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  1. Lending relationships and optimal monetary policy
    Autor*in: Bethune, Zachary; Rocheteau, Guillaume; Wong, Tsz-Nga; Zhang, Cathy
    Erschienen: 2020
    Verlag:  The Federal Reserve Bank of Richmond, Richmond

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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
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    Auflage/Ausgabe: This revised version: May 2020
    Schriftenreihe: Working paper series / The Federal Reserve Bank of Richmond ; WP 20, 13
    Umfang: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  2. Eggs in one basket
    security and convenience of digital currencies
    Autor*in: Kahn, Charles M.; Rivadeneyra, Francisco; Wong, Tsz-Nga
    Erschienen: [2021]
    Verlag:  Bank of Canada, [Ottawa]

    Digital currencies store balances in anonymous electronic addresses. We analyze the tradeoffs between the safety and convenience of aggregating balances in addresses, electronic wallets and banks. In our model, agents balance the risk of theft of a... mehr

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    Digital currencies store balances in anonymous electronic addresses. We analyze the tradeoffs between the safety and convenience of aggregating balances in addresses, electronic wallets and banks. In our model, agents balance the risk of theft of a large account with the cost to safeguarding a large number of passwords for many small accounts. Account custodians (banks, wallets and other payment service providers) have different objectives and trade-offs along these dimensions; we analyze the welfare effects of differing industry structures and interdependencies. In particular, we examine, the consequences of "password aggregation" programs, which, in effect, consolidate risks across accounts.

     
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    Weitere Identifier:
    hdl: 10419/241229
    Auflage/Ausgabe: Last updated: January 28, 2021
    Schriftenreihe: Staff working paper / Bank of Canada ; 2021, 6
    Schlagworte: Digital currencies and fintech; Financial services; Payment clearing and settlement systems; Central bank research
    Umfang: 1 Online-Ressource (circa 48 Seiten)
  3. Payments on digital platforms
    resiliency, interoperability and welfare
    Autor*in: Chiu, Jonathan; Wong, Tsz-Nga
    Erschienen: 2021
    Verlag:  The Federal Reserve Bank of Richmond, Richmond

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    Schriftenreihe: Working paper series / The Federal Reserve Bank of Richmond ; WP 21, 04
    Schlagworte: Digital tokens; payments; platforms; money; regulation
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  4. Payments on digital platforms
    resiliency, interoperability and welfare
    Autor*in: Chiu, Jonathan; Wong, Tsz-Nga
    Erschienen: [2021]
    Verlag:  Bank of Canada, [Ottawa]

    Digital platforms, such as Alibaba and Amazon, operate an online marketplace to facilitate transactions. This paper studies a platform's business model choice between accepting cash and issuing tokens, as well as the implications for welfare,... mehr

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    Digital platforms, such as Alibaba and Amazon, operate an online marketplace to facilitate transactions. This paper studies a platform's business model choice between accepting cash and issuing tokens, as well as the implications for welfare, resiliency, and interoperability. A cash platform free rides on the existing payment infrastructure and profits from collecting transaction fees. A token platform earns seigniorage, albeit bearing the costs of setting up the system and holding reserves to mitigate the cyber risk. Tokens earn consumers a return, insulating transactions from the liquidity costs of using cash, but also expose them to the remaining cyber risk. The platform issues tokens if the interest rate is high, the platform scope is large, and the cyber risk is small. Unbacked floating tokens with zero transaction fees or interest-bearing stablecoins can implement the equilibrium business model, which is not necessarily socially optimal because the platform does not internalize its impacts on offplatform activities. The model explains why Amazon does not issue tokens but Alipay issues tokens circulatable outside its Alibaba platforms. Regulations such as a minimum reserve requirement can reduce welfare.

