Monnaie numérique de banque centrale: une fissure dans l’accord historique entre banques centrales et commerciales ?

Cyril Monnet and Mariana Rojas-Breu

Revue française d'économie, 2023, vol. Vol XXXVIII, issue 4, 201-235

Abstract: This article addresses the potential effects of a retail central-bank digital currency (CBDC) on the banking sector. These effects may materialize mainly via bank deposits, since CBDC could become a substitute for deposits and imply the partial loss of this source of funding for banks. The article discusses the estimates of the demand for CBDC and its effects on banking disintermediation, as well as the impact of CBDC on financial stability. Overall, the article develops the view that CBDC could, depending on its design, be beneficial for the economy and for social welfare.

Date: 2023
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