Introducing New Forms of Digital Money: Evidence from the Laboratory.

Autor:	CAMERA, GABRIELE
Předmět:	DIGITAL currency CENTRAL banking industry TOKENS INTEREST (Finance) MONETARY systems REPEATED games (Game theory) PAYMENT systems PROFIT
Zdroj:	Journal of Money, Credit & Banking (John Wiley & Sons, Inc.); Feb2024, Vol. 56 Issue 1, p153-184, 32p
Abstrakt:	Central banks may soon issue currencies that are entirely digital (CBDCs) and possibly interest bearing. A strategic analytical framework is used to investigate this innovation in the laboratory, contrasting a traditional "plain" tokens baseline to treatments with "sophisticated" interest‐bearing tokens. In the experiment, this theoretically beneficial innovation precluded the emergence of a stable monetary system, reducing trade and welfare. Similar problems emerged when sophisticated tokens complemented or replaced plain tokens. This evidence underscores the advantages of combining theoretical with experimental investigation to provide insights for payments systems innovation and policy design. [ABSTRACT FROM AUTHOR]
Databáze:	Complementary Index
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