CMFA is a one-of-a-kind think tank project, aimed at exploring genuine alternatives to failing monetary and financial regulatory regimes.
The Cato Institute’s Center for Monetary and Financial Alternatives was established in October 2014 to encourage research on and discussion of unconventional monetary and financial regulatory systems. The central-bank-based monetary systems and bureaucratic financial regulatory arrangements that promised to prevent financial crises and otherwise promote economic growth and stability have failed us
12/02/2023
In a new speech, the IMF said, “If anything… we need to pick up speed [with CBDC development].”
Pick Up Speed on CBDCs, Says IMF The IMF said officials need to have the “courage and determination” to push forward on CBDCs.
12/01/2023
People should stop looking solely to the Fed to actively manage the economy. At best, such active management will be ineffective, at worst it will be ineffective and crash labor or credit markets.
New Cato Study Confirms Fed Cannot Control Inflation Despite its mandate to stabilize prices, the Fed has historically exerted very little control over inflation.
11/30/2023
Trade and Investment Are Not a Balancing Act
Trade and Investment Are Not a Balancing Act The trade deficit is a commonly misunderstood concept that inspires harmful policy ideas.
11/29/2023
Americans’ opposition to a central bank digital currency skyrockets when they are informed about the potential risks.
Cato Survey Shows Few Americans Support Central Bank Digital Currencies A CBDC is ultimately a complete government takeover of something the private sector can, should, and does provide.
Join us tomorrow for a virtual event to discuss policy implications for financial artificial intelligence. https://buff.ly/3Mvmabm
In 2023 alone, more than half a dozen US financial regulators have addressed artificial intelligence (AI) through commentary or rulemaking, and the Biden administration’s October Executive Order on AI likely will have far‐reaching implications for financial use cases.
Join us on Thursday for an online panel exploring the policy implications of the financial AI developments on the horizon.
https://buff.ly/3Mvmabm
11/08/2023
The arrival of generative artificial intelligence (AI) has captured the imagination of the public and policymakers. While often hailed as the newest new thing in many sectors, AI has been a core financial technology for decades. From market makers to consumer‐facing fintechs, our financial markets both deploy and innovate cutting‐edge AI.
In 2023 alone, more than half a dozen US financial regulators have addressed AI through commentary or rulemaking, and the Biden administration’s October Executive Order on AI likely will have far‐reaching implications for financial use cases. How regulators treat general‐purpose AI will affect the future of finance, and how they treat financial AI will affect the future of technology broadly. Join us for an online panel exploring the policy implications of the financial AI developments on the horizon.
Being Predictive: Financial AI and the Regulatory Future The arrival of generative artificial intelligence (AI) has captured the imagination of the public and policymakers.
Introducing a CBDC risks destabilizing the banking system and worsening panics. https://buff.ly/3ONr3yc
10/30/2023
Policymakers generally should be wary of counterproductive interventions that hamstring the very innovations that could help to improve predictions, expand access to financial services and manage longstanding risks.
Regulators Must Avert Overreach When Targeting AI Policymakers generally should be wary of counterproductive interventions that hamstring the very innovations that could help to improve predictions, expand access to financial services and manage…
10/29/2023
Hong Kong’s turn from the principles that made it a great society—namely, the rule of law, nonintervention, and a free market for ideas—has made successful entrepreneurs and advocates of freedom like Jimmy Lai enemies of the state. By silencing critics—under the guise of national security—both Hong Kong and China have sacrificed liberty in the name of “stability.” Reversing that trend is the biggest challenge they face in achieving social and economic harmony.
Jimmy Lai: Prisoner of the State Jimmy Lai, like other prisoners of the state, understands the key role a free market in ideas plays for both economic and personal freedom.
A CBDC would likely worsen bank runs, lead people to leave the banking system, and increase the cost of loans. https://buff.ly/3ONr3yc
The Right to Financial Privacy Act is meant to protect citizens from the government, but it provides immunity for private institutions sharing financial information with the government under certain circumstances. https://buff.ly/3L0Kfq3