Future of Money
Session 6 - XXXV Conference of Central Banks and Official Institutions: A glimpse into the future
About this Session
According to Eswar Prasad, the financial sector is on the verge of a tremendous upheaval that will effect businesses, bankers, governments, and ultimately, all of us. Currency reform will significantly alter how the average person goes about their daily life. It is Prasad’s belief that physical cash will be phased out completely. Central banks will be the driving force behind the development of their own, more solid digital currencies, not phones or credit cards. While this is going on, the cryptocurrency market will continue to evolve in unpredictable ways due to the involvement of large global firms like Facebook and Amazon. Innovators are already transforming finance and revolutionizing how we invest, trade, insure, and manage risk as a result of the upcoming developments.
Guest Speaker
Eswar Prasad
Tolani Senior Professor of Trade Policy and professor of economics at Cornell UniversityTolani Senior Professor of Trade Policy at Cornell University. He is also a Senior Fellow at the Brookings Institution, where he holds the New Century Chair in International Economics, and a Research Associate at the National Bureau of Economic Research. He was previously chief of the Financial Studies Division in the International Monetary Fund's Research Department and, before that, was the head of the IMF's China Division.Prasad’s latest book, The Future of Money: How the Digital Revolution is Transforming Currencies and Finance, will be published by Harvard University Press in September 2021. He is also the author of Gaining Currency: The Rise of the Renminbi (Oxford, 2016) and The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance (Princeton, 2014). His extensive publication record includes articles in numerous collected volumes as well as top academic journals such as the American Economic Review, American Economic Journal: Macroeconomics, Brookings Papers on Economic Activity, The Economic Journal, International Economic Review, Journal of Development Economics, Journal of Economic Perspectives, Journal of International Economics, Journal of International Money and Finance, Journal of Monetary Economics, and Review of Economics and Statistics. He has co-authored and edited numerous books and monographs, including on financial regulation and on China and India.
Moderator
José Manuel Marqués
Head of the Financial Innovation Division · Banco de EspañaHead of the Financial Innovation Division at the Bank of Spain. His main responsibilities include analyzing the major changes in the financial system and their implications for economic and financial authorities. He joined the Bank of Spain in 1996 and has held various positions in the Research Department and in International Affairs, including responsibility for the International Financial Markets Division. He has written several articles on financial markets, financial stability, macro-financial analysis, or asset valuation and has participated, since his founding, in the Spanish representation in the G20 Study Group on Sustainable Finance. He holds a degree in Economics and Business Administration from the University of Zaragoza and a MsC in Economics from the Pompeu Fabra University.