@article{bibcite_202891,
  keywords = {Money, Credit},
  author = {Markus K. Brunnermeier and Jonathan Payne},
  title = {Strategic Money and Credit Ledgers},
  abstract = {<p>A dominant BigTech trading platform can set up a ledger that expands uncollateralized credit. This lowers the equilibrium interest rate, but also increases rent extraction by the platform and sacrifices privacy concerns. A platform finds it particularly profitable to set up such a system in a high inflation environment. Policymakers attempting to regulate BigTech platforms or introduce a public alternative (e.g. a CBDC ledger) face a trilemma: no system can simultaneously achieve efficient credit enforcement, limit rent extraction, and preserve user privacy.</p>},
}