From cash to central bank digital currencies and cryptocurrencies: A balancing act between modernity and monetary stability

Ansgar Belke and Edoardo Beretta

No 816, Ruhr Economic Papers from RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen

Abstract: The paper explores the precarious balance between modernizing monetary systems by means of digital currencies (either issued by the central bank itself or independently) and safeguarding financial stability as also ensured by tangible payment (and saving) instruments like paper money. Which aspects of modern payments systems could contribute to improve the way of functioning of today's globalized economy? And, which might even threaten the above mentioned instable equilibrium? This survey-paper aims, precisely, at giving some preliminary answers to a complex - therefore, ongoing - debate at the scientific as well as the banking and the political level.

Keywords: cash; central banks; cryptocurrencies; digital currencies; monetary systems (search for similar items in EconPapers)
JEL-codes: E4 E5 G21 G23 (search for similar items in EconPapers)
Date: 2019
New Economics Papers: this item is included in nep-cba, nep-mac, nep-mon and nep-pay
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Journal Article: From cash to central bank digital currencies and cryptocurrencies: a balancing act between modernity and monetary stability (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:rwirep:816

DOI: 10.4419/86788945

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