Monetary policy

Academic conference on digital currency and the financial system

Published on 22 May 2024

This academic conference deals with the impact of private and public innovations in digital payments on our monetary and financial system. This in-person event will take place at the Banque de France in Paris on June 4th, and benefits from sponsorship from ANR and ERC. The conference papers will explore various issues such as the uses and abuses of cryptocurrencies, the stability of stablecoins, the consequence of digitalization on bank deposits, or the potential impact of central bank digital currencies on the banking sector and the broader economy. The conference will also feature a keynote lecture by Rodney Garratt (BIS) and a panel discussion on the making of a retail central bank digital currency.

Venue and dates

Banque de France conference area – 31, Rue Croix des Petits Champs
75001 Paris

June 4, 2024

Registration deadline: June 2, 2024

Content and participants

Banque de France, Toulouse School of Economics and University Panthéon Assas are organizing an academic conference on the impact of private and public innovations in digital payments on our monetary and financial system. This in-person event will take place at the Banque de France in Paris on June 4th, and benefits from sponsorship from ANR and ERC. The conference papers will explore various issues such as the uses and abuses of cryptocurrencies, the stability of stable-coins, the consequence of digitalization on bank deposits, or the potential impact of central bank digital currencies on the banking sector and the broader economy. The conference will also feature a keynote lecture by Rodney Garratt (BIS) and a panel discussion on the making of a retail central bank digital currency.

Organizing committee: Vincent Bignon (Banque de France and Aix-Marseille School of Economics), Régis Breton (Banque de France), Fany Declerck (Toulouse School of Economics), Jean-Charles Rochet (Toulouse School of Economics), Mariana Rojas-Breu (Université Paris Panthéon-Assas)

Conference secretariat: Emilie Lopez & Valérie Placier

Language

The working language of the conference will be English.

Program

09:00 – 09:15	Registration and welcome coffee
09:15 – 09:30	Welcome address by Deputy Governor Agnès Benassy-Quéré (Banque de France)
09:30-10:30	Keynote speech: Rodney Garratt (Bank of International Settlements) From Bitcoin to unified ledgers
10:30 – 11:00	Coffee break
Session 1 – Crypto-assets and the financial system Chair: Fany Declerck (Toulouse School of Economics)
11:00 – 11:45	Bruno Biais (HEC Paris), Jean-Charles Rochet (TSE), and Stéphane Villeneuve (TSE) The costs and benefits of cryptocurrencies Discussant: Guillaume Rocheteau (University California Irvine)
11:45 – 12:30	Gary B. Gorton (Yale), Elizabeth C. Klee (Federal Reserve Board), Chase P. Ross (Federal Reserve Board), Sharon Y. Ross (FED), and Alexandros Vardoulakis (Federal Reserve Board) Leverage and Stablecoin Pegs Discussant: Eric Mengus (HEC Paris)
12:30 – 13:15	Lunch
Session 2 – The impact of digital revolution on macro and finance Chair: Régis Breton (Banque de France)
13:15 – 14:00	Dirk Niepelt (University of Bern) Payments, velocity, prices and output Discussant: Guillaume Plantin (Sciences Po Paris)
14:00 – 14:45	Naz Koont (Columbia) The digital banking revolution: effects on competition and stability Discussant: Margherita Bottero (Banca d’Italia)
14:45 – 15:30	Alfred Lehar (University of Calgary) and Christine A. Parlour (University of Berkeley) Miner collusion and the BitCoin protocol Discussant: Christophe Bisière (Toulouse School of Economics)
15:30 – 15:45	Coffee break
Session 3: The economics of central bank digital currency Chair: Yackolley Amoussou-Guenou (Université Paris Panthéon-Assas)
15:45 – 16:30	Cyril Monnet (University of Bern), Asgerdur Petursdottir (University of Bath), and Mariana Rojas-Breu (Université Paris Panthéon-Assas) Central bank account for all: efficiency and risk taking Discussant: Maarten Van Oordt (VU Amsterdam)
16:30 – 17:15	Katrin Assenmacher (ECB), Massimo Ferrari Minesso (ECB), Arnaud Mehl (ECB), and Maria Sole Pagliari (De Nederlandsche Bank) Managing the transition to central bank digital currency Discussant: Jean Barthélémy (Banque de France)
Panel discussion: The making of a retail central bank digital currency
17:15 – 18:30	Moderator: Vincent Bignon (Banque de France) Rodney Garratt (Bank of International Settlements) Maria Demertzis (Bruegel) Alexandre Stervinou (Banque de France) Marianne Verdier (Paris Panthéon-Assas)

Contact

dcfsconference@tse-fr.eu