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.
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.
“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.