Expected Macroeconomic Effects of Issuing a Retail Central Bank Digital Currency (CBDC)

Constanza Martínez-Ventura (), Julián Parra-Polanía, Tatiana Mora-Arbeláez () and Angélica Lizarazo-Cuéllar ()
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Constanza Martínez-Ventura: Leading Analyst, Banco de la República
Tatiana Mora-Arbeláez: Senior Analyst, Banco de la República
Angélica Lizarazo-Cuéllar: Senior Analyst, Banco de la República

Coyuntura Económica, 2023, vol. 53, 151-177

Abstract: This document reviews the potential macroeconomic effects of issuing a central bank digital currency (CBDC) for the use of individuals and businesses. A careful selection of the architecture, and the economic and technological design aspects of this digital form of central bank money that best suit the needs of Colombian economy is made to frame the analytical approach used to study these issues. The most salient results of the related literature are reviewed to establish the consequences of undertaking this initiative. For the set of selected assumptions, we find that the expected macroeconomic consequences are negligible.

Keywords: Retail CBDC; Macroeconomic Eeffects; Digital Money Financial Intermediation (search for similar items in EconPapers)
JEL-codes: E41 E42 E44 E51 E52 G21 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:col:000438:021123

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