Digital currencies in financial networks

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dc.contributor.author Castrén, Olli
dc.contributor.author Kavonius, Ilja Kristian
dc.contributor.author Rancan, Michela
dc.date.accessioned 2020-07-16T07:28:01Z
dc.date.available 2020-07-16T07:28:01Z
dc.date.issued 2020-07-02
dc.identifier.citation Castrén , O , Kavonius , I K & Rancan , M 2020 ' Digital currencies in financial networks ' European Banking Authority Staff Paper Series , no. 8 , vol. 2020 , European Banking Authority , Paris , pp. 1-49 . https://doi.org/10.2853/8297
dc.identifier.other PURE: 139947709
dc.identifier.other PURE UUID: e7e440dd-f28f-42b6-b21b-d56aa5d5f1bf
dc.identifier.other ORCID: /0000-0002-6621-8809/work/77481030
dc.identifier.uri http://hdl.handle.net/10138/317766
dc.description.abstract We introduce a digital currency, either as a central bank digital currency (CBDC) or a financial crypto asset (stablecoin), in the network of financial accounts. Simulating a shift of deposits by both households and non-financial corporations from the banking sector to the digital currency, we model the different responses of the affected institutional sectors. We find that the introduction of a digital currency generates significant adjustments in the balance sheets of all sectors, may trigger large moves in securities prices and induces changes in the network structure. The economic impacts vary depending on the design of the digital innovation, the size of the deposit shift, the channels through which the balance sheet adjustments take place and the timing of the initiative. fi
dc.format.extent 49
dc.language.iso eng
dc.publisher European Banking Authority
dc.relation.ispartof
dc.relation.ispartofseries European Banking Authority Staff Paper Series
dc.relation.isversionof 978-92-9245-677-1
dc.rights unspecified
dc.rights.uri info:eu-repo/semantics/openAccess
dc.subject 511 Economics
dc.subject 112 Statistics and probability
dc.title Digital currencies in financial networks en
dc.type Working paper
dc.contributor.organization Centre for Consumer Society Research
dc.relation.doi https://doi.org/10.2853/8297
dc.relation.issn 2599-7831
dc.rights.accesslevel openAccess
dc.type.version publishedVersion
dc.identifier.url https://eba.europa.eu/sites/default/documents/files/document_library/887439/Digital%20currencies%20in%20financial%20networks.pdf

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