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The rise of new and proposed monetary vehicles, including CBDC, stablecoins, payment service providers etc., are unprecedented. An important question for central banks is the extent to which these innovations upend the role of and implementation of monetary policy. The paper focuses on the interest rate channel and if digital money (especially CBDC) will change monetary policy and central bank operations. We argue that new policy instruments make sense only to the extent that there is limited substitutability between the various payment sectors. We analyze trends in currency-in-circulation, and how it may impact central bank’s seigniorage, monetary base, and transactional velocity of digital money if money demand declines. Liquidity outside the monetary base will also be important to understand.

Macroeconomics --- Economics: General --- Money and Monetary Policy --- Industries: Financial Services --- Banks and Banking --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Demand for Money --- International Financial Markets --- International Finance: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Central Banks and Their Policies --- Economic & financial crises & disasters --- Economics of specific sectors --- Monetary economics --- Distributed ledgers --- Banking --- Monetary base --- Money --- Digital currencies --- Technology --- Central Bank digital currencies --- Currencies --- Commercial banks --- Financial institutions --- Currency crises --- Informal sector --- Economics --- Financial services industry --- Technological innovations --- Money supply --- Banks and banking --- Kyrgyz Republic

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Access to financial services in the small states of the Pacific is being eroded. Weaknesses in Anti-Money Laundering and Combating the Financing of Terrorism compliance in the context of high levels of remittances are contributing to banks’ decisions to withdraw corresponding banking relationships and close bank accounts of money transfer operators. In this paper, we gather evidence on these developments in the small states of the Pacific, discuss the main drivers, and the potentially negative impact on the financial sector and macroeconomy. We then identify the collective efforts needed to address the consequences of withdrawal of corresponding banking relationships and outline policy measures to help the affected countries mitigate the impact.

Economic development. --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Economic development --- E-books --- Accounting --- Banks and Banking --- Exports and Imports --- Criminology --- Central Banks and Their Policies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financial Institutions and Services: Government Policy and Regulation --- Tax Evasion and Avoidance --- Technological Change: Choices and Consequences --- Diffusion Processes --- Economywide Country Studies: Oceania --- Remittances --- International Lending and Debt Problems --- Illegal Behavior and the Enforcement of Law --- Public Administration --- Public Sector Accounting and Audits --- Banking --- International economics --- Corporate crime --- white-collar crime --- Public finance accounting --- Correspondent banking --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Fiscal accounting and reporting --- Balance of payments --- Financial services --- Crime --- Public financial management (PFM) --- Money laundering --- Banks and banking --- International finance --- Correspondent banks --- Finance, Public --- Samoa

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This paper examines key considerations around central bank digital currency (CBDC) for use by the general public, based on a comprehensive review of recent research, central bank experiments, and ongoing discussions among stakeholders. It looks at the reasons why central banks are exploring retail CBDC issuance, policy and design considerations; legal, governance and regulatory perspectives; plus cybersecurity and other risk considerations. This paper makes a contribution to the CBDC literature by suggesting a structured framework to organize discussions on whether or not to issue CBDC, with an operational focus and a project management perspective.

Banks and Banking --- Finance: General --- Money and Monetary Policy --- Industries: Financial Services --- Public Finance --- Money Supply --- Credit --- Money Multipliers --- Central Banks and Their Policies --- Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Taxation, Subsidies, and Revenue: General --- Distributed ledgers --- Banking --- Monetary economics --- Finance --- Public finance & taxation --- Central Bank digital currencies --- Currencies --- Payment systems --- Digital currencies --- Technology --- Money --- Financial markets --- Legal support in revenue administration --- Revenue administration --- Financial services industry --- Technological innovations --- Banks and banking --- Clearinghouses --- Revenue --- United States