Special Issue of the Journal of Financial Stability on “FinTech and Central Bank Digital Currencies”

Description

Call For Papers
Special Issue of the Journal of Financial Stability on “FinTech and Central Bank Digital Currencies”

The Journal of Financial Stability is pleased to announce a Special Issue on the economic implications of novel financial technologies (FinTech) with a particular focus on issues related to Central Bank Digital Currencies.

EDITORS: This Special Issue on FinTech/CBDC will be managed by the following guest editors:

Stijn Claessens, Bank for International Settlements
Will Cong, Cornell University
Kose John, New York University
Fariborz Moshirian, University of New South Wales
Cyn-Young Park, Asian Development Bank

The global financial system is in the middle of a technological revolution, with the Covid-19 pandemic having further accelerated the pace of digital change. With new digital technologies and greater connectivity have come many new entrants and forms of financial services, reshaping the global financial landscape.

Some of these developments have involved much policy and research effort devoted to CBDCs, a digital form of central bank money widely available to the public. While fast and convenient digital payments have been available from commercial banks and a growing number of FinTech companies for some time, a CBDC differs from existing digital money because it would be a liability of the Central Bank, and not of a commercial bank or private company.

Many major issues still need to be analyzed and explored to gain a better understanding of the preferred design of CBDCs and their impact and implications for both banks and non-banks, and how these may differ between developed and developing countries. Issues include the relation of CBDCs to the effectiveness of monetary policy, their possible contribution towards more inclusive financial services, potential risks to the integrity and stability of national and global financial systems, and the related design and technological requirements.

TOPICS: We invite submission of theoretical and empirical papers on, but not limited to, the following topics:
- Central Bank Digital Currencies (and technological factors to be considered prior to CBDC inception)
- The benefits of issuing a CBDC (e.g., as regards to monetary policy, the efficiency of payments, and financial inclusiveness) and the risks (e.g. to financial stability, the two-tier banking system)
- Key considerations of CBDC design, to balance benefits and risks for the central bank, consumers, markets and institutions (Fundamental principles and key features that a CBDC design and its supporting infrastructure would need to demonstrate to meet all competing public policy objectives)
- Alternative lending technologies/models in FinTech ( including Decentralized Exchanges, Protocols for Loanable Funds, crowdfunding, ICOs)
- Financial inclusion and democratization through FinTech Innovations.
- Regulatory issues and challenges in FinTech
- Cryptocurrencies and crypto assets
- Future financial, monetary and regulatory landscape with CBDCs and other private digital currencies
- Critical distinctions between CBDC and crypto assets, traditional and digital currency, and tokenization and digitization
- Key required advances in central bank ledger functionality (e.g., such as name-on-register protections, improved B2B settlement mechanisms, and B2C payment options, etc.)
- Digital currencies and FinTech for cross-border payments
- Competition among digital currencies and various payment systems

Papers submitted on the theme of this Special Issue will initially be reviewed by the Guest Editors. These editors will decide which papers will proceed to being reviewed by two anonymous referees. The normal submission fee of the Journal of Financial Stability will be applied to papers submitted for possible publication in this Special Issue. The Managing Editor of the Journal has oversight of this process and will determine the final set of papers to be accepted for publication.

Potential authors whose papers are relevant to the theme of this Special Issue are encouraged to submit their papers via the normal online platform of the Journal of Financial Stability. During the submission process, you will receive a prompt asking whether the paper being submitted is intended for the Special issue on FinTech. The authors should simply follow the relevant steps outlined in the prompt. The Journal’s online platform for submission of the papers for this Special Issue will be open from 1 August. The deadline for submission of the papers to this Special Issue is 31 August, 2022.

The authors of those papers identified as being suitable for the refereeing process will be invited to present their papers at the 35th Australasian Finance and Banking Conference (14 to 16 December, Sydney, Australia). However, only those papers which are accepted by the Journal after the refereeing process has been completed, will go on to be published in the Special Issue of the JFS. More details will be communicated to these authors in due course.

All authors whose papers are processed for refereeing will have the option of presenting their paper either online or face to face at this Conference. Economy airfare will be paid for those authors who are able to attend the conference in person and present their papers. More details will be provided to the relevant authors in due course.

FURTHER INFORMATION: All enquiries should be directed to globalfinance@unsw.edu.au