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The Case for Central Bank Electronic Money and the Non-case for Central Bank Cryptocurrencies

Author

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  • Berentsen, Aleksander

    ()

  • Schar, Fabian

Abstract

We characterize various currencies according to their control structure, focusing on cryptocurrencies such as Bitcoin and government-issued fiat money. We then argue that there is a large unmet demand for a liquid asset that allows households and firms to save outside of the private financial sector.

Suggested Citation

  • Berentsen, Aleksander & Schar, Fabian, 2018. "The Case for Central Bank Electronic Money and the Non-case for Central Bank Cryptocurrencies," Review, Federal Reserve Bank of St. Louis, vol. 100(2), pages 97-106.
  • Handle: RePEc:fip:fedlrv:00097
    DOI: 10.20955/r.2018.97-106
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    File URL: https://files.stlouisfed.org/files/htdocs/publications/review/2018/04/16/the-case-for-central-bank-electronic-money-and-the-non-case-for-central-bank-cryptocurrencies.pdf
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    File URL: https://doi.org/10.20955/r.2018.97-106
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    References listed on IDEAS

    as
    1. Aleksander Berentsen & Sébastien Kraenzlin & Benjamin Müller, 2016. "Exit strategies for monetary policy," ECON - Working Papers 241, Department of Economics - University of Zurich, revised Feb 2018.
    2. repec:eee:moneco:v:99:y:2018:i:c:p:20-40 is not listed on IDEAS
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    Citations

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    Cited by:

    1. Dirk Niepelt, 2018. "Reserves For All? Central Bank Digital Currency, Deposits and their (Non)-Equivalence," Diskussionsschriften dp1813, Universitaet Bern, Departement Volkswirtschaft.
    2. Charles M. Kahn & Francisco Rivadeneyra & Tsz-Nga Wong, 2018. "Should the Central Bank Issue E-money?," Staff Working Papers 18-58, Bank of Canada.
    3. Emanuele Borgonovo & Stefano Caselli & Alessandra Cillo & Donato Masciandaro, 2018. "Between Cash, Deposit And Bitcoin: Would We Like A Central Bank Digital Currency? Money Demand And Experimental Economics," BAFFI CAREFIN Working Papers 1875, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    4. Mohammad Davoodalhosseini, 2018. "Central Bank Digital Currency and Monetary Policy," Staff Working Papers 18-36, Bank of Canada.
    5. Andolfatto, David, 2018. "Assessing the Impact of Central Bank Digital Currency on Private Banks," Working Papers 2018-25, Federal Reserve Bank of St. Louis, revised 06 Oct 2018.
    6. repec:fru:finjrn:180510:p:120-129 is not listed on IDEAS

    More about this item

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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