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International aspects of digital currencies and fintech

5th annual meeting of the Central Bank Research Association’s International Finance and Macroeconomics Program, jointly organised with the European Central Bank

Tuesday, 19 and Wednesday, 20 October 2021
Online event

The meeting will focus on the implications of the growing role of digital currencies and fintech for the international monetary and financial system. It brings together high-quality researchers and policymakers to discuss the implications of digital currencies, global stablecoins and the digitalisation of finance for the international monetary system, exchange rates, capital flows, global financial assets and spillovers.


Registration deadline: 15 October 2021

Please register directly using the links below. To ensure a smooth registration process, register with your institutional email address by Friday, 15 October 2021.

Registration for day 1
Registration for day 2


Times are Central European Time (UTC+2)
* indicates the presenter

Tuesday, 19 October 2021

Introductory remarks

Fabio Panetta, Member of the Executive Board, European Central Bank


Session 1: Digital currencies and the international dimension of monetary policy

Chair: Livio Stracca, European Central Bank


Digital money as a unit of account and monetary policy in open economies

Daisuke Ikeda, Bank of Japan

Discussant: Tommaso Mancini Griffoli, International Monetary Fund


Central bank digital currency with adjustable interest rate in small open economies

  • Ammu George*, National University of Singapore
  • Taojun Xie, National University of Singapore
  • Joseph D. Alba, Nanyang Technological University

Discussant: Katrin Assenmacher, European Central Bank


Session 2: Digital currency and global finance

Chair: Arnaud Mehl, European Central Bank and Centre for Economic Policy Research


Central bank digital currencies, exchange rates and gross capital flows

  • Michael Kumhof, Bank of England
  • Marco Pinchetti, Bank of England
  • Phurichai Rungcharoenkitkul, Bank for International Settlements
  • Andrej Sokol*, European Central Bank

Discussant: Giovanni Lombardo, Bank for International Settlements


Digital currency runs

David Skeie, Warwick Business School

Discussant: Bruno Biais, HEC Paris


Keynote lecture: The Future of Money: How the Digital Revolution is Transforming Currencies and Finance

Eswar Prasad, Cornell University


End of day 1

Wednesday, 20 October 2021

Session 3: Global technical challenges and fintech

Chair: Galina Hale, University of California Santa Cruz, Central Bank Research Association, Centre for Economic Policy Research and National Bureau of Economic Research


Permissioned distributed ledgers and the governance of money

  • Raphael Auer*, Bank for International Settlements
  • Cyril Monnet, Gerzensee and University of Bern
  • Hyun Song Shin, Bank for International Settlements

Discussant: Quentin Vandeweyer, University of Chicago


What determines cross-country differences in fintech and bigtech credit markets?

  • Oskar Kowalewski, IESEG School of Management, Centre national de la recherche scientifique, Polish Academy of Sciences
  • Paweł Pisany*, Polish Academy of Sciences
  • Emil Ślązak, Warsaw School of Economics

Discussant: Tania Ziegler, University of Cambridge, Judge Business School


Keynote speech: International aspects of central bank digital currency

Chair: Ulrich Bindseil, European Central Bank

Tara Rice, Bank for International Settlements


Final remarks

Galina Hale, University of California Santa Cruz, Central Bank Research Association, Centre for Economic Policy Research and National Bureau of Economic Research

Audiovisual notice: Images and video recordings may be published online.

Please note that this programme may be subject to change without notice.

General information

Conference language


Organising committee

Galina Hale, Massimo Ferrari, Arnaud Mehl and Livio Stracca