Politique monétaire et monnaies numériques

Christian Pfister

Revue d'économie financière, 2023, vol. N° 149, issue 1, 225-239

Abstract: This article examines the consequences for monetary policy of the issuance of central bank digital currencies (CBDCs) and stablecoins, which are broadly similar. These consequences should impact the transmission mechanism above all, with risks of disintermediation for all economies and of increased asymmetries and dollarization for emerging and developing economies. Moreover, the interest rate channel could be strengthened by compensating CBDC at an interest rate pegged to the key rate. Concerning monetary policy goals, inflation, economic growth, and money supply could temporarily accelerate. Above all, the exchange rate could become more volatile, making it more difficult to maintain a target rate. In normal times, the implementation of monetary policy would generally be little affected, unless a real-time monetary policy were to be adopted. Classification JEL: E42, E52, E58.

JEL-codes: E42 E52 E58 (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=ECOFI_149_0225 (application/pdf)
http://www.cairn.info/revue-d-economie-financiere-2023-1-page-225.htm (text/html)
restricted

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:refaef:ecofi_149_0225

Access Statistics for this article

More articles in Revue d'économie financière from Association d'économie financière
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().