Cam Donohoe

Author

Staff research

Tokenization: What it is and how to think about it

Sparks at Bank article Jonathan Chiu, Mohammad Davoodalhosseini, Cam Donohoe, Thorsten Koeppl, Diego Zúñiga
Tokenization involves representing traditional assets as tokens on a digital platform. This financial innovation has the potential to reshape money and markets, but a common approach for comparing system designs and weighing efficiency gains against risks has yet to be defined. We offer such an approach to improve understanding of this expanding technology and guide policy discussions.
Content Type(s): Staff research, Sparks at Bank article Research Theme(s): Money and payments, Digital assets and fintech, Payment and financial market infrastructures

Estimating the Costs of Electronic Retail Payment Networks: A Cross-Country Meta Analysis

Staff discussion paper 2025-17 Cam Donohoe, Youming Liu
We explore how many electronic funds transfer (EFT) systems can viably coexist within a jurisdiction at efficient scale by estimating the cost curve of the average EFT. We estimate the marginal cost to be approximately $0.55 per transaction, and the fixed cost to be approximately $83 million per year.
Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E4, E42, E5, E58, H, H5, H54 Research Theme(s): Financial system, Financial institutions and intermediation, Financial system regulation and oversight, Money and payments, Retail payments

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