Indicators based on the ratio of credit to GDP have been found to be highly useful predictors of banking crises. We study the difference in this ratio as an early warning indicator. We test a large number of different versions of the differenced credit-to-GDP ratio with data on Euro area...

Keskuspankit ovat perinteisesti laskeneet liikkeeseen seteleitä yleisön käytettäviksi. Digitalisaation myötä setelit alkavat olla teknisesti vanhentunut maksuväline, ja jotkut keskuspankit ovat harkinneet vähittäismaksamiseen soveltuvaa elektronista keskuspankkirahaa. Elektroninen...

Central banks have traditionally issued cash to the general public. With digitalisation, banknotes are becoming a technically outdated payment instrument, and some central banks have explored the possibility of central bank-issued electronic money applicable to retail payments. Electronic...