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Retail central bank digital currency and the social costs of liquidity provision
The current monetary architecture features non-banks that transact with bank deposits, and banks that settle payments with central bank reserves. This column compares the current regime with systems that also feature a central bank digital currency. It finds that a system based on a central bank digital currency can be a less costly alternative to the current two-tier regime, particularly after accounting for direct and indirect costs. Furthermore, it argues that the interest rate on the digital currency should differ from zero and from the rate of interest on reserves. The prospect of retail central bank digital ... (full story)
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- Posted: Sep 27, 2023 6:08am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 171
