Over recent decades, Australia’s trade has become increasingly oriented toward east Asia (excluding Japan). Rapid growth in economies from this region is often attributed to their export-oriented policies, with the volume of east Asian exports having increased six-fold over the past 20...

This paper sets out three models of central bank digital currency (CBDC) that differ in the sectors that have access to CBDC. It studies sectoral balance sheet dynamics at the point of an initial CBDC introduction, and of an attempted large-scale run out of bank deposits into CBDC. We find that...