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With Professor Darrell Duffie, Stanford University Graduate School of Business, June 4-8, 2022, at Swedish House of Finance

 

The Swedish House of Finance offers within its Doctoral Course Program in Finance a mini course

 

June 4    10-12 and 13-14. Overview of digital currencies and payment system innovation

June 6    10-12. The industrial organization of payment markets and fintech entry.
           13-14. Student presentations.

June 7    10-12. The impact of fintech payment market entry on bank credit provision.
           13-14. Student presentations.

June 8    10-11.30. Implications for currency dominance and financial sanctions.
           11:30-12:00. Student presentations and course close.

 

Requirements:

To pass the course, students are expected to actively participate throughout the course and to present and submit a three-page research proposal. A presentation would consist of 5 minutes of prepared remarks and 5 minutes of discussion. If two students (at most) wish to collaborate on a proposal, they would offer 10 minutes of remarks and have 5 minutes for discussion.

 

Evaluation: Pass or Fail. 3.5 ECTS

Advance reading requirements:

Bank of England (2021) "", Discussion Paper, Bank of England, June.

D’Silva, D, Z Filková, F Packer, and S Tiwari (2019) “”, BIS Paper 106.

Duarte, A, J Frost, L Gambacorta, P Koo Wilkens, and HS Shin (2022) “”, BIS Bulletin 52, March.

Darrell Duffie, ”Payment system disruption: Digital currencies and bank-railed payment innovation”, to appear in Technology and Finance, CEPR/IESE Banking Initiative, edited by Xavier Vives.

US Department of the Treasury (2021) “”, US Department of the Treasury, Washington DC, November.

 

Recommended readings:

Auer, R, H Banka, N Yaa Boakye-Adjei, A Faragallah, J Frost, H Natarajan, and J Prenio (2022) “”, FSI Insights on Policy Implementation Number 41, Bank for International Settlements and World Bank, April.

Bindseil, U (2022) “”, Working paper, European Central Bank, February.

Chiu, J, M Davoodalhosseini, J Jiang, and Y Zhu (2021) “” Staff Working Paper 2019-20, Bank of Canada, September.

Driscoll, J, and R Judson (2013) "", Federal Reserve Board, Washington DC working paper.

Duffie, D and E Economy (editors) (2022) "Digital Currencies: The US, China, and the World at a Crossroads", Hoover Press.

Federal Reserve Bank of Boston and Massachusetts Institute of Technology Digital Currency Initiative (2022) “”, Federal Reserve Bank of Boston, February.

Federal Reserve Board of Governors (2022) “”, Federal Reserve Board of Governors, Washington DC, January.

G7 (2021) “”, Bank of England, London, July.

Rochet, J-C, and J Tirole (2003) “Platform Competition in Two-sided Markets”, Journal of the European Economic Association, Volume 1, pages 990-1029.

Sveriges Riksbank (2022) "", Sveriges Riksbank, Stockholm, April.

The White House (2022) “”, The White House, Washington DC, March.

Whited, T, Y Wu, and K Xiao (2022) “Central Bank Digital Currency and Banks,” Working paper to appear, University of Rochester.

Zamil, R, and A Lawson (2022) “”, Financial Stability Institute, Bank for International Settlements, January.