.
Book Synopsis Concepts, Technologies, Challenges, and the Future of Web 3 by : Lekhi, Pooja
Download or read book Concepts, Technologies, Challenges, and the Future of Web 3 written by Lekhi, Pooja and published by IGI Global. This book was released on 2023-08-29 with total page 628 pages. Available in PDF, EPUB and Kindle. Book excerpt: Web3 is a term which refers to the third generation of the World Wide Web; it is a decentralized internet architecture that uses blockchain technology, smart contracts, and other decentralized technologies to create a more secure and transparent internet.Concepts, Technologies, Challenges, and the Future of Web 3 is led by researchers with a valuable mix of industry and academic experience. The book delves into the concepts of decentralization, trustlessness, and interoperability and explores the challenges of Web3, including scalability, security, and regulatory compliance. It examines the current and potential future use cases of Web3, such as decentralized finance, supply chain management, identity verification, and decentralized social networks. “The core building blocks of Web3” is not just for researchers, academics, and students in computer science and related fields but also for developers, entrepreneurs, and businesses looking to build applications and services in the Web3 space. It offers a clear understanding of the technical and conceptual frameworks underpinning Web3 and the challenges and opportunities in the decentralized web. Moreover, the book is valuable for policymakers, regulators, and legal professionals interested in understanding the regulatory frameworks and legal implications of Web3. It provides insights into the potential impact of Web3 on governance, regulation, and law, highlighting the need for new policy frameworks to address the challenges and opportunities presented by the decentralized web.
Book Synopsis Central Bank Digital Currencies and the Global Financial System by : Muhammad Ashfaq
Download or read book Central Bank Digital Currencies and the Global Financial System written by Muhammad Ashfaq and published by Walter de Gruyter GmbH & Co KG. This book was released on 2023-07-24 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Cross-Border Payments with Retail Central Bank Digital Currencies by : Andre Reslow
Download or read book Cross-Border Payments with Retail Central Bank Digital Currencies written by Andre Reslow and published by International Monetary Fund. This book was released on 2024-05-15 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Governance and Policy Transformations in Central Banking by : Ahmed, Farhan
Download or read book Governance and Policy Transformations in Central Banking written by Ahmed, Farhan and published by IGI Global. This book was released on 2024-02-07 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: In central banking, the need for effective governance and policy transformations has never been more pressing. Central banks serve as the bedrock of a nation's financial stability, and yet, they face an array of complex challenges in the modern era. The delicate balance between autonomy from government influence and the necessity of adapting to external economic forces has become increasingly elusive. As the world grapples with the aftermath of a global pandemic and persistent economic turbulence, the demand for innovative strategies to safeguard economic and financial stability has reached a crescendo. Central bankers, economists, and policy experts are left grappling with the daunting task of navigating these treacherous waters, in dire need of a compass to guide them toward a resilient future. Governance and Policy Transformations in Central Banking is a groundbreaking book that transcends traditional boundaries to offer a comprehensive solution to the complex challenges faced by central banks worldwide. This book not only diagnoses problems, it also presents a meticulously curated collection of new empirical and theoretical chapters that illuminate the path forward. It is an invaluable resource that empowers central banks with the knowledge and tools necessary for development, governance, and policy transformation.
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 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 Commodity, Credit, CBDC? How the growing significance of Central Bank Digital Currencies may alter the credit hierarchy of modern banking systems by :
Download or read book Commodity, Credit, CBDC? How the growing significance of Central Bank Digital Currencies may alter the credit hierarchy of modern banking systems written by and published by GRIN Verlag. This book was released on 2022-01-17 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2021 in the subject Economics - Monetary theory and policy, grade: 1,0, University Witten/Herdecke, language: English, abstract: In this paper, I will dissect the prospective impact of retail central bank digital currencies with reference to the hierarchy of credit in modern monetary economies. If central banks decide to issue digital currencies in a similar manner to their issuance of cash, public money will become more widely accessible and potentially threaten the business model of commercial banking. Thus, considerations about financial stability need to be critically assessed to ensure that central bank digital currencies can become a positive addition to monetary environments. Being a literature review, this paper will thoroughly revise existing accounts on a variety of challenges and chances regarding a transformation of current structures before discussing these findings. This approach will demonstrate that central bank digital currencies provide a benefit to society and strengthen the monetary sovereignty of the central bank without jeopardizing financial stability.
