IDEAS home Printed from https://ideas.repec.org/a/iem/eurinf/v6y2022i4p61-72.html
   My bibliography  Save this article

Improving International Payments Under The Impact Of Digitalisation – Some Possible Solutions In The European Context

Author

Listed:
  • Claudia Gabriela Baicu
  • Iulia Monica Oehler-Șincai

Abstract

The factors contributing to the development of international commercial, non-commercial and financial relations include the existence of an international payment system enabling the fast, safe, accessible and, transparent transfer of funds between different jurisdictions. However, currently, the international payment system, which is based on the traditional correspondent relationship, has several disadvantages. Against this background, the article aims to analyse the limits presented by the current international payment model and to investigate some possible solutions to improve its functioning by resorting to cryptocurrencies and the digital currencies of central banks, with focus on the European experience. The results of the paper underline the significant potential that digital currencies have for improving international payments, but these possible solutions are not yet sufficiently explored while facing a number of challenges that need to be addressed first.

Suggested Citation

  • Claudia Gabriela Baicu & Iulia Monica Oehler-Șincai, 2022. "Improving International Payments Under The Impact Of Digitalisation – Some Possible Solutions In The European Context," Euroinfo, Institute for World Economy, Romanian Academy, vol. 6(4), pages 61-72, December.
    • Handle: RePEc:iem:eurinf:v:6:y:2022:i:4:p:61-72
    as

    Download full text from publisher

    File URL: http://www.iem.ro/rem/index.php/euroinfo/article/view/851/936
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    international payments; correspondent banking relationship; distributed ledger technology; cryptocurrencies; central bank digital currencies;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:iem:eurinf:v:6:y:2022:i:4:p:61-72. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ionela Baltatescu (email available below). General contact details of provider: https://edirc.repec.org/data/imacaro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.