Specialty Conference

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Specialty Conference, Senior Fellows/Fellows

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Nov 2018

Digital Money: Private versus Public

Markus K. BRUNNERMEIER, Dirk F. NIEPELT
Both proponents and opponents of central bank digital currency have suggested that it would fundamentally change the macroeconomy. This column questions this paradigm, arguing that the introduction of such a currency need not alter the allocation nor the price system. Concerns about central bank dig...
Keywords: Central bank digital currency, Investment, bank runs
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Specialty Conference

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Specialty Conference

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Nov 2018

From Commodity to Fiat and Now to Crypto: What Does History Tell Us?

Barry EICHENGREEN
Over time, there has been a tendency for political jurisdictions and residents to converge on a single currency. Monopoly over seigniorage is a source of political power and a valuable lifeline when sovereignty is threatened. Moreover a uniform currency, insofar as it is free of counterparty and liq...
Keywords: Monopoly, seigniorage, sovereignty, digital currencies
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Specialty Conference

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Specialty Conference

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Sep 2020

China's debt relief actions overseas: Patterns, interactions with other creditors and macroeconomic implications

Gatien BON, Gong CHENG
This paper explores a novel database of 140 Chinese debt restructurings overseas between 2000 and 2019. It uncovers a number of salient features of the restructuring terms that China has offered in the past and the ways in which China has interacted with other types of creditor and the International...
Keywords: China, sovereign debt restructuring, Paris Club
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Specialty Conference

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Specialty Conference

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Jan 2017

Prudential policies and their impact on credit in the United States

Seung Jung LEE, Paul CALEM, Ricardo CORREA
We analyze how two types of recently used prudential policies affected the supply of credit in the United States. First, we test whether the U.S. bank stress tests had any impact on the supply of mortgage credit. We find that initiation of the Comprehensive Capital Analysis and Review (CCAR) stress ...
Keywords: Bank stress tests, Jumbo mortgages, Leveraged lending, Macroprudential Policy, Syndicated loan market
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Specialty Conference

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Specialty Conference

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Jan 2017

Financial sector origins of economic growth delusion

Frederic MALHERBE, Michael MCMAHON
After financial crises, GDP is typically persistently weak compared to pre-crisis trends. We build a simple competitive general equilibrium model to highlight role that the financial sector may have in boosting GDP to unsustainable, undesirable levels before financial crises. Allowing banks to freel...
Keywords: financial crises, GDP, trade, Loans, time-series
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