Digital Currencies, Decentralized Ledgers, and the Future of Central Banking
Open accessAbstract
Central banking in an age of digital currencies is a fast-developing topic in monetary economics.Algorithmic digital currencies such as bitcoin appear to be viable competitors to central bank fiat currency, and their presence in the marketplace may pressure central banks to pursue tighter monetary policy.More interestingly, the blockchain technology behind digital currencies has the potential to improve central banks' payment and clearing operations, and possibly to serve as a platform from which central banks might launch their own digital currencies.A sovereign digital currency could have profound implications for the banking system, narrowing the relationship between citizens and central banks and removing the need for the public to keep deposits in fractional reserve commercial banks.Debates over the wisdom of these policies have led to a revival of interest in classical monetary economics.
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- Authors
- Raskin, M., & Yermack, D.
- Affiliations
- New York University (US)
- ORCID
- Yermack, David
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 2016-05
- OpenAlex
- W2347143350
- Cited by
- 178
- References
- 12
- Citations by year
- 2026: 5 · 2025: 9 · 2024: 18 · 2023: 23 · 2022: 19 · 2021: 20 · 2020: 26 · 2019: 23 · 2018: 25 · 2017: 7 · 2016: 3
- Type
- report
- Language
- en
- Open access
- green
- doi.org
- Locations
- National Bureau of Economic Research (publishedVersion)
- Topics
- Physical Sciences › Computer Science › Information Systems › Blockchain Technology Applications and Security
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Digital Transformation in Financial Services
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
- Keywords
- digital currency, Bitcoin, blockchain, central banking, monetary policy, fractional reserve banking, commercial banks
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Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
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