Central Bank digital currency in the inside-outside money competition mechanism

Detalhes bibliográficos
Autor(a) principal: Alfarano, Rocco
Data de Publicação: 2019
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.14/29116
Resumo: The present thesis studies how a widely-accessible and interest-bearing CBDC affects the inside-outside money competition mechanism and in turn monetary equilibria. Consumers perception of CBDC as an alternative to bank deposits and the structure of the banking sector are crucial factors to determine the CBDC role in such a mechanism. Given imperfect competition in the banking sector, CBDC is found to be an effective monetary policy tool capable of influencing households’ money-holdings directly through the deposit rate channel. In particular, the higher the substitutability across the two forms of digital money, the higher the correlation between the interest rates they bear.
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spelling Central Bank digital currency in the inside-outside money competition mechanismCBDCInside moneyOutside moneyMoney competitionMonetary policyDomínio/Área Científica::Ciências Sociais::Economia e GestãoThe present thesis studies how a widely-accessible and interest-bearing CBDC affects the inside-outside money competition mechanism and in turn monetary equilibria. Consumers perception of CBDC as an alternative to bank deposits and the structure of the banking sector are crucial factors to determine the CBDC role in such a mechanism. Given imperfect competition in the banking sector, CBDC is found to be an effective monetary policy tool capable of influencing households’ money-holdings directly through the deposit rate channel. In particular, the higher the substitutability across the two forms of digital money, the higher the correlation between the interest rates they bear.A presente tese estuda como uma CBDC acessível pelo público e com juros afeta o mecanismo de competição pela moeda e, por sua vez, os equilíbrios monetários. A percepção dos consumidores sobre a CBDC como alternativa aos depósitos bancários e a estrutura do setor bancário são fatores cruciais para determinar o papel da CBDC nesse mecanismo. Dada a concorrência imperfeita no setor bancário, constata-se que o CBDC é um instrumento eficaz de política monetária capaz de influenciar os agregados familiares diretamente através do canal de taxa de depósito. Em particular, quanto maior a substituibilidade entre as duas formas de moeda digital, maior a correlação entre as suas taxas de jurosSousa, João Carlos Brogueira deVeritati - Repositório Institucional da Universidade Católica PortuguesaAlfarano, Rocco2020-01-08T09:03:00Z2019-10-082019-10-08T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/29116TID:202301583enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-12T17:34:38Zoai:repositorio.ucp.pt:10400.14/29116Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:23:22.734794Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Central Bank digital currency in the inside-outside money competition mechanism
title Central Bank digital currency in the inside-outside money competition mechanism
spellingShingle Central Bank digital currency in the inside-outside money competition mechanism
Alfarano, Rocco
CBDC
Inside money
Outside money
Money competition
Monetary policy
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short Central Bank digital currency in the inside-outside money competition mechanism
title_full Central Bank digital currency in the inside-outside money competition mechanism
title_fullStr Central Bank digital currency in the inside-outside money competition mechanism
title_full_unstemmed Central Bank digital currency in the inside-outside money competition mechanism
title_sort Central Bank digital currency in the inside-outside money competition mechanism
author Alfarano, Rocco
author_facet Alfarano, Rocco
author_role author
dc.contributor.none.fl_str_mv Sousa, João Carlos Brogueira de
Veritati - Repositório Institucional da Universidade Católica Portuguesa
dc.contributor.author.fl_str_mv Alfarano, Rocco
dc.subject.por.fl_str_mv CBDC
Inside money
Outside money
Money competition
Monetary policy
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic CBDC
Inside money
Outside money
Money competition
Monetary policy
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description The present thesis studies how a widely-accessible and interest-bearing CBDC affects the inside-outside money competition mechanism and in turn monetary equilibria. Consumers perception of CBDC as an alternative to bank deposits and the structure of the banking sector are crucial factors to determine the CBDC role in such a mechanism. Given imperfect competition in the banking sector, CBDC is found to be an effective monetary policy tool capable of influencing households’ money-holdings directly through the deposit rate channel. In particular, the higher the substitutability across the two forms of digital money, the higher the correlation between the interest rates they bear.
publishDate 2019
dc.date.none.fl_str_mv 2019-10-08
2019-10-08T00:00:00Z
2020-01-08T09:03:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.14/29116
TID:202301583
url http://hdl.handle.net/10400.14/29116
identifier_str_mv TID:202301583
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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