Payment systems around the world are evolving with the emergence of digital money issued
by private firms and central banks. We provide a conceptual framework to compare and …

Purpose–The purpose of this paper is to review the existing literature on blockchain
technology, present some trends and consider its potential value in supply chain …

New cryptocurrencies are emerging almost daily, and many interested parties are
wondering whether central banks should issue their own versions. But what might central …

Blockchains represent a novel application of cryptography and information technology to
age-old problems of financial record-keeping, and they may lead to far-reaching changes in …

“A brilliant and lucid new book”(John Lanchester, New York Times Magazine) about why
paper money and digital currencies lie at the heart of many of the world's most difficult …

We model cryptocurrencies as utility tokens used by a decentralized digital platform to
facilitate transactions between users of certain goods or services. The network effect …

We analyze a unique episode in the history of monetary economics, the 2016 Indian
“demonetization.” This policy made 86% of cash in circulation illegal tender overnight, with …

This article explains how the majority of money in the modern economy is created by
commercial banks making loans. Money creation in practice differs from some popular …

Recent innovations have made it feasible to transfer private digital currency without the
intervention of an organization such as a bank. Any currency must prevent users from …

Questions about the nature of money have gained a new urgency in the aftermath of the
global financial crisis. Even as many people have less of it, there are more forms and …