Fintech
Boris Hofmann, Aaron Mehrotra and Jan Paulick, “Dollarisation and monetary control: what lessons for the rise of stablecoins?”
Bank for International Settlements, Working paper n° 1370
Posted in: Articolo
Lug
31
2026
Abstract: The emergence of stablecoins has created a new channel to access US dollar liquidity in emerging market and developing economies (EMDEs), similar to the historical role of foreign currency deposits, or “deposit dollarisation”. This has raised concerns about the possible implications for monetary control ...more »
Tagged width: banking, capital markets, fintech, politica monetaria
Hyung Joo Kim and Dong Hwan Oh, “Capturing Heterogeneity: Machine Learning Approaches to Implied Volatility Forecasting”
Federal Reserve Board, Washington, D.C., Working paper n° 2026-049
Posted in: Articolo
Lug
31
2026
Abstract: Despite documented heterogeneity in volatility dynamics across the option surface, standard implied volatility forecasting models apply homogeneous parameters throughout. We introduce a machine-learning framework that uses regression trees to partition the surface along both moneyness and maturity dimensions, identifying data-driven regions where distinct forecasting ...more »
Boris Hofmann, Matthias Kaldorf and Matthias Rottner, “The macroeconomics of stablecoins”
Bank for International Settlements, Working Paper n° 1363
Posted in: Articolo
Giu
25
2026
Abstract: We analyse the macroeconomic impact of stablecoins using a quantitative macroeconomic model. Stablecoins influence the economy through two opposing channels: (i) a bank lending channel, as household demand for stablecoins raises deposit rates, increases bank funding costs, and reduces loan supply; and (ii) a ...more »
Tagged width: blockchain, capital markets, fintech
Yuteng Cheng, Jonathan Chiu, Mohammad Davoodalhosseini and Janet Hua Jiang, “Data Externalities, Market Power, and the Optimal Design of Central Bank Digital Currencies”
Bank of Canada, Working paper n° 2026-21
Posted in: Articolo
Giu
25
2026
Abstract: We study the optimal design of a central bank digital currency (CBDC) in an economy where private payment service providers (PSPs) collect and monetize transaction data and may have market power. Payments data create social benefits through law enforcement and monitoring but also impose ...more »
Tagged width: banking, blockchain, fintech
Nordine Abidi, Leonardo Gambacorta, Christoffer Kok, Leonardo Madio, Ixart Miquel-Flores, and Alberto Partida, “Disciplining digital risk: evidence from cyber stress tests”
Bank for International Settlements, Working Papers n° 1351
Posted in: Articolo
Mag
29
2026
Abstract: Investment in cybersecurity in an interconnected banking system has public-good proper-ties: positive externalities can generate systemic underinvestment. Using confidential supervi-sory data from the European Central Bank, we first identify “laggard” European banks that underinvest relative to their cyber-risk profiles, and then examine how supervisory ...more »
Tagged width: banking, blockchain, fintech
Christian Friedrich and Laura Zhao “Patterns and Determinants of Global Cryptocurrency Flows”
Bank of Canada, Working paper 2026-15
Posted in: Articolo
Mag
29
2026
Abstract: In this paper, we examine the patterns and determinants of cross-border cryptocurrency flows. While our analysis focuses primarily on Bitcoin flows, the cryptocurrency with the largest market capitalization, we show that our key results also extend to four major stablecoins. After documenting global patterns ...more »
Tagged width: banking, blockchain, capital markets, fintech
Romain Baeriswyl, Kene Boun My and Camille Cornand “Central Bank Digital Currency and Gresham’s law: An experimental analysis”
Swiss National Bank, Working Paper n° 3/2026
Posted in: Articolo
Apr
29
2026
Abstract: In a monetary system in which risk-free and risky money coexist, Gresham’s law predicts that people will hoard risk-free money as a store of value and spend risky money as a medium of exchange. Establishing a payment system on the basis of risk-free money, ...more »
Tagged width: banking, blockchain, fintech
Iñaki Aldasoro, Paula Beltrán and Federico Grinberg “Stablecoin flows and spillovers to FX markets”
Bank for International Settlements, BIS Working Papers n° 1340
Posted in: Articolo
Apr
29
2026
Abstract: Using data on four USD-pegged stablecoins and 27 fiat currencies, this paper documents spillovers from stablecoin-based foreign exchange (FX) to traditional FX markets. We document a gap between the cost of acquiring dollars via stablecoins and via the spot FX market (parity deviations). To ...more »
Tagged width: blockchain, capital markets, fintech
Bo Li, Tommaso Mancini-Griffoli, Marcello Miccoli, Brandon Joel Tan and Longmei Zhang “Making Stablecoins Stable”
International Monetary Fund, Working paper n° 26/74
Posted in: Articolo
Apr
29
2026
Abstract: Payment stablecoins are privately issued digital money with the potential to enhance payment efficiency, foster innovation, and improve financial inclusion. At the same time, they are vulnerable to runs and associated welfare losses. One way to lower run risk is to require stablecoin issuers ...more »
Tagged width: banking, blockchain, capital markets, fintech
Andrés Azqueta-Gavaldón, Marina Diakonova, Corinna Ghirelli and Javier J. Pérez “Diverging signals from economic uncertainty measures: Uncovering coherence through news narratives”
BANCO DE ESPAÑA, Working paper n° 2641
Posted in: Articolo
Apr
29
2026
Abstract: The proliferation of economic uncertainty indicators —ranging from text-based indices like the Economic Policy Uncertainty (EPU) index to market-based measures such as the VIX and the ECB’s Country-Level Index of Financial Stress (CLIFS)— has enriched the analytical toolkit of economists and policymakers. Yet these ...more »
Tagged width: banking, blockchain, fintech
