Otwarty dostęp

Central Bank Digital Currencies and Financial Stability: Literature Review and New Questions

  
22 sty 2025

Zacytuj
Pobierz okładkę

Agur, I., Ari, A., & Dell’Ariccia, G., (2022). Designing central bank digital currencies. Journal of Monetary Economics, 125, 62-79. Search in Google Scholar

Alfar, A. J., Kumpamool, C., Nguyen, D. T., and Ahmed, R. (2023). The determinants of issuing central bank digital currencies. Research in International Business and Finance, 64, 101884. Search in Google Scholar

Alonso, S. L., Jorge-Vazquez, J., & Forradellas, R. F., (2021). Central banks digital currency: Detection of optimal countries for the implementation of a CBDC and the implication for payment industry open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 7 (1). Search in Google Scholar

Alonso, S. L., Jorge-Vazquez, J., & Forradellas, R. F., (2020). Detection of financial inclusion vulnerable rural areas through access to cash index: Solutions based on the pharmacy network and a CBDC. Evidence based on Ávila (Spain). Sustainability (Switzerland), 12 (18). Search in Google Scholar

Auer, R., Frost, J., Gambacorta, L., Monnet, C., Rice, T., & Shin, H. S. (2022). Central Bank Digital Currencies: Motives, Economic Implications, and the Research Frontier. Central Bank Digital Currencies: Motives, Economic Implications, and the Research Frontier, 14, 697-721. Annual Reviews Inc. Search in Google Scholar

Auer R, Cornelli G, Frost J (2020). BIS Working Papers No 880 Rise of the central bank digital currencies: drivers, approaches and technologies. Retrieved from https://www.bis.org/publ/work880.pdf Search in Google Scholar

Barrdear, J. & Kumhof, M. (2021). The macroeconomics of central bank digital currencies. Journal of Economic Dynamics and Control, 142 Search in Google Scholar

Bhaskar, R., Hunjra, A. I., Bansal, S., & Pandey, D. K. (2022). Central Bank Digital Currencies: Agendas for future research. Research in International Business and Finance, 62, 101737. Search in Google Scholar

Bian, W., Ji, Y., & Wang, P. (2021). The crowding-out effect of central bank digital currencies: A simple and generalizable payment portfolio model. Finance Research Letters, 43, 102010. Search in Google Scholar

Bindseil, U. (2021). Tiered CBDC and the Financial System. SSRN Electronic Journal. Search in Google Scholar

Bank for International Settlements (BIS) (2022) - CBDCs in emerging market economies. Retrieved from https://www.bis.org/publ/bppdf/bispap123.htm Search in Google Scholar

Bank for International Settlements (BIS) (2020). Digital currencies issued by central banks: Fundamental principles are also basic features, Report No. 1 in a series of collaborations within a group of central banks. Retrieved from https://www.bis.org/publ/othp33.pdf Search in Google Scholar

Bank for International Settlements (BIS) (2021) Central bank digital currencies: Executive summary. Retrieved from https://www.bis.org/publ/othp42.pdf Search in Google Scholar

Bank for International Settlements (BIS), (2023), Central Bank Digital Currency (CBDC) information security and operational risks to central banks, Retrieved from https://www.bis.org/publ/othp81.pdf Search in Google Scholar

Bank of England and the Ministry of Finance of Great Britain next steps in exploring a CBDC, (2021). Retrieved from https://www.bankofengland.co.uk/news/2021/november/statement-on-central-bank-digital-currency-next-steps Search in Google Scholar

Borgonovo, E., Caselli, S., Cillo, A., Masciandaro, D., & Rabitti, G. (2021). Money, privacy, anonymity: What do experiments tell us? Journal of Financial Stability, 56, 100934. Search in Google Scholar

Brunnermeier, M. K., & Niepelt, D. (2019). On the equivalence of private and public money. Journal of Monetary Economics, 106, 27-41. Search in Google Scholar

Cerna, S., (2009), Monetary Economy, West University Publishing House, Timişoara, p. 163 Search in Google Scholar

Chapman, J., Chiu, J., Davoodalhosseini, M., Jiang, J., Rivadeneyra, F., & Zhu, Y. (2023). Central Bank Digital Currencies and Banking: Literature Review and New Questions. Search in Google Scholar

