a column by Pierpaolo Benigno, Linda Schilling and Harald Uhlig for VOX: CEPR’s Policy Portal
The governor of the Bank of England, Mark Carney, recently argued that more thought should be given to creating a global electronic currency.
This column, part of the Vox debate on the future of digital money, looks at the challenges for the world economy of adopting a ‘world wide currency’, using a two-country world in which each country has its own national currency and national central bank, but where there is also a global currency in circulation. It suggests that Carney’s wish may be granted, but sooner than expected and in a different manner.
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Showing posts with label cryptocurrencies. Show all posts
Showing posts with label cryptocurrencies. Show all posts
Monday, 7 October 2019
Tuesday, 30 July 2019
What money cannot buy
Esprit 7-8/2019
Eurozine Review
Esprit's summer issue, edited by Camille Riquier, considers the idea that capitalism has replaced God with money. Because the thirst for wealth ignores the blood of the poor, the community of money is based on a breach of trust. Do new currencies make a difference? Can we make money visible again, and hence master it?
Continue reading
Eurozine Review
Esprit's summer issue, edited by Camille Riquier, considers the idea that capitalism has replaced God with money. Because the thirst for wealth ignores the blood of the poor, the community of money is based on a breach of trust. Do new currencies make a difference? Can we make money visible again, and hence master it?
Continue reading
Tuesday, 23 October 2018
Regulating cryptocurrencies: Assessing market reactions
a column by Raphael Auer and Stijn Claessens for VOX: CEPR’s Policy Portal
Cryptocurrencies are often thought to operate out of the reach of national regulation.
This column argues that in fact their valuations, transaction volumes, and user bases react substantially to news about regulatory actions. Because they rely on regulated financial institutions to operate and markets are (still) segmented across jurisdictions, cryptocurrencies are within the reach of national regulation.
Continue reading
Cryptocurrencies are often thought to operate out of the reach of national regulation.
This column argues that in fact their valuations, transaction volumes, and user bases react substantially to news about regulatory actions. Because they rely on regulated financial institutions to operate and markets are (still) segmented across jurisdictions, cryptocurrencies are within the reach of national regulation.
Continue reading
Monday, 23 July 2018
Monies (old and new) through the lenses of modern accounting
a column by Biagio Bosson and Massimo Costa for VOX: CEPR’s Policy Portal
A correct application of the general principles of accounting raises fundamental doubts about the current conceptions of money.
This column argues that such an application allows the inconsistency whereby cryptocurrencies are not a debt liability if they are issued by private-sector entities, but become so if they are issued by central banks, to be resolved. In both cases, cryptocurrencies actually represent equity capital of the issuing entities, a conclusion that should greatly assist national monetary and financial authorities in shaping regulations.
Continue reading
A correct application of the general principles of accounting raises fundamental doubts about the current conceptions of money.
This column argues that such an application allows the inconsistency whereby cryptocurrencies are not a debt liability if they are issued by private-sector entities, but become so if they are issued by central banks, to be resolved. In both cases, cryptocurrencies actually represent equity capital of the issuing entities, a conclusion that should greatly assist national monetary and financial authorities in shaping regulations.
Continue reading
Friday, 18 May 2018
Cyptocurrencies' challenge to central banks
a column by Antonio Fatás and Beatrice Weder di Mauro for VOX: CEPR’s Policy Portal
Central banks are alert to the challenge of cryptocurrencies, and are contemplating reactions ranging from prohibiting private issuance to embracing such currencies. This column argues that the risks of introducing a central bank digital currency are high while the efficiency gains do not seem large. A more efficient system can be achieved via innovation in current payment infrastructure.
Continue reading
One thing I realised, not for the first time, is that it is not love that makes the world go round but money whether it’s the coins in my purse, the balance showing on my personal bank accounts or the manipulation of currencies that goes on inside the heads of people working in central banks.
P.S. It is definitely love that makes my personal world right.
Central banks are alert to the challenge of cryptocurrencies, and are contemplating reactions ranging from prohibiting private issuance to embracing such currencies. This column argues that the risks of introducing a central bank digital currency are high while the efficiency gains do not seem large. A more efficient system can be achieved via innovation in current payment infrastructure.
Continue reading
One thing I realised, not for the first time, is that it is not love that makes the world go round but money whether it’s the coins in my purse, the balance showing on my personal bank accounts or the manipulation of currencies that goes on inside the heads of people working in central banks.
P.S. It is definitely love that makes my personal world right.
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