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Review Article: Eswar S. Prasad: How the Digital Revolution is Transforming Currencies and Finance

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  • Harald Uhlig

    (University of Chicago)

Abstract

Eswar Presad’s wonderful book, How the Digital Revolution is Transforming Currencies and Finance, expertly lays out the landscape. There are, by and large, two camps. The first sees the technology and instruments as the way of the future: everything is digital. The second sees cryptocurrencies as an instrument of dangerous and destabilizing speculation and as a tool for criminals, or they view CBDC as “a solution in search of a problem.” The situation remains fluid; many of the issues are still to be resolved, but some often mentioned, such as criminal use of cybercurrency and the environmental consequences, may be overemphasized.

Suggested Citation

  • Harald Uhlig, 2023. "Review Article: Eswar S. Prasad: How the Digital Revolution is Transforming Currencies and Finance," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 58(4), pages 201-204, October.
    • Handle: RePEc:pal:buseco:v:58:y:2023:i:4:d:10.1057_s11369-023-00334-2
    DOI: 10.1057/s11369-023-00334-2
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    References listed on IDEAS

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    1. Schilling, Linda & Uhlig, Harald, 2019. "Some simple bitcoin economics," Journal of Monetary Economics, Elsevier, vol. 106(C), pages 16-26.
    2. John Kareken & Neil Wallace, 1981. "On the Indeterminacy of Equilibrium Exchange Rates," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 96(2), pages 207-222.
    3. Jesus Fernandez-Villaverde & Daniel Sanches & Linda Schilling & Harald Uhlig, 2021. "Central Bank Digital Currency: Central Banking For All?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 41, pages 225-242, July.
    4. Benigno, Pierpaolo & Schilling, Linda M. & Uhlig, Harald, 2022. "Cryptocurrencies, currency competition, and the impossible trinity," Journal of International Economics, Elsevier, vol. 136(C).
    5. Jonathan Chiu & Seyed Mohammadreza Davoodalhosseini & Janet Jiang & Yu Zhu, 2023. "Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment," Journal of Political Economy, University of Chicago Press, vol. 131(5), pages 1213-1248.
    6. Fernando E. Alvarez & David Argente & Diana Van Patten, 2022. "Are Cryptocurrencies Currencies? Bitcoin as Legal Tender in El Salvador," NBER Working Papers 29968, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Harald Uhlig, 2024. "On Digital Currencies," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 52(1), pages 1-14, March.

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