Retail central bank digital currency and the social costs of liquidity provision

Niepelt, Dirk (2023). Retail central bank digital currency and the social costs of liquidity provision. Vox Eu

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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.

Item Type:	Newspaper or Magazine Article
Division/Institute:	03 Faculty of Business, Economics and Social Sciences > Department of Economics
UniBE Contributor:	Niepelt, Dirk
Subjects:	300 Social sciences, sociology & anthropology > 330 Economics
Language:	English
Submitter:	Julia Alexandra Schlosser
Date Deposited:	29 Nov 2023 12:50
Last Modified:	29 Nov 2023 12:50
URI:	https://boris.unibe.ch/id/eprint/189362