Found 172 article(s) for author 'Kenneth Rogoff'

The High Stakes of the Coming Digital Currency War

The High Stakes of the Coming Digital Currency War. Kenneth Rogoff, November 11, 2019, Opinion, “Facebook CEO Mark Zuckerberg was at least half right when he recently told the United States Congress that there is no US monopoly on regulation of next-generation payments technology. You may not like Facebook’s proposed Libra (pseudo) cryptocurrency, Zuckerberg implied, but a state-run Chinese digital currency with global ambitions is perhaps just a few months away, and you will probably like that even less.Link

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Redeemable Platform Currencies

Redeemable Platform Currencies. Kenneth Rogoff, October 30, 2019, Paper, “Can massive online retailers such as Amazon and Alibaba issue digital tokens that potentially compete with bank debit accounts? We explore whether a large platform’s ability to guarantee value and liquidity by issuing prototype digital tokens for in-platform purchases constitutes a significant advantage that could potentially be leveraged into wider use. Our central finding is that unless introducing tradability creates a significant convenience yield, platforms can potentially earn higher revenues by making tokens non-tradable. The analysis suggests that if platforms have any comparative advantage in issuing tradable tokens, it comes from other factors.Link

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What About Rochester?

What About Rochester? Kenneth Rogoff, August 1, 2019, Opinion, “There is much to be celebrated in the rise of modern megacities, especially in developing countries. But if the trend persists in advanced economies, which is by no means certain, greater public and private innovation will be required to strike a better regional growth balance.Link

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