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240607 ||| eng |
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|a 9798400258367
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|a Copestake, Alexander
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| 245 |
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|a Macro-Financial Implications of Foreign Crypto Assets for Small Developing Economies
|c Alexander Copestake, Anh Le, Evan Papageorgiou, Brandon Tan
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2023
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| 300 |
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|a 26 pages
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| 653 |
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|a Payment Systems
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| 653 |
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|a Economics
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| 653 |
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|a Investments, Foreign
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| 653 |
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|a Central Bank digital currencies
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| 653 |
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|a Distributed ledgers
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| 653 |
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|a Financial crises
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| 653 |
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|a Industries: Financial Services
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| 653 |
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|a Regimes
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| 653 |
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|a Economic History: Transport, International and Domestic Trade, Energy, Technology, and Other Services: General, International, or Comparative
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| 653 |
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|a Exports and Imports
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| 653 |
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|a Technological innovations
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| 653 |
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|a Money
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| 653 |
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|a Economics of specific sectors
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| 653 |
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|a Informal Economy
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| 653 |
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|a Foreign Exchange
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| 653 |
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|a Standards
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| 653 |
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|a Currency crises
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| 653 |
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|a Currencies
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Economic & financial crises & disasters
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| 653 |
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|a Government and the Monetary System
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| 653 |
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|a Dollarization
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| 653 |
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|a Financial technology (fintech)
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| 653 |
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|a Technology
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| 653 |
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|a Monetary economics
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| 653 |
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|a Economics: General
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| 653 |
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|a Monetary Policy, Central Banking, and the Supply of Money and Credit: General
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| 653 |
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|a Long-term Capital Movements
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| 653 |
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|a Informal sector
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| 653 |
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|a Economic sectors
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| 653 |
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|a International economics
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| 653 |
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|a Monetary Systems
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| 653 |
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|a Financial services industry
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| 653 |
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|a Monetary policy
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| 653 |
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|a Underground Econom
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| 653 |
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|a Central Banks and Their Policies
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a International Investment
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| 700 |
1 |
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|a Le, Anh
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| 700 |
1 |
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|a Papageorgiou, Evan
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| 700 |
1 |
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|a Tan, Brandon
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a Fintech Notes
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| 028 |
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|a 10.5089/9798400258367.063
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| 856 |
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|u https://elibrary.imf.org/view/journals/063/2023/012/063.2023.issue-012-en.xml?cid=541440-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a To explore risks associated with digital money, this Fintech Note simulates the hypothetical large-scale adoption of crypto assets in a model of a small open economy. The model highlights that a foreign-currency denominated stablecoin can amplify currency substitution and capital outflows in response to negative shocks. Monetary policy transmission is also weakened, forcing the central bank to adjust interest rates more aggressively in response to shocks. Capital flow management measures—if they do not constrain crypto flows—further incentivize households to hold foreign stablecoins for circumvention purposes, exacerbating the negative effects of crypto adoption on the macroeconomy. This underscores that widespread crypto adoption can weaken policymakers’ available options for mitigating external shocks and potentially increase cross-country spillovers
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