Frontiers of Digital Finance

Edited by Dirk Niepelt

in CEPR Press Books from Centre for Economic Policy Research

Abstract: Digital innovation is transforming money and redrawing the global financial landscape. From instant payments to stablecoins, CBDC, and tokenised assets, new technologies are redefining how value is created, stored, and exchanged – reshaping the roles of banks, central banks, and markets. Yet this transformation is far from uniform: while some economies are leaping ahead, others lag behind, and divergent views on the state’s role in money are creating tensions over sovereignty, control, and interoperability. Bringing together leading researchers and policymakers, this volume offers a panoramic view of the forces reshaping the financial architecture. It examines regional trajectories – from India and Brazil to sub-Saharan Africa, the United States, and the euro area; the development of and regulatory response to stablecoins; the challenge of maintaining monetary ‘singleness’ amid the growing variety of digital money; and the implications of tokenisation and decentralised finance for credit, financial inclusion, and stability.

Date: 2025 Written 2025-11
References: Add references at CitEc
Citations:

Downloads: (external link)
https://cepr.org/node/445792 (application/pdf)

Chapters in this book:

Ch 1 Frontiers of Digital Finance: Introduction

Dirk Niepelt

Ch 2 Cashless payments in India: The UPI story

Amiyatosh Purnanandam

Ch 3 The Future Financial System: Brazil's Experience

Fabio Araujo and Arnildo da Silva Correa

Ch 4 Strengthening digital payments in sub‑Saharan Africa: An overview

Luca Antonio Ricci, Calixte Ahokpossi, Saad Quayyum, Rima Turk-Ariss, Anna Belianska, Mehmet Cangul, Habtamu Fuje, Sunwoo Lee, Grace Li, Yibin Mu, Nkunde Mwase, Jack Joo Ree, Halyan Shi and Vitaliy Kramarenko

Ch 5 The tokenised US dollar ecosystem

Michael Junho Lee

Ch 6 Central bank electronic cash and monetary sovereignty

Ulrich Bindseil and Piero Cipollone

Ch 7 Transforming the digital euro proposal from a threat into an opportunity for privacy

Maarten R C van Oordt

Ch 8 Bank deposit outflows and the digital euro holding limit

Katrin Assenmacher and Oscar Soons

Ch 9 Stablecoins: How research can inform policy

Hans Gersbach, Hugo van Buggenum and Sebastian Zelzner

Ch 10 Banking on blockchain

Rodney Garratt

Ch 11 Are stablecoins really the future of payments?

Stephen Cecchetti and Kermit L. Schoenholtz

Ch 12 Tether and the fragility of unregulated dollar substitutes

David Andolfatto

Ch 13 Multi-issuer stablecoins: A threat to financial stability

Richard Portes

Ch 14 Stablecoins, central bank digital currencies, and policy

Harald Uhlig

Ch 15 Singleness of money: Towards a nuanced debate

Rhys Bidder

Ch 16 Programmability and uniformity: Rethinking the trade-off in digital currency design

Jonathan Chiu and Cyril Monnet

Ch 17 Tokenisation: The promise and the perils

Jon Frost, Leonardo Gambacorta, Anneke Kosse and Peter Wierts

Ch 18 The rise of tokenised money: Building the digital future of financial infrastructure

Emre Ozdenoren and Kathy Yuan

Ch 19 BigTechs, credit, and digital money

Markus Brunnermeier and Jonathan Payne

Ch 20 Trading and lending in decentralised finance

Wenqian Huang

Ch 21 Retail trading in the era of digital finance: Risks, opportunities, and the need for policy innovation

Claudio Tebaldi

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cpr:ebooks:p393

Ordering information: This item can be ordered from
https://cepr.org/node/445792

Access Statistics for this book

More books in CEPR Press Books from Centre for Economic Policy Research 33 Great Sutton Street, London EC1V 0DX, UK.
Bibliographic data for series maintained by CEPR ().