The Bitcoin Omnibus Survey is an important tool for monitoring Canadians’ awareness and ownership of bitcoin and other cryptoassets over time. In this paper, we present data highlights from the 2023 s...

We analyze a model of heterogeneous rational bubbles that compete and complement each other. When some bubbles burst, surviving ones gain value, offse…

We field a series of experiments in a population-representative survey of European consumers to examine their attitudes towards the possible introduction of a digital euro. First, we show that a short video explaining the key features of the digital euro is effective in changing consumers’ beliefs about such a new form of payment and increases the likelihood of adoption by 12pp relative to a control group that is not shown the video. Second, we find that on aggregate consumers would allocate a relatively small fraction from a positive wealth shock to digital euros and their allocation to other liquid assets would be little affected. Third, holding limits in the range of €1,000 to €10,000 have insignificant differential effects on the composition of liquid asset holdings. We also show that a non-trivial fraction of consumers report that they will not adopt the digital euro due to strong preferences for existing forms of payment.

(March 2025) - For globally systemically important banks (GSIBs) with US headquarters, we find significant reductions in market-implied probabilities of government bailout after the Global Financial C...

The rise of e-money in low-income and emerging economies has transformed financial inclusion and monetary policy transmission. Case studies from sub-Saharan Africa show that e-money and banking sectors complement each other, strengthening monetary policy effectiveness. This column uses data from 47 countries over 20 years to show that e-money leads to stronger policy passthrough, increased bank deposits and lending, and enhanced competition. The findings suggest that policymakers should ensure e-money remains accessible without bank accounts, encourage collaboration between e-money issuers and banks, and leverage e-money to improve financial stability and inclusion.

Policymakers are racing to catch up with their rapid rise

Central bank independence has recently re-emerged as a major concern within political economy discussions. This column shows that improvements in central bank independence yield long-lasting benefits, with a significantly greater impact on inflation in the long run compared to the short run. Additionally, it shows that central bank independence reduces inflation persistence, thereby enhancing the effectiveness of monetary policy. Finally, and in contrast to much of the existing literature, it finds that the long-term effects of central bank independence on inflation are more pronounced in developing countries.

With Trump stopping work on a digital dollar, and central banks delaying plans, will CBDCs ever become a reality across the globe?

Supporting digital assets that could marginalise the dollar is ‘dangerous’, investor letter says

Most financial assets are digital today. Tomorrow, they may be tokenized. Tokenization implies recording and transferring assets on a widely shared and trusted digital ledger that can be programmed. I...

Governor tells FT ‘I like profitability’ and predicts others could follow his example

By the authority vested in me as President by the Constitution and the laws of the United States of America, and in order to promote United States

En la encuesta sobre criptomonedas participan, entre otras, las universidades de Mannheim, Viena, Heidelberg, Istinye o Pontificia Comillas

Former Bank of China VP Wang Yongli: CIPS Should Separate Fund Account and Messaging Systems

This paper tests the extent to which the ability to correctly predict subsequent bitcoin (BTC) return signs is dependent upon historic BTC return trajectories. Using topological data analysis ball ma...

This research explores the factors contributing to the failure of cryptocurrency exchanges by analyzing a sample of 845 exchanges. Using logit and pro…

We provide comprehensive background regarding the Ethereum blockchain protocol, focusing especially on the economic incentives of participants. We beg…

The runs lasted two days and were driven mainly by a relatively small number of large depositors, though it affected many other banks.

We simulate introducing a central bank digital currency (CBDC) and consider consumer adoption, merchant acceptance and usage at the point of sale. Modest adoption frictions significantly inhibit CBDC ...

[FREE TO READ] RIP Chivo, we hardly knew ye