Mohammad Davoodalhosseini - Bank Publications - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T05:18:10+00:00Central Bank Digital Currencies and Banking: Literature Review and New Questions
https://www.bankofcanada.ca/2023/02/staff-discussion-paper-2023-4/
We review the nascent but fast-growing literature on central bank digital currencies (CBDCs), focusing on their potential impacts on private banks. We evaluate these impacts in three areas of traditional banking: payments, lending and liquidity and maturity transformation. We also take a broader look at CBDCs and highlight two promising directions for future research.2023-02-10T07:41:01+00:00enCentral Bank Digital Currencies and Banking: Literature Review and New Questions2023-02-10Central bank researchDigital currencies and fintechFinancial institutionsFinancial stabilityStaff Discussion Paper 2023-4https://www.bankofcanada.ca/wp-content/uploads/2023/02/sdp2023-4.pdfCentral Bank Digital Currencies and Banking: Literature Review and New QuestionsJames ChapmanJonathan ChiuMohammad DavoodalhosseiniJanet Hua JiangFrancisco RivadeneyraYu ZhuFebruary 2023EE5E50E58GG0G00LL0L00Central Bank Digital Currency and Banking: Macroeconomic Benefits of a Cash-Like Design
https://www.bankofcanada.ca/2021/12/staff-working-paper-2021-63/
Should a CBDC be more like cash or bank deposits? An interest-bearing, cash-like CBDC not only makes payments more efficient but also increases total demand. This has positive effects on other transactions, inducing more deposit taking and lending and, thus, bank intermediation.2021-12-17T15:06:29+00:00enCentral Bank Digital Currency and Banking: Macroeconomic Benefits of a Cash-Like Design2021-12-17Digital currencies and fintechMonetary policyMonetary policy frameworkStaff Working Paper 2021-63https://www.bankofcanada.ca/wp-content/uploads/2021/12/swp2021-63.pdfStaff Working Paper 2021-63Jonathan ChiuMohammad DavoodalhosseiniDecember 2021EE5E50E58Safe Payments
https://www.bankofcanada.ca/2020/12/staff-working-paper-2020-53/
In a cashless economy, would the private sector invest in the optimal level of safety in a deposit-based payment system? In general, because of externalities, the answer is no. While the private sector could over- or under-invest in safety, the government can use taxes or subsidies to correct private incentives.2020-12-11T07:54:12+00:00enSafe Payments2020-12-11Central bank researchDigital currencies and fintechFinancial institutionsPayment clearing and settlement systemsStaff Working Paper 2020-53https://www.bankofcanada.ca/wp-content/uploads/2020/12/swp2020-53.pdfSafe PaymentsJonathan ChiuMohammad DavoodalhosseiniJanet Hua JiangYu ZhuDecember 2020EE4E42E5E50GG2G21Optimal Taxation in Asset Markets with Adverse Selection
https://www.bankofcanada.ca/2020/04/staff-working-paper-2020-11/
What is the optimal tax schedule in over-the-counter markets, e.g., those for corporate bonds? I find that an optimal tax schedule is often non-monotonic. For example, trading of some high-price assets should be subsidized, and trading of some low-price assets should be taxed.2020-04-06T09:36:37+00:00enOptimal Taxation in Asset Markets with Adverse Selection2020-04-06Economic modelsFinancial marketsFinancial system regulation and policiesMarket structure and pricingStaff Working Paper 2020-11https://www.bankofcanada.ca/wp-content/uploads/2020/04/swp2020-11.pdfOptimal Taxation in Asset Markets with Adverse SelectionMohammad DavoodalhosseiniApril 2020DD8D82D83EE2E24GG1G10JJ3J31J6J64CBDC and Monetary Policy
https://www.bankofcanada.ca/2020/02/staff-analytical-note-2020-4/
Improving the conduct of monetary policy is unlikely to be the main motivation for central banks to issue a central bank digital currency (CBDC). While some argue that a CBDC could allow more complex transfer schemes or the ability to break below the zero lower bound, we find these benefits might be small or difficult to realize in practice.2020-02-25T06:00:30+00:00enCBDC and Monetary Policy2020-02-25Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment
