Currency substitution, capital flows and monetary sovereignty in emerging markets.
| Paper | Venue | Year |
|---|---|---|
| Anchoring trust in money: innovation beyond stablecoins The BIS's flagship annual report argues that stablecoins as currently designed fail to deliver the singleness, elasticity, and integrity of money, and that the path forward is tokenizing central bank and commercial bank money on unified ledgers rather than relying on private stablecoins. | BIS Annual Economic Report 2026, Chapter III | 2026 |
| Stablecoins and Fragility in Fixed Exchange Rate Regimes A global-games model of how dollar stablecoins affect parallel FX markets under fixed or managed exchange rates: stablecoins both widen access to foreign currency and create a common public price that can coordinate runs, so their welfare effect is state-dependent — beneficial when misalignment is low, destabilizing when it is high. | IMF Working Paper WP/26/144, Western Hemisphere Department | 2026 |
| Essays in International Finance The work explores the determinants and consequences of foreign exchange rate fluctuations on the economy, focusing on interest rate parity deviations and capital flow responses. It investigates stablecoins as a means to streamline transactions and mitigate volatility. | None Top-tier journal | 2024 |
| The Rise of Digital Money Introduces a taxonomy of money and argues privately issued digital money (e-money / stablecoins) could rapidly displace bank deposits. | IMF FinTech Note No. 19/01 | 2019 |