     
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    hdl: 10419/241242
    Auflage/Ausgabe: Last updated: April 22, 2021
    Schriftenreihe: Staff working paper / Bank of Canada ; 2021, 19
    Schlagworte: Digital currencies and fintech; Monetary policy; Payment clearing and settlement systems
    Umfang: 1 Online-Ressource (circa 41 Seiten)
  5. Lending relationships and optimal monetary policy
    Autor*in: Rocheteau, Guillaume; Wong, Tsz-Nga; Zhang, Cathy
    Erschienen: [2018]
    Verlag:  [Krannert School of Management, Purdue University, Institute for Research in the Behavioral, Economic, and Management Sciences], [West Lafayette, Indiana]

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    Format: Online
    Auflage/Ausgabe: This version: April 2018
    Schriftenreihe: Purdue University Economics Department working paper ; no. 1306
    Umfang: 1 Online-Ressource (circa 78 Seiten), Illustrationen
  6. Leveraging the disagreement on climate change
    theory and evidence
    Autor*in: Bakkensen, Laura; Phan, Toan; Wong, Tsz-Nga
    Erschienen: [2023]
    Verlag:  Federal Reserve Bank of Richmond, Richmond

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    Schriftenreihe: Working paper series / Federal Reserve Bank of Richmond ; WP 23, 01
    Schlagworte: climate finance; sea level rise; heterogeneous beliefs; real estate; mortgage; search and matching; monetary policy
    Umfang: 1 Online-Ressource (circa 77 Seiten), Illustrationen
  7. Should the central bank issue e-money?
    Autor*in: Kahn, Charles M.; Rivadeneyra, Francisco; Wong, Tsz-Nga
    Erschienen: [2018]
    Verlag:  Bank of Canada, [Ottawa]

    Should a central bank take over the provision of e-money, a circulable electronic liability? We discuss how e-money technology changes the tradeoff between public and private provision, and the tradeoff between e-money and a central bank's existing... mehr

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    Should a central bank take over the provision of e-money, a circulable electronic liability? We discuss how e-money technology changes the tradeoff between public and private provision, and the tradeoff between e-money and a central bank's existing liabilities like bank notes and reserves. The tradeoffs depend on i) the technological setup of the e-money system (as a token or an account; centralized or decentralized); ii) the potential improvement in the implementation and transmission of monetary policy; iii) the risks to safety and privacy from cyber attacks; and iv) the uncertain impact on banks' efficiency and financial stability. The most compelling argument for central banks to issue e-money is to address competition problems in the banking sector.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/197911
    Schriftenreihe: Staff working paper / Bank of Canada ; 2018, 58 (December 2018)
    Umfang: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  8. On the essentiality of e-money
    Autor*in: Chiu, Jonathan; Wong, Tsz-Nga
    Erschienen: 2015
    Verlag:  Bank of Canada, Ottawa

    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... mehr

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    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. We find that, compared to cash, emoney technologies allowing limited participation, limited transferability and non-zerosum transfers can help mitigate fundamental frictions and enhance social welfare, if they satisfy conditions in terms of parameters such as trade frequency and bargaining powers. An optimally designed e-money system exhibits realistic arrangements including nonlinear pricing, cross-subsidization and positive interchange fees even when the technologies incur no costs. Regulations such as a cap on interchange fees (à la the Dodd- Frank Act) can distort the optimal mechanism and reduce welfare.

     
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    Weitere Identifier:
    hdl: 10419/141986
    Schriftenreihe: Staff working paper / Bank of Canada ; 2015-43
    Schlagworte: Bargeld; Bargeldloser Zahlungsverkehr; Clearing; Geldmengensteuerung; Marktstruktur; Mechanismus-Design-Theorie; Geldtheorie
    Umfang: Online-Ressource (III, 69 S.)
  9. Working through the distribution
    money in the short and long run
    Autor*in: Rocheteau, Guillaume; Weill, Pierre-Olivier; Wong, Tsz-Nga
    Erschienen: December 2015
    Verlag:  National Bureau of Economic Research, Cambridge, MA

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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: Working paper series / National Bureau of Economic Research ; 21779
    Schlagworte: Geldtheorie; Suchtheorie; Verhandlungen; Statistische Verteilung; Geldmenge; Neutralität des Geldes; Erwerbstätigkeit; Risiko; Globalsteuerung; Geldmengensteuerung; Theorie
    Umfang: 51 Seiten, Illustrationen
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  10. On the essentiality of e-money
    Autor*in: Chiu, Jonathan; Wong, Tsz-Nga
    Erschienen: 2016
    Verlag:  Victoria University of Wellington, School of Economics and Finance, Wellington