https://www.bankofcanada.ca/2019/05/staff-working-paper-2019-20/
We show that issuing a deposit-like central bank digital currency (CBDC) with a proper interest rate would encourage banks to pay higher interest to keep their customers. Banks would then attract more deposits and offer more loans. Hence, a CBDC would not necessarily crowd out private banking.2019-05-30T12:58:57+00:00enBank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment2019-05-30Digital currencies and fintechMarket structure and pricingMonetary policyMonetary policy frameworkStaff Working Paper 2019-20https://www.bankofcanada.ca/wp-content/uploads/2019/05/swp2019-20.pdfCentral Bank Digital Currency and BankingJonathan ChiuMohammad DavoodalhosseiniJanet Hua JiangYu ZhuMay 2019EE5E50E58Central Bank Digital Currency and Monetary Policy
https://www.bankofcanada.ca/2018/07/staff-working-paper-2018-36/
Many central banks are contemplating whether to issue central bank digital currency. This piece explores the implications as well as potential motivators of such a step.2018-07-26T12:42:45+00:00enCentral Bank Digital Currency and Monetary Policy2018-07-26Digital currencies and fintechMonetary policyStaff Working Paper 2018-36https://www.bankofcanada.ca/wp-content/uploads/2018/07/swp2018-36.pdfCentral Bank Digital Currency and Monetary Policy Mohammad DavoodalhosseiniJuly 2018EE4E42E5E50A Policy Framework for E-Money: A Report on Bank of Canada Research
https://www.bankofcanada.ca/2018/04/staff-discussion-paper-2018-5/
We present a policy framework for electronic money and payments. The framework poses a set of positive questions related to the areas of responsibility of central banks: payments systems, monetary policy and financial stability. The questions are posed to four broad forms of e-money: privately or publicly issued, and with centralized or decentralized verification of transactions. This framework is intended to help evaluate the trade-offs that central banks face in the decision to issue new forms of e-money.2018-04-27T13:22:36+00:00enA Policy Framework for E-Money: A Report on Bank of Canada Research2018-04-27Digital currencies and fintechMonetary policyPayment clearing and settlement systemsStaff Discussion Paper 2018-5https://www.bankofcanada.ca/wp-content/uploads/2018/04/SDP-2018-5.pdfA Policy Framework for E-Money: A Report on Bank of Canada ResearchMohammad DavoodalhosseiniFrancisco RivadeneyraApril 2018EE4E41E5E51E52E58Adverse Selection with Heterogeneously Informed Agents
https://www.bankofcanada.ca/2018/02/staff-working-paper-2018-7/
A model of over-the-counter markets is proposed. Some asset buyers are informed in that they can identify high quality assets. Heterogeneous sellers with private information choose what type of buyers they want to trade with.2018-02-08T07:38:17+00:00enAdverse Selection with Heterogeneously Informed Agents2018-02-08Economic modelsFinancial marketsFinancial stabilityFinancial system regulation and policiesMarket structure and pricingStaff Working Paper 2018-7https://www.bankofcanada.ca/wp-content/uploads/2018/02/swp2018-7.pdfAdverse Selection with Heterogeneously Informed AgentsMohammad DavoodalhosseiniFebruary 2018DD4D40D8D82D83GG0G01G1G10G2G20Constrained Efficiency with Adverse Selection and Directed Search
https://www.bankofcanada.ca/2017/04/staff-working-paper-2017-15/
Constrained efficient allocation (CE) is characterized in a model of adverse selection and directed search (Guerrieri, Shimer, and Wright (2010)). CE is defined to be the allocation that maximizes welfare, the ex-ante utility of all agents, subject to the frictions of the environment.2017-04-20T13:21:02+00:00enConstrained Efficiency with Adverse Selection and Directed Search2017-04-20Economic modelsFinancial marketsFinancial system regulation and policiesMarket structure and pricingStaff Working Paper 2017-15https://www.bankofcanada.ca/wp-content/uploads/2017/04/swp2017-15.pdfConstrained Efficiency with Adverse Selection and Directed SearchMohammad DavoodalhosseiniApril 2017DD8D82D83EE2E24GG1JJ3J31J6J64