Many central banks are currently exploring the possibility of issuing retail central bank digital currency (CBDC). While the primary objective varies between jurisdictions, many central banks consider improved cross-border payments as a potential benefit and previous work has shown that CBDC can help overcome some of the frictions in cross-border payments. CBDC is a safe and liquid asset reducing the number of financial intermediaries and the settlement risk. Designing CBDC systems for cross-border payments is not fundamentally different from tailoring other payment systems. However, the roles and responsibilities might be slightly different in a CBDC system, and the central bank may play a more pivotal role given CBDC’s nature as public money as opposed to commercial bank money. This note draws lessons from ongoing experimentation and research to identify design and policy considerations when developing retail CBDC systems so it may be compatible for cross-border payments. The note focuses on retail CBDC—a CBDC primarily targeting households and non-financial firms—and leaves wholesale CBDC considerations for future work, although many of the discussions are applicable to wholesale CBDC and other forms of money as well.
Many central banks are currently exploring the possibility of issuing retail central bank digital currency (CBDC). While the primary objective varies between jurisdictions, many central banks consider improved cross-border payments as a potential benefit and previous work has shown that CBDC can help overcome some of the frictions in cross-border payments. CBDC is a safe and liquid asset reducing the number of financial intermediaries and the settlement risk. Designing CBDC systems for cross-border payments is not fundamentally different from tailoring other payment systems. However, the roles and responsibilities might be slightly different in a CBDC system, and the central bank may play a more pivotal role given CBDC’s nature as public money as opposed to commercial bank money. This note draws lessons from ongoing experimentation and research to identify design and policy considerations when developing retail CBDC systems so it may be compatible for cross-border payments. The note focuses on retail CBDC—a CBDC primarily targeting households and non-financial firms—and leaves wholesale CBDC considerations for future work, although many of the discussions are applicable to wholesale CBDC and other forms of money as well.
The International Monetary Fund (IMF) analyzed the retail payments markets of Jordan to identify pain points that retail Central Bank Digital Currency (rCBDC) could address. Retail payment systems in Jordan are highly integrated, enabling customers to make interoperable transactions between banks and non-bank Payment Service Providers (PSPs).1 The country’s cross-border remittance market is competitive, but may benefit from the reduced transactions cost associated with rCBDC. Despite generally accessible and appropriate product offerings and an enabling environment, various barriers prevent customers from extensively using digital means of payment. rCBDC might create an opportunity to overcome these barriers, thus making a cross-border rCBDC worth consideration. However, the Central Bank of Jordan (CBJ) should rigorously evaluate benefits against risks and costs before forging ahead. Meanwhile, the CBJ should develop capacity to address technology, cybersecurity, financial integrity, and legal issues.
Statistical Physics II introduces nonequilibrium theories of statistical mechanics from the viewpoint of the fluctuation-disipation theorem. Emphasis is placed on the relaxation from nonequilibrium to equilibrium states, the response of a system to an external disturbance, and general problems involved in deriving a macroscopic physical process from more basic underlying processes. Fundamental concepts and methods are stressed, rather than the numerous individual applications.
The main properties that make carbon nanotubes (CNTs) a promising technology for many future applications are: extremely high strength, low mass density, linear elastic behavior, almost perfect geometrical structure, and nanometer scale structure. Also, CNTs can conduct electricity better than copper and transmit heat better than diamonds. Therefore, they are bound to find a wide, and possibly revolutionary use in all fields of engineering. The interest in CNTs and their potential use in a wide range of commercial applications; such as nanoelectronics, quantum wire interconnects, field emission devices, composites, chemical sensors, biosensors, detectors, etc.; have rapidly increased in the last two decades. However, the performance of any CNT-based nanostructure is dependent on the mechanical properties of constituent CNTs. Therefore, it is crucial to know the mechanical behavior of individual CNTs such as their vibration frequencies, buckling loads, and deformations under different loadings. This title is dedicated to the vibration, buckling and impact behavior of CNTs, along with theory for carbon nanosensors, like the Bubnov-Galerkin and the Petrov-Galerkin methods, the Bresse-Timoshenko and the Donnell shell theory.
This introduction to the fundamental theories of equilibrium statistical mechanics is self-contained and easily accessible to undergraduate students. Fundamental principles and simple physical examples are particularly emphasized. In preparation: R. Kubo et al., Statistical Physics II. (Springer Series in Solid-State Sciences, Vol. 31). 2nd ed. 1991. ISBN 3-540-53833-X
Statistical Physics II introduces nonequilibrium theories of statistical mechanics from the viewpoint of the fluctuation-disipation theorem. Emphasis is placed on the relaxation from nonequilibrium to equilibrium states, the response of a system to an external disturbance, and general problems involved in deriving a macroscopic physical process from more basic underlying processes. Fundamental concepts and methods are stressed, rather than the numerous individual applications.
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