【Author】 Tata, Fidelio
【Source】RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE
【影响因子】6.143
【Abstract】We are witnessing the creation of a new class of financial market products in the form of Central Bank Digital Currencies. While those instruments are still at an embryonic stage and their final form and shape is still unknown, it is already obvious that they are extremely flexible instruments due to their potential digital features. This paper adds to the extensive and rapidly growing literature by proposing a new type of Central Bank Digital Currency with an embedded time -limitation design feature based on a validity interval within which time-period the digital cur-rency is an effective claim against the central bank. We call this interval Central Bank Digital Currency. Focusing on four use cases, we analyze the merits of the proposed interval design feature. We find that there are several potential applications in the context of liquidity man-agement, lending, monetary policy of central banks and derivative transactions. It can be argued that interval CBDC have several potential advantages, including the reduction of counterparty credit risk, enabling remuneration, and enlarging the monetary and fiscal toolkit.
【Keywords】Central Bank Digital Currencies; Digital innovation; Cryptocurrencies
【发表时间】2023 JAN
【收录时间】2023-04-10
【文献类型】理论模型
【主题类别】
区块链应用-虚拟经济-虚拟货币
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