VoxEU.org: Recent Articles |
- Central bank digital currency for the UK
- A macroprudential framework for non-bank financial intermediation
- The impact of fundamentals and promotion policy on trade invoicing
| Central bank digital currency for the UK Posted: Central banks across the world are starting to experiment with digital currencies. This column summarises the findings from a survey of a CfM of experts on the UK economy, who were nearly unanimous in agreeing that a Bank of England-issued digital currency would benefit the British economy. Half of the panel also believed that a digital currency would have limited impact on the UK banking system.  |
| A macroprudential framework for non-bank financial intermediation Posted: The policy framework developed so far on non-bank financial intermediation has been based mainly on microprudential tools, looking at individual institutions and activities. This column argues that the effectiveness of these tools could be strengthened if they are accompanied by a comprehensive framework to control systemic risk. This framework could be built around determining the correct pricing of backstops, resolving the trade-off between systemic risk and intermediation costs, mitigating the risk of runs on money market funds, resolving the agency problems in some non-bank financial intermediation transactions, and enhancing the stress test tools.  |
| The impact of fundamentals and promotion policy on trade invoicing Posted: The US dollar has a dominant role in currency invoicing of global trade, covering around 40% of international transactions, followed by the euro and the renminbi. This column analyses the effects of economic fundamentals and government policies on currency invoicing patterns. Strategic complementarities and integration in global value chains are both important determinants of dollar and euro invoicing in trade with the US and the euro area, while the establishment of currency swap lines by the People's Bank of China has been associated with increases in renminbi invoicing, with an adverse effect on dollar use.  |
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