Tag Archives: Fiscal equivalence

“Central Bank Digital Currency: What Difference Does It Make?,” SUERF, 2018

December 2018. PDF. In: Ernest Gnan and Donato Masciandaro, editors, Do We Need Central Bank Digital Currency? Economics, Technology and Institutions, SUERF, The European Money and Finance Forum, Vienna, 2018.

A short version of the CEPR working paper.

“Central Bank Digital Currency: Why It Matters and Why Not,” VoxEU, 2018

VoxEU, August 20, 2018. HTML.

To a first approximation, inside and outside money are substitutes—the introduction of CBDC does not change the equilibrium allocation.
Bank incentives and central bank incentives might be affected though.
CBDC could increase the incentive to extend credit but might undermine the political support for implicit financial assistance to banks.

“Europas Wettbewerbsfähigkeit (European Competitiveness),” ifoSD, 2015

“Wie kann die Wettbewerbsfähigkeit Europas wieder hergestellt werden?,” ifo Schnelldienst 4/2015, February 26, 2015. PDF.

“More Europe” to address important cross-border external effects or public goods—but not otherwise.
Subsidiarity and fiscal equivalence.
European institutions as guardians of the rule of law, economic freedom and consumer rights.