Policy transmission, money supply, deposit competition and bank disintermediation.
| 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 |
| 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 |
| Stablecoins: Growth Potential and Impact on Banking Fed staff analysis of how stablecoin growth could affect bank funding and credit, depending on reserve design. | Federal Reserve International Finance Discussion Papers No. 1334 | 2022 |
| Tethered, or Untethered? On the interplay between stablecoins and major cryptoassets The work investigates the relationship between stablecoins and major cryptoassets, finding that stablecoins do not boost the prices of other cryptoassets. Instead, stablecoin issuances respond to price changes in other cryptoassets, indicating a reflection of demand for investment in cryptomarkets. | Finance research letters | 2021 |
| 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 |