WP 22-12 – Fintech and decentralized finance have penetrated all areas of the financial system and have improved financial inclusion in the last decade.
WP 21-38 – We construct a two-period model of revolving credit with asymmetric information and adverse selection.
DP 21-03 - In many advanced economies around the world, the share of transactions conducted using cash payments has been falling over the past several years.
The possibility and logistics of developing a central bank digital currency for the general public has attracted significant attention. Such an initiative would require central banks to be involved in financial intermediation and maturity transformation.