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
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.
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.
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.