The economics of central bank digital currency

Toni Ahnert, Katrin Assenmacher, Peter Hoffmann, Agnese Leonello, Cyril Monnet and Davide Porcellacchia

No 17617, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: 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.

Keywords: Monetary policy; Financial stability; Payments; Central bank digital currency; digital money (search for similar items in EconPapers)
JEL-codes: E41 E42 E51 E58 G01 G21 (search for similar items in EconPapers)
Date: 2022-10
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Related works:
Journal Article: The Economics of Central Bank Digital Currency (2024)
Working Paper: The economics of central bank digital currency (2022)
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