Rohan Grey; Jonathan Dharmapalan
Historically, currency in an economy has acted like grease in a wheel of a car. Digital Fiat Currency presents a future for payments system innovation, post–crisis monetary policy implementation, and regulation of the shadow banking sector.
Table of Contents
FOREWORD ...................................................................................... 7
PREFACE .............................................................................................11
EXECUTIVE SUMMARY.............................................................15
INTRODUCTION: THE RISE OF DIGITAL FINANCE.............19 PART I: Three Challenges of Post--Crisis Macroeconomic Policymaking.............21
1. Vanilla Banking in Flux..................................................................21
2. Improvising Monetary Policy ................................................. 27
3. Rethinking Fiscal Wisdom.........................................................28 PART II: The Way Forward .........................................................................31
Addressing Development and Technical Needs .....................................31
Digital Fiat Currency: A Technical Solution to a Technical Problem.............32 Design Considerations and Constraints......................33
Impact and Benefits....................................................................36
Implementation Challenges.................................................46 PART III: Conclusion ....................................................................51 REFERENCES.................................................................................. 53
ABOUT THE AUTHORS............................................................59