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    Weitere Identifier:
    hdl: 10063/5205
    Schriftenreihe: SEF working paper ; 2016, 14
    Schlagworte: Bargeld; Bargeldloser Zahlungsverkehr; Clearing; Geldmengensteuerung; Marktstruktur; Mechanismus-Design-Theorie; Geldtheorie
    Umfang: 1 Online-Ressource (circa 72 Seiten)
  11. A tractable model of monetary exchange with ex-post heterogeneity
    Autor*in: Rocheteau, Guillaume; Weill, Pierre-Olivier; Wong, Tsz-Nga
    Erschienen: 2015

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    Schriftenreihe: NBER working paper series ; 21179
    Schlagworte: Tauschwirtschaft; Geldtheorie; Suchtheorie; Liquiditätspräferenz
    Umfang: 65 S., graph. Darst.
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  12. E-money
    efficiency, stability and optimal policy
    Autor*in: Chiu, Jonathan; Wong, Tsz-Nga
    Erschienen: 2014
    Verlag:  Bank of Canada, Ottawa

    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? This paper provides a first... mehr

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    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? This paper provides a first attempt to develop a micro-founded, dynamic, general-equilibrium model of e-money for investigating these policy issues. We first identify some superior features of e-money which help mitigate informational frictions and enhance social welfare in a cash economy. A model that features both trading frictions and two-sided platforms is then built and used to compare two potential e-money schemes: (i) public provision of emoney with decentralized adoption, and (ii) private monopolistic provision of e-money. We show that, in general, both public and private provision of e-money are inefficient, and we characterize the optimal incentive scheme by addressing four potential sources of inefficiency - market powers in goods trading, network externality, liquidity constraint and monopoly distortion in e-money issuance. We show that the welfare impact of emoney depends critically on whether cash is a viable alternative to e-money as a means of payment. When it is not (e.g., for online payments where usage of money is prohibitively costly), the adoption of e-money is always welfare enhancing, albeit not welfare maximizing. However, when cash is a viable alternative (e.g., in a coffee shop), introducing e-money can sometimes reduce social welfare. Moreover, a system with public provision and decentralized adoption is inherently unstable, while a planner or a private issuer can design a pricing scheme to restore stability. Lastly, we examine an alternative e-money scheme - a hypothetical set-up with public provision through a private platform. We also compare the impact of various provision schemes on central bank seigniorage income. While this scheme may or may not improve efficiency, it can always increase seigniorage income, even though there may exist better policy options such as imposing a cash reserve requirement or collecting a charter fee.

     
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    hdl: 10419/103035
    Schriftenreihe: Working paper / Bank of Canada ; 2014-16
    Umfang: Online-Ressource (IV, 39 S.), graph. Darst.
  13. A tractable monetary model under general preferences
    Autor*in: Wong, Tsz-Nga
    Erschienen: 2013
    Verlag:  Bank of Canada, Ottawa

    Consider the monetary model of Lagos and Wright (JPE 2005) but with general preferences and general production. I show that preferences satisfying UXXUHH - (UXH)2 = 0 is a sufficient condition for the existence and uniqueness of monetary equilibrium... mehr

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    Consider the monetary model of Lagos and Wright (JPE 2005) but with general preferences and general production. I show that preferences satisfying UXXUHH - (UXH)2 = 0 is a sufficient condition for the existence and uniqueness of monetary equilibrium with degenerate money distribution. I solve for the entire class of exact solutions to the above non-linear second order partial differential equation. This class of preferences includes ones with constant return to scale, for example, constant elasticity of substitution (CES), and ones used in many other macroeconomics literatures. I also analyze the welfare implication of monetary policy in this economy.

     
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    hdl: 10419/80738
    Schriftenreihe: Working paper / Bank of Canada ; 2013-7
    Umfang: Online-Ressource (III, 22 S.)