A bitcoin symbol sitting on a computer chip is illuminated from below.

Payment Systems

Working Paper

Fintech, Cryptocurrencies, and CBDC: Financial Structural Transformation in China

WP 22-12 – Fintech and decentralized finance have penetrated all areas of the financial system and have improved financial inclusion in the last decade.

Featured Work

Payment Systems

Working Paper

Dynamic Pricing of Credit Cards and the Effects of Regulation

WP 21-38 – We construct a two-period model of revolving credit with asymmetric information and adverse selection.

Payment Systems

Discussion Paper

The Future of Cash

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.

Payment Systems

Article

Central Bank Digital Currency: Central Banking For All

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.