Over the past year, we have had the unusual combination of strong domestic growth, a falling current account deficit and a declining exchange rate, all of which are conducive to future growth.
financial and monetary stability) will be disturbed, and this would destabilize not only the value of GSCs but also overall economic activities. This can be thought of as the financial version of a "tragedy of the commons." A wide use of stablecoin on a global scale could transform financial stability from a public good into a common-pool resource.