CBDC in line with the Vollgeld approach? - A problem of parity The - PowerPoint PPT Presentation

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CBDC in line with the Vollgeld approach? - A problem of parity The Future of Money Frankfurt 2018 Ole Bjerg, Copenhagen Business School Parity Commercial banks and central bank Exchange rate parity CBDC and bank money are convertibleat 1:1

CBDC in line with the Vollgeld approach? - A problem of parity The Future of Money Frankfurt 2018 Ole Bjerg, Copenhagen Business School
Parity
Commercial banks and central bank Exchange rate parity CBDC and bank money are convertibleat 1:1 Parity Digital cash scenario
Commercial banks and central bank Exchange rate parity CBDC and bank money are convertibleat 1:1 Creditors and Treasury Parity Settlement parity CBDC and bank money settletaxes and debtat nominal price Digital cash scenario
Commercial banks and central bank Exchange rate parity CBDC and bank money are convertibleat 1:1 Creditors and Market and Treasury money users Parity Settlement Purchasing parity power parity CBDC and bank money CBDC and bank money settletaxes and debtat buy assets, goods and nominal price services at the same price. Digital cash scenario
Commercial banks Exchange rate parity ? Creditors and Market and Treasury money users Parity Settlement Purchasing parity power parity CBDC and bank money CBDC and bank money settletaxes and debtat buy assets, goods and nominal price services at the same price. Vollgeld scenario
Commercial banks Exchange rate parity ? Creditors Market and money users Parity Settlement Purchasing parity power parity CBDC and bank money ? buy assets, goods and services at the same price. Vollgeld scenario
Commercial banks Exchange rate parity ? Creditors Market and money users ? Settlement Purchasing parity power parity ? ? Vollgeld scenario See: Bjerg, Ole: Breaking the Gilt Standard. CBS Working Paper, August 2018

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