Research on the Impact of Central Bank digital Currency Issuance on Macroeconomics

Han Lu, Kaifeng Shen and Baodie Zeng ()
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Han Lu: Nanjing Audit University, School of Economics
Kaifeng Shen: NUIST Reading Academy, Nanjing University of Information Science and Technology
Baodie Zeng: University of International Business and Economics, Insurance Academy

A chapter in Proceedings of the International Workshop on Navigating the Digital Business Frontier for Sustainable Financial Innovation (ICDEBA 2024), 2025, pp 783-788 from Springer

Abstract: Abstract With the development of digital technology, central bank digital currency (CBDC) has gradually become a key force in the global financial system. This paper reviews the multi-dimensional macroeconomic impacts of digital currencies, particularly CBDCS, including impacts on financial stability, commercial banking business models, user privacy, and payment systems. Through systematic literature review and analysis, this paper summarizes the models and methods used in different studies, such as structural equation model, dynamic stochastic general equilibrium model, event study method, etc., and discusses the research conclusions and viewpoints of different scholars in these fields. Research has shown that CBDC can both improve the stability and efficiency of the financial system and trigger new systemic risks. Its impact depends on the mode of implementation and the economic environment, and future studies should further explore its economic effects and long-term impact on social equity and the international financial order. The review of this paper provides a valuable reference for the academic community and policy makers.

Keywords: Central Bank digital currency (CBDC); Financial stability; Monetary policy transmission mechanism; Systemic risk (search for similar items in EconPapers)
Date: 2025
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DOI: 10.2991/978-94-6463-652-9_83

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