Central Bank Digital Currencies, Fintech, and Policy

Date
Mar 23, 2023, 12:15 pm1:15 pm
Location
Bowl A71, Louis A. Simpson International Building
Audience
  • Open to the public
  • Princeton University faculty, staff, and students

Speakers

Details

Event Description

What are central bank digital currencies (CBDC) and will they revolutionize financial services? From the Nigerian eNaira to the Digital Rupee launched by the Reserve Bank of India, more than half the world's central banks are considering offering some form of digital currencies in the near future. What are the implications for monetary policy, financial services, and global capital flows? Join us for a panel discussion with three leading experts on money, CBDCs, and fintech.

Panelists

Bill Dudley, Chip Schorin, and Carolyn Wilkins

William Dudley, Carolyn WilkinsCharles Schorin

William C. Dudley served as the inaugural senior research scholar at Princeton's Griswold Center from 2019-2021 and is now a senior advisor. Dudley is a member of the Group of Thirty and the Council on Foreign Relations. He served as president and chief executive officer of the Federal Reserve Bank of New York from 2009-2018 and as vice-chairman of the Federal Open Market Committee (FOMC). Previously, Dudley served as executive vice president of the Markets Group at the New York Fed, where he also managed the System Open Market Account for the FOMC. Prior to joining the Bank in 2007, Dudley was a partner and managing director at Goldman, Sachs & Company and was the firm’s chief U.S. economist for a decade. Prior to joining Goldman Sachs in 1986, he was a vice president at the former Morgan Guaranty Trust Company. He serves as an adviser for Princeton’s College Fed Challenge Team and as a visiting lecturer in the Department of Economics. In addition, Dudley speaks at GCEPS-sponsored public talks and holds informal meetings with faculty, undergraduate and graduate students, and Center members. Recent research has focused on the lessons of the Great Financial Crisis and the Covid-19 pandemic with respect to market function, financial stability, and regulation. What changes made post-GFC were effective? What lessons does the experience of the pandemic teach us about what more there is to do? How can we avoid the stress we saw in the Treasury repo market in September 2019? With respect to US monetary policy, the focus will be on assessing the shift in the Federal Reserve’s long-term monetary policy framework and how that shift has been operationalized. What are the benefits of the new regime? What are the costs?

Carolyn A. Wilkins is an external member of the Financial Policy Committee at the Bank of England (2021-2024). Wilkins also serves on the Board of Directors at Intact Financial Corporation, a company that provides property and casualty insurance in Canada and specialty insurance in North America. Previously, Wilkins had a twenty-year career at the Bank of Canada (2000-2020). She served as its senior deputy governor from 2014 to 2020. Her role included setting monetary and financial system policies with the Governing Council, and overseeing strategic planning and economic research. Wilkins led the development of the Bank of Canada’s market liquidity facilities and large-scale asset purchase program as part of its response to COVID-19. She has contributed to international financial policies over her career, most recently as the Bank of Canada’s G20 and G7 deputy and member of the Financial Stability Board. She has published and spoken on a broad range of international issues, including economic resilience, global financial regulation, and fintech. Wilkins received her BA in economics from Wilfrid Laurier University and her MA in economics from the University of Western Ontario.

(Moderator) Charles (Chip) Schorin *88 has extensive experience in the mortgage securitization and specialty finance arena, involving trading, analytics, econometric modeling and private equity. Chip served as managing director and global head of securitization research at Morgan Stanley and was the founder of the mortgage trading business at Elliott Management Corporation. He is considered an expert in a wide array of asset classes in addition to mortgages, including aviation finance, student loans, auto loans, credit cards, unsecured consumer loans and others. Chip has a proven record of creating strong financial profitability performance and is well regarded for his work in development and leadership at both Elliott and Morgan Stanley. He served as Elliott's board representative at a fin tech lender and an aviation lessor. Chip serves on the Advisory Board of the Bendheim Center of Finance at Princeton University.

Sponsors
  • Julis-Rabinowitz Center for Public Policy & Finance
  • Griswold Center for Economic Policy Studies

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