How will digital technologies influence the international monetary system?
分析了加密货币和央行数字货币如何降低跨境支付成本，但也可能加剧资本流动和汇率波动，尤其对新兴市场构成挑战，同时指出美元等主导货币的地位不会因此动摇。
Abstract New and evolving financial technologies, including the advent of cryptocurrencies and central bank digital currencies (CBDCs), will make cross-border payments cheaper and quicker. However, reduced frictions in global capital flows could also result in more capital flow and exchange rate volatility, which is of particular concern for emerging market economies. There will be greater competition among fiat currencies and certain private currencies such as stablecoins in their roles as mediums of exchange for payment and settlement of domestic as well as cross-border transactions. However, neither the advent of CBDCs nor the lowering of barriers to international financial flows will do much on their own to reorder the international monetary system or the balance of power among major currencies. Currencies such as the US dollar that are dominant stores of value will remain so because that dominance rests not just on the issuing country’s economic size and financial market depth, but also on a strong institutional foundation that is essential for maintaining investors’ trust in a currency.