Central Bank Digital Currencies: a proper reaction to private digital money?

The emergence of private digital currencies poses a threat to payment systems and monetary policy because they challenge all functions of money as we know them. In this paper, we focus mainly on the banking and monetary policy issues raised by stablecoins and Central Bank Digital Currencies (CBDCs). We begin by describing the current working of bank-centered payment systems. We next touch upon cryptoassets and focus on the domestic and international impact of stablecoins. We identify two problems with stablecoins: their role in the breakup of uniform currency, and as a source of financial instability due to the lack of a monetary backstop in the event of a run to withdraw funds in adverse situations. We then deal with the pros and cons of CBDCs, whether they are an adequate response to the challenges raised by stablecoins, their possible impact on monetary and banking policy, and some open economy issues. While we do not see major advantages in private digital currencies as a payment system or as an investment, we also do not find any robust motivation for the introduction of CBDCs beyond geopolitical reasons and the oversight of a technological area

The first great recession of the 21st century: Competing explanations

The First Great Recession of the 21st Century, fascinating, insightful and thought-provoking, will prove a challenging read for academics, students and researchers in the fields of economics, money, finance and banking, and the history of economics. It will also prove invaluable for economic policymakers at all levels. © Óscar Dejuán, Eladio Febrero and Maria Cristina Marcuzzo 2011. All rights reserved

Introduction

[No abstract available

Libreria de escribanos, é instruccion juridica theorico práctica de principiantes : parte segunda, dividida en tres libros : trata de los cinco juicios de inventario, y particion de bienes de difunto... /

CCPB000233469-0BHR/B-049-129.Perg.FDH 2584Hª Derecho/K-45 (1)a-b8, c4, A-Z8, Aa-Ee