This article revisits the Portfolio Theory of Inflation (PTI), with a view to further articulating its findings and implications. The article adds to the micro-foundations of the PTI, framing more rigorously...
In recent years, due to innovations in technology, the concept of digital currency has emerged out of the desire of some private entities to replicate specific properties of cash in the digital space...
Over the years, the demand for seamless and inexpensive cross-border payments has grown in parallel with growth in international e-commerce, remittances and tourism. Yet, cross-border payments have not...
Payment and settlement systems and services have become vital components of the economic life of contemporary societies. Over the last decades, they have gone through several waves of reforms that have...
This report discusses strengthening the provision of payment services in the countries of the Middle East and North Africa (MENA) region as an essential step to integrate their economies into the world...
The World Bank (WB) has been monitoring closely the developments of Fast Payment Systems (FPS) by central banks and private players across the globe. This comprehensive study of FPS implementations across...
After contracting by 3.1 percent in 2020, Cambodia’s economy has gradually recovered. The recovery is, however, uneven, partial, and volatile in part due to the re-introduction of a domestic lockdown...
After contracting by 3.1 percent in 2020, Cambodia’s economy has gradually recovered. The recovery is, however, uneven, partial, and volatile in part due to the re-introduction of a domestic lockdown...
This report was produced under the umbrella of the G2Px Cambodia project, part of the Cambodia Social Protection and Future Jobs project. The report is organized as follows: section two provides an overview...
An international cooperative effort has been focused on the need to reduce financial fragility and systemic risks in global financial markets. Work is proceeding in three different areas: enhancing financial...
This study focuses on the oversight of payment systems as a tool to develop payment infrastructures in modern market economies. It identifies institutional instruments that oversight agencies may use to...
Over the past decades, finance theory has contributed significantly to understanding banks and identifying what qualifies them to be special financial intermediaries. Historically, banks have had a comparative...
In any economic environment where decisions are decentralized, agents consider the risk that others might unfairly exploit informational asymmetries to their own disadvantage. Incomplete results, especially...
In an economy where decisions are decentralized and made under conditions of uncertainty, the financial system can be seen as the complex of institutions, infrastructure, and instruments that society adopts...
The author analyzes the financial system's role in economic growth and stability, addressing several core policy issues associated with financial sector reform in emerging economies. He studies finance's...