Specialty Conference

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Specialty Conference, Senior Fellows/Fellows

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Nov 2018

Working Paper SC18DC002

Digital Money: Private versus Public

Markus K. BRUNNERMEIER, Dirk F. NIEPELT
Both proponents and opponents of central bank digital currency have suggested that it would fundamentally change the macroeconomy. This column questions this paradigm, arguing that the introduction of such a currency need not alter the allocation nor the price system. Concerns about central bank dig...
Keywords: Central bank digital currency, Investment, bank runs
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Specialty Conference

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Specialty Conference

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Nov 2018

Working Paper SC18DC001

From Commodity to Fiat and Now to Crypto: What Does History Tell Us?

Barry EICHENGREEN
Over time, there has been a tendency for political jurisdictions and residents to converge on a single currency. Monopoly over seigniorage is a source of political power and a valuable lifeline when sovereignty is threatened. Moreover a uniform currency, insofar as it is free of counterparty and liq...
Keywords: Monopoly, seigniorage, sovereignty, digital currencies
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Specialty Conference

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Specialty Conference

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Sep 2020

Working Paper SC20FT009

China's debt relief actions overseas: Patterns, interactions with other creditors and macroeconomic implications

Gatien BON, Gong CHENG
This paper explores a novel database of 140 Chinese debt restructurings overseas between 2000 and 2019. It uncovers a number of salient features of the restructuring terms that China has offered in the past and the ways in which China has interacted with other types of creditor and the International...
Keywords: China, sovereign debt restructuring, Paris Club
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Specialty Conference

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Specialty Conference

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Jan 2017

Working Paper SC17FR012

Shadow Banking: Economics and Policy

Stijn CLAESSENS
Keywords: shadow banking, Financial stability, macroprudential regulation, macroeconomic policy
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Specialty Conference

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Specialty Conference

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Jan 2017

Working Paper SC17FR001

Regulating Capital Flows at Both Ends: Does it Work?

Atish R. GHOSH, Mahvash S. QURESHI, Naotaka SUGAWARA
This paper examines whether cross-border capital flows can be regulated by imposing capital account restrictions (CARs) in both source and recipient countries, as was originally advocated by John Maynard Keynes and Harry Dexter White. To this end, we use data on bilateral cross-border bank flows fro...
Keywords: cross-boder bank flows, capital controls, prudential measures
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