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    Wyświetlanie 1-2 z 2
    Tytuł:
    Design of a rule based monetary policy in a Central Bank Digital Currency System
    Autorzy:
    Wijngaard, Jacob
    Van Hee, Kees
    Powiązania:
    https://bibliotekanauki.pl/articles/14110259.pdf
    Data publikacji:
    2021-12-28
    Wydawca:
    Wyższa Szkoła Bankowa we Wrocławiu
    Tematy:
    Design
    CBDC
    Rule-based
    Monetary policy
    Inflation correction
    Domestic product proxy
    Opis:
    Aim: This paper presupposes a purely Central Bank Digital Currency (CBDC) based system. Its aim is to describe how such a system facilitates complete new possibilities to design a suitable monetary policy. More specifically, the purpose is to show that the available monetary tools can be used to design a rule-based monetary policy that guarantees stability of purchasing power and interest rates. Research methods: The paper is design oriented. It describes how the monetary system could function The important monetary variables are defined and their relationship is described. To illustrate these variables and their relationship, simulation results of their behavior are added. Conclusions: It is shown that it is indeed possible to design a monetary policy that is rule based and guarantees stability of purchasing power and interest rates. Crucial elements in the design are linking the balances of the CBDC-accounts to a proxy of the domestic product and replacing the use of government bonds by allowing the government to borrow from the Central Bank and giving households and businesses the opportunity to open a savings account at the Central Bank. Originality: The approach is completely new. It is the result of rethinking the possibilities of a complete transition of bank money to CBDC. Implications: The paper shows that a more absolute transition to the use of CBDC makes it possible to establish a clearer and more stable monetary practice, and that it is necessary therefore to revise monetary theory.
    Źródło:
    Central European Review of Economics and Management; 2021, 5, 4; 61-95
    2543-9472
    Pojawia się w:
    Central European Review of Economics and Management
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    A new digital currency system
    Autorzy:
    Van Hee, Kees
    Wijngaard, Jacob
    Powiązania:
    https://bibliotekanauki.pl/articles/14109006.pdf
    Data publikacji:
    2021-12-28
    Wydawca:
    Wyższa Szkoła Bankowa we Wrocławiu
    Tematy:
    monetary systems
    payment systems
    central banks
    software
    Opis:
    Aim: The aim of this paper is to describe the construction of a new system for digital currency governed by the central bank, Central Bank Digital Currency (CBDC). Although the system uses cryptography, it is a new alternative for crypto currency like the Bitcoin. Today there is a global discussion about the process of money creation by the commercial banks and the need for CBDC available for a broad public. There is almost no literature how such a system could be constructed. In this paper we fill this gap. The system we describe, uses modern cryptography that guarantees privacy on the one hand but that allows for traceability on the other hand. Also we consider the possibilities for new fintech initiatives and the new role of commercial banks. Research methods: The research method can be classified as design research since we present a high-level model of the system as a proof-of concept. So it proofs that such a system is feasible in principle. It is expected that the paper contributes to the discussion on CBDC systems. Conclusions: It is shown that it is indeed possible to design a CBDC system that is far more efficient than the well-known crypto currency systems. But the system uses one distributed system for transaction processing governed by the Central Bank or a trusted third party. This might be seen as a drawback but the system is performing only very elementary transactions that are easy to verify. Originality: The approach is new. Although existing cryptography techniques are used, the system as such is a completely new alternative for CBDC. Implications: The paper shows that a CBDC system is relatively easy to construct and so this paper could play a role in the transition to such a system in reality.
    Źródło:
    Central European Review of Economics and Management; 2021, 5, 4; 33-60
    2543-9472
    Pojawia się w:
    Central European Review of Economics and Management
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
      Wyświetlanie 1-2 z 2

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