Introducing New Forms of Digital Money: Evidence from the Laboratory

【Author】 Camera, Gabriele

【Source】JOURNAL OF MONEY CREDIT AND BANKING

【影响因子】1.963

【Abstract】Central banks may soon issue currencies that are entirely digital (CBDCs) and possibly interest bearing. A strategic analytical framework is used to investigate this innovation in the laboratory, contrasting a traditional "plain" tokens baseline to treatments with "sophisticated" interest-bearing tokens. In the experiment, this theoretically beneficial innovation precluded the emergence of a stable monetary system, reducing trade and welfare. Similar problems emerged when sophisticated tokens complemented or replaced plain tokens. This evidence underscores the advantages of combining theoretical with experimental investigation to provide insights for payments systems innovation and policy design.

【Keywords】digital currency; endogenous institutions; repeated games; CBDC

【发表时间】

【收录时间】2023-03-13

【文献类型】观点阐述

【主题类别】

区块链治理-市场治理-数字货币