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The ‘Hidden Cost’ of Sustainable Debt Financing in Emerging Markets

Rickman J, Kothari S, Ameli N.
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Central Bank Digital Currency: Welfare and Policy Implications

Journal of Political Economy, 2022
A model of banking and means of payment is constructed to analyze the effects of the introduction of central bank digital currency (CBDC). That CBDC is interest bearing is not an advantage, as replacement of physical currency with CBDC does not expand ...
Stephen D. Williamson
semanticscholar   +1 more source

Downward Nominal Wage Rigidity, Currency Pegs, and Involuntary Unemployment

Journal of Political Economy, 2016
Martin Uribe
exaly   +2 more sources

Central Bank Digital Currency in an Open Economy

Social Science Research Network, 2020
We examine the open-economy implications of the introduction of a central bank digital currency (CBDC). We add a CBDC to the menu of monetary assets available in a standard two-country DSGE model and consider a broad set of alternative technical features
M. Ferrari, Arnaud Mehl, Livio Stracca
semanticscholar   +1 more source

Central Bank Digital Currency and Monetary Policy

Journal of Economic Dynamics and Control, 2018
Many central banks are contemplating whether to issue a central bank digital currency (CBDC). A CBDC has certain potential benefits, including the possibility that it can bear interest. However, using a CBDC is costly for agents.
Seyed Mohammadreza Davoodalhosseini
semanticscholar   +1 more source

Central bank digital currency

The Economics of Cryptocurrencies, 2020
Central banks have traditionally issued cash to the general public. With digitalisation, banknotes are becoming a technically outdated payment instrument, and some central banks have explored the possibility of central bank-issued electronic money ...
S. D. Bianco
semanticscholar   +1 more source

Currency Unions

Handbook of the History of Money and Currency, 2019
A currency union is when several independent sovereign nations share a common currency. This has been a recurring phenomenon in monetary history. In this article I study the theoretical foundations of such unions, and discuss some important currency ...
Anders Ögren
semanticscholar   +1 more source

The Currency Composition of Sovereign Debt

American Economic Journal: Macroeconomics, 2019
We study the currency composition of sovereign debt in emerging economies through the lens of a model in which the government lacks commitment regarding debt and monetary policy.
D. Perez, Pablo Ottonello
semanticscholar   +1 more source

Global Currency Hedging with Common Risk Factors

Journal of Financial Economics, 2019
We develop a novel method to dynamically hedge foreign exchange exposure in international equity and bond portfolios. The method exploits the time-series predictability of currency returns, which we show emerges from exploiting a forecastable component ...
Wei Opie, Steven J. Riddiough
semanticscholar   +1 more source

Central Bank Digital Currency: optimization of the currency system and its issuance design

China Economic Journal, 2019
Central Bank Digital Currency (CBDC) contributes to optimizing payment functions of fiat money, reducing reliance on payment services provided by the private sector, alleviating regulatory burdens and pressure on the central bank, and strengthening the ...
Yaou Qian
semanticscholar   +1 more source