The optimal design of a central bank digital currency (CBDC) is analyzed in an environment
where agents sort into cash, CBDC, and bank deposits according to their preferences over …

The intersection of finance and technology, known as fintech, has resulted in the dramatic
growth of innovations and has changed the entire financial landscape. While fintech has a …

Digitalization of Money is a crossroad in monetary history. Advances in technology has led
to the development of new forms of money: virtual (crypto) currencies like bitcoin; stable …

This paper explores the association between the informal economy and the adoption of
central bank digital currency (CBDC) by end users, namely households and businesses. Our …