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Working Paper
Contrasting Ledgers: Considerations for U.S. Dollar Interbank Payment Systems
This paper describes the current U.S. dollar interbank payments landscape and identifies its key characteristics. It then discusses major considerations and potential tradeoffs that various conceptual alternatives might raise.
Working Paper
Financial Stability Implications of CBDC
A Central Bank Digital Currency (CBDC) is a form of digital money that is denominated in the national unit of account, constitutes a direct liability of the central bank, and can be distinguished from other central bank liabilities. We examine the positive and negative implications for financial stability of a CBDC under different design options. We base our analysis on the lessons derived from historical case studies as well as on analytical frameworks useful to characterize the mechanisms through which a CBDC can affect financial stability. We further discuss various policy tools that can ...