Cyril Monnet

Former Visiting Economist

All BIS publications (7)

BIS Working Paper No 1117 11 Aug 2023

An impossibility theorem on truth-telling in fully decentralised systems

We show that truthful reporting about the realization of a publicly observed event cannot be implemented as a unique…

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BIS Working Paper No 976 4 Nov 2021

Central bank digital currencies: motives, economic implications and the research frontier

The paper gives a guided tour of the growing literature on the operational architectures for CBDCs, focusing on the…

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Leonardo Gambacorta

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BIS Working Paper No 929 3 Mar 2021

Greening (runnable) brown assets with a liquidity backstop

The momentum toward greening the economy implies transition risks that are new threats to financial stability. In particular,…

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BIS Working Paper No 924 26 Jan 2021

Distributed ledgers and the governance of money

Blockchain technology breathes new life into the classical analysis of "money as memory," ie as a substitute for a ledger of…

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BIS Working Paper No 862 8 May 2020

On the instability of banking and other financial intermediation

Are financial intermediaries inherently unstable and, if so, why? To address this, we analyse whether model economies with…

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BIS Working Paper No 861 4 May 2020

Dealers' insurance, market structure, and liquidity

We develop a parsimonious model to study the effect of regulations aimed at reducing counterparty risk on the structure of over…

Francesca Carapella

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BIS Working Paper No 529 20 Nov 2015

A search-based model of the interbank money market and monetary policy implementation

We present a search-based model of the interbank money market and monetary policy implementation. Banks are subject to reserve…

Morten Linnemann Bech

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All external publications (6)

External publication 20 May 2025

Distributed ledgers and the governance of money

in Journal of Financial Economics

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External publication 9 Apr 2025

The economics of distributed ledgers and the limits of decentralised money

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External publication 1 Aug 2022

Central bank digital currencies: motives, economic implications, and the research frontier

in Annual Review of Economics

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Leonardo Gambacorta

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External publication 9 Mar 2022

An impossibility result on truth-telling for fully decentralized systems

in Social Science Research Network

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External publication 1 Jul 2016

A search-based model of the interbank money market and monetary policy implementation

in Journal of Economic Theory

Morten Linnemann Bech

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External publication 1 Dec 2004

Measuring European financial integration

in Oxford Review of Economic Policy

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Annalisa Ferrando

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Elizaveta Krylova

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