L51 - Economics of Regulation

• On the Essentiality of E-Money

  Staff Working Paper 2015-43 Jonathan Chiu, Tsz-Nga Wong

  Recent years have witnessed the advances of e-money systems such as Bitcoin, PayPal and various forms of stored-value cards. This paper adopts a mechanism design approach to identify some essential features of different payment systems that implement and improve the constrained optimal resource allocation.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Bank notes, Digital Currencies, Payment clearing and settlement systems JEL Code(s): E, E4, E42, E5, E58, L, L5, L51

• E-Money: Efficiency, Stability and Optimal Policy

  Staff Working Paper 2014-16 Jonathan Chiu, Tsz-Nga Wong

  What makes e-money more special than cash? Is the introduction of e-money necessarily welfare enhancing? Is an e-money system necessarily stable? What is the optimal way to design an efficient and stable e-money scheme?

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Bank notes, Digital Currencies, Payment clearing and settlement systems JEL Code(s): E, E4, E42, E5, E58, L, L5, L51

• Some Economics of Private Digital Currency

  Staff Working Paper 2013-38 Joshua S. Gans, Hanna Halaburda

  This paper reviews some recent developments in digital currency, focusing on platform-sponsored currencies such as Facebook Credits.

  Content Type(s): Staff Research, Staff Working Papers Topic(s): Bank notes, Digital Currencies, Economic models, Payment clearing and settlement systems JEL Code(s): D, D4, D42, E, E4, L, L5, L51