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CBER-Forum Symposium on CBDCs: Credit Provision vs Payment Efficiency
- Daniel Sanches, Economic Advisor and Economist, Federal Reserve Bank of Philadelphia
- Martin Schneider, Professor of Economics, Stanford University
- Angelika Welte, Senior Economist, Currency, Economic Research and Analysis, Bank of Canada

Host: Andreas Park, Research Director, Rotman FinHub; Associate Professor, Rotman School of Management, University of Toronto

Co-Hosted By: Rotman FinHub; and the Crypto and Blockchain Economics Research (CBER) Forum

Summary: Central Bank-issued Digital Currencies (CBDCs) will affect the financial system through several channels. This event explores the impact that CBDCs have on the operation of the financial sector and the wellbeing of the economy through its impact on payments. We will feature three presentations. The first outlines the payments cost and reward schemes and their re-distributional effects. The second and third papers provide theoretical analyses on the interaction of payments and credit provision by the financial sector when a CBDC is introduced. These analyses will offer different perspectives and their opposing conclusions will help facilitate the discussion on the opportunities and pitfalls of CBDCs.

- Paper 1: “Distributional Effects of Payment Card Pricing and Merchant Cost Pass-through in the United States and Canada” Marie-Hélène Felt, Fumiko Hayashi, Joanna Stavins, and Angelika Welte
- Paper 2: Todd Keister and Daniel Sanches “Should Central Banks issue CBDCs?”
- Paper 3: Monika Piazzesi and Martin Schneider “Credit lines, bank deposits or CBDC? Competition & efficiency in modern payment systems”

May 20, 2021 11:00 AM in Eastern Time (US and Canada)

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