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Abstract
This paper investigates how a central bank digital currency can be expected to impact a monopolistic banking sector. The paper's framework of analysis combines the Diamond (1965) model of government debt with the Klein (1971) and Monti (1972) model of a monopoly bank. The paper finds that the introduction of a central bank digital currency has no detrimental effect on bank lending activity and may, in some circumstances, even serve to promote it. Competitive pressure leads to a higher monopoly deposit rate which reduces profit but expands deposit funding through greater financial inclusion and desired saving. An appeal to available theory and evidence suggests that a properly designed central bank digital currency is not likely to threaten financial stability.

This research aims to study the medieval cultural context of western Nepal between the 12th and 16th century. The study is based on a careful analysis of the archaeological documentation gathered by the author and on historical and ethnographic sources. Between the 12th and 14th century, the Karnali River Basin was at the center of an important political entity: the Khaśa Malla empire. From this empire would afterwards emerge a multitude of small independent kingdoms. Due to its geographical location on a communication corridor between the Indo-Gangetic Plain and the western part of the Tibetan plateau, the region is a place where cultures intersect. The present study proposes to question these cultures by observing the modalities of expressions of power and religion by looking at unpublished and largely overlooked archaeological data. The thesis is constituted of three volumes divided in Vol. 1: Text, Vol. 2: Illustrations and Vol. 3: Sites' inventory, maps and plates.The research lays the bases of a relative chronology of the artistic and architectural heritage. This chronology is further brought together in the dynastic history of the region and in the context of the central Himalaya. The architectural organization of two sites identified as the capitales of the Khaśa Malla empire is studied with an ethno-archaeological approach. Finally, different religious forms, such as mediumism, are analyzed in their relation to temporal power and artistic networks. ; Cette recherche étudie le contexte culturel du Népal occidental entre le XIIe et le XVIe siècle. L'étude se base sur une analyse attentive de la documentation archéologique constituée par l'auteur, ainsi que sur les sources historiques et ethnographiques. Entre le XIIe et le XIVe siècle le bassin de la rivière Karnali se trouve au centre d'une entité politique importante : l'empire Khaśa Malla. De cet empire émergent, à partir du XIVe siècle, plusieurs petits royaumes indépendants. En raison de sa localisation géographique sur un axe de communication entre ...

This research aims to study the medieval cultural context of western Nepal between the 12th and 16th century. The study is based on a careful analysis of the archaeological documentation gathered by the author and on historical and ethnographic sources. Between the 12th and 14th century, the Karnali River Basin was at the center of an important political entity: the Khaśa Malla empire. From this empire would afterwards emerge a multitude of small independent kingdoms. Due to its geographical location on a communication corridor between the Indo-Gangetic Plain and the western part of the Tibetan plateau, the region is a place where cultures intersect. The present study proposes to question these cultures by observing the modalities of expressions of power and religion by looking at unpublished and largely overlooked archaeological data. The thesis is constituted of three volumes divided in Vol. 1: Text, Vol. 2: Illustrations and Vol. 3: Sites' inventory, maps and plates.The research lays the bases of a relative chronology of the artistic and architectural heritage. This chronology is further brought together in the dynastic history of the region and in the context of the central Himalaya. The architectural organization of two sites identified as the capitales of the Khaśa Malla empire is studied with an ethno-archaeological approach. Finally, different religious forms, such as mediumism, are analyzed in their relation to temporal power and artistic networks. ; Cette recherche étudie le contexte culturel du Népal occidental entre le XIIe et le XVIe siècle. L'étude se base sur une analyse attentive de la documentation archéologique constituée par l'auteur, ainsi que sur les sources historiques et ethnographiques. Entre le XIIe et le XIVe siècle le bassin de la rivière Karnali se trouve au centre d'une entité politique importante : l'empire Khaśa Malla. De cet empire émergent, à partir du XIVe siècle, plusieurs petits royaumes indépendants. En raison de sa localisation géographique sur un axe de communication entre ...

Abstract Kocherlakota (2003) provides an example of a monetary economy where efficiency is enhanced with the introduction of a nominally risk‐free bond that is specifically designed to be illiquid. The societal benefit of an illiquid bond in his example, however, is transitory, and he does not characterize an optimal policy. I use an analytically tractable framework to characterize an optimal intervention and to show that the purported benefits of an illiquid bond market persist in a steady state.