Banques, monnaie et paiements

Jean Rochet and Marianne Verdier

Revue d'économie financière, 2021, vol. N° 142, issue 2, 135-155

Abstract: The traditional business model of commercial banks exploits economies of scale between deposits and credit. New information technologies (Fintechs) and giant internet platforms (Bigtechs) are putting this model in serious jeopardy. Bigtechs even threaten the monetary sovereignty of states by potentially offering citizens of the world new currencies that are beyond the control of those states, such as Facebook?s Global Stablecoin project Diem. This threat explains why many jurisdictions are seriously considering the creation of central bank digital currencies (CBDCs), so as discourage Fintech firms from creating new currencies. We analyze these upheavals and their foreseeable consequences and advocate for the development of a real public policy on payments. Classification JEL : D40, G01, G21, G23, O33

JEL-codes: D40 G01 G21 G23 O33 (search for similar items in EconPapers)
Date: 2021
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