When I mention digital currency, or digital money, some of you might immediately think of crypto-currencies, like Bitcoin. Some of you might think of your digital account balances. And others might think of credit or debit cards. In fact, I am referring to all of these things.
This holds true despite recent evidence that argues in favour of a dominant global financial cycle triggered by the economic centre’s monetary policy (namely that of the United States), which influences other countries’ national monetary policies mainly through capital-flows, credit growth, and bank leverages, making the types of exchange rate regime of the non-centre irrelevant.