The economics of central bank digital currency

Arbeitspapier

This paper provides a structured overview of the burgeoning literature on the economics of CBDC. We document the economic forces that shape the rise of digital money and review motives for the issuance of CBDC. We then study the implications for the financial system and discuss of a number of policy issues and challenges. While the academic literature broadly echoes policy makers' concerns about bank disintermediation and financial stability risks, it also provides conditions under which such adverse effects may not materialize. We also point to several knowledge gaps that merit further work, including data privacy and the study of end-user preferences for attributes of digital payment methods.

Object Details

• ISBN: 978-92-899-5298-9
• Language: Englisch

References and Relationships

• Bibliographic citation: Series: ECB Working Paper ; No. 2713

Classification and Topics

• Classification: Wirtschaft ; Demand for Money ; Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems ; Money Supply; Credit; Money Multipliers ; Monetary Policy ; Central Banks and Their Policies ; Banks; Depository Institutions; Micro Finance Institutions; Mortgages
• Subject: Central Bank Digital Currency ; Digital Money ; Payments ; Monetary Policy ; Financial Stability

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Ahnert, Toni ; Assenmacher-Wesche, Katrin ; Hoffmann, Peter ; Leonello, Agnese ; Monnet, Cyril ; Porcellacchia, Davide
• Event: Veröffentlichung
• (who): European Central Bank (ECB)
• (where): Frankfurt a. M.
• (when): 2022

Further information

• DOI: doi:10.2866/676214
• Handle: http://hdl.handle.net/10419/269120
• Last update: 10.03.2025, 11:44 AM CET