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Monetary policies --- Currencies

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Cross-border payments are expensive, slow, and opaque. These problems reflect multiple frictions, many of which boil down to limited trust among counterparties. Trust plays a central role in exchanging credit-based money. End users need to trust the issuers of money, and issuers must trust users to satisfy financial integrity requirements. Transactions are possible only where trust links exist. Interoperability between different forms of money can thus be conceptualized as the network of trusted links necessary for transactions. Traditionally, across borders, trust links involve exclusive bilateral credit relationships among correspondent banks. However, the fixed costs required to build these links foster an expensive and concentrated system. This paper interprets different payment arrangements in terms of the implied trust structures. It discusses how the tokenization of money alters trust links and allows for a potentially more efficient market structure to exchange money. The paper ends with a suggested global marketplace to trade tokenized money directly across borders.

Digital currencies. --- Banks and banking. --- Monetary policy.

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This paper looks at the correlation between the cyclical components of gross domestic product and the exchange rate and classifies countries' currencies as procyclical if they appreciate in good times, countercyclical if they appreciate in bad times, and acyclical otherwise. With this classification, the paper shows that: (i) the countries that are commodity exporters and experience procyclical capital flows tend to have procyclical currencies; (ii) countries with procyclical currencies tend to restrict their capital accounts, perhaps as an attempt to reduce the degree of procyclicality; (iii) countries with procyclical currencies pursue procyclical monetary policy; (iv) however, in the last decade, there is a disconnect between the cyclicality of currency and monetary policy; and (v) the disconnect may reflect a decline in the fear of floating, which can be partially attributed to an improvement in countries' net foreign asset positions.

Countercyclical Currencies --- Currency Cyclicality --- Exchange Rate --- Fear Of Floating --- Foreign Asset Position --- Monetary Policy --- Procyclical Currencies --- Trilemma

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Les monnaies virtuelles vous intriguent, vous rêvez de vous lancer vous aussi dans ce type d'investissement mais vous ne savez pas comment vous y prendre ? Ce guide pratique est fait pour vous. Il vous offre la possibilité de pénétrer pas à pas dans l'univers des cryptomonnaies et d'en comprendre les rouages complexes sans prendre de risque démesuré.Gilles Quoistiaux, journaliste économique spécialisé en nouvelles technologies, s'est mis dans la peau d'un apprenti « cryptoboursicoteur » et relate étape par étape, dans un style accessible et décomplexé, les succès, les difficultés mais aussi les échecs rencontrés. Au fil des conseils prodigués, les investisseurs en herbe comprendront mieux les dangers à éviter et, surtout, les opportunités à saisir dans leur course aux bitcoins.Journaliste économique au magazine Trends-Tendances depuis plus de dix ans et chroniqueur sur La Première (RTBF), Gilles Quoistiaux est passionné par les mutations numériques qui touchent tous les pans de notre société.

Virtual currencies --- Blockchains (Databases) --- Cryptocurrencies --- Bitcoin --- Electronic commerce --- Cryptocurrencies. --- Crypto coins --- Cryptocoins --- Digital currency

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Macroeconomic analysis --- Economic policies --- supply balance --- Currencies --- Economic theories --- Economic indicators --- Classical economics --- Economic growth --- Canada