Chen, H., & Siklos, P. L., (2022). Central bank digital currency: A review and some macro-financial implications. Journal of Financial Stability, 60, 100985. Search in Google Scholar

Chiu, J., & Keister, T., (2022). The economics of digital currencies: Progress and open questions. Journal of Economic Dynamics and Control, 142, 104496. Search in Google Scholar

Cipollone, P. (2022). The implementation of CBDCs by central banks: challenges, risks and opportunities. Retrieved from https://www.bis.org/review/r221031j.pdf Search in Google Scholar

Daud, S. N., & Ahmad, A. H. (2023). Financial inclusion, economic growth, and the role of digital technology. Finance Research Letters, 53, 103602. Search in Google Scholar

Davoodalhosseini, S. M. (2022). Central bank digital currency and monetary policy. Journal of Economic Dynamics and Control, 142, 104150. Search in Google Scholar

Dunbar, K. (2023). CBDC uncertainty: Financial market implications. International Review of Financial Analysis, 87, 102607. Search in Google Scholar

Engert, W. & Fung, B. (2017). Central Bank Digital Currency: Motivations and Implications. Retrieved from https://www.bankofcanada.ca/wp-content/uploads/2017/11/sdp2017-16.pdf Search in Google Scholar

Elsayed, A. H., & Nasir, M. A. (2022). Central bank digital currencies: An agenda for future research. Research in International Business and Finance, 62, 101736. Search in Google Scholar

European Central Bank, (2020). Report on the digital euro. Retrieved from https://wwwecb.europa.eu/pub/pdf/other/Report_on_a_digital_euro~4d7268b458.en.pdf Search in Google Scholar

European Central Bank, (2022), Optimal amount of CBDC in a bank-based economy. Retrieved from https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2689~846e464fd8.en.pdf Search in Google Scholar

Fegatelli, P. (2022). A central bank digital currency in a heterogeneous monetary union: Managing the effects on the bank lending channel. Journal of Macroeconomics, 71, 103392. Search in Google Scholar

Fernández-Villaverde, J., Sanches, D. Schilling, Uhl,i H. (2021). Central bank digital currency: Central banking for all?, Review of Economic Dynamics, (2021), 225-242, 41 Search in Google Scholar

G7 Public Policy Principles for Central Bank Digital Currencies (2021) https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1025235/G7_Public_Policy_Principles_for_Retail_CBDC_FINAL.pdf Search in Google Scholar

Hoang, Y. H., Ngo, V. M., & Vu, N. B. (2023). Central bank digital currency: A systematic literature review using text mining approach. Research in International Business and Finance, 64, 101889. Search in Google Scholar

House of Lords of the United Kingdom (2022). Central bank digital currencies: a solution in search of a problem?Economic Affairs Committee 3rd Report of Session 2021-22 Paper 131, Retrieved from https://publications.parliament.uk/pa/ld5802/ldselect/ldeconaf/131/131.pdf Search in Google Scholar

Infante, S., Kim, K., Orlik, A., Silva, A. F., & Tetlow, R. J. (2022). The Macroeconomic Implications of CBDC: A Review of the Literature. Finance and Economics Discussion Series (2022-076), 1-65. Search in Google Scholar

Infante et all (2023). Retail Central Bank Digital Currencies: Implications for Banking and Financial Stability. Retrieved from https://www.federalreserve.gov/econres/feds/files/2023072pap.pdf Search in Google Scholar

International Monetary Fund - Digital Money Across Borders—Macro-Financial Implications, (2020), Retrieved from https://www.imf.org/en/Publications/Policy-Papers/Issues/2020/10/17/Digital-Money-Across-Borders-Macro-Financial-Implications-49823 Search in Google Scholar

IMF, Publications — FinTech Notes, (2022), Behind digital currencies issued by central banks: Emerging trends, perspectives and policy lessons. Retrieved from https://www.imf.org/en/Publications/fintech-notes/Issues/2022/02/07/Behind-the-Scenes-of-Central-Bank-Digital-Currency-512174 Search in Google Scholar

Jabbar, A., Geebren, A., Hussain, Z., Dani, S., & Ul-Durar, S. (2023). Investigating individual privacy within CBDC: A privacy calculus perspective. Research in International Business and Finance, 64, 101826. Search in Google Scholar

Juks, R. (2020): “Central bank digital currencies, supply of bank loans and liquidity provision by central banks.” Riksbank’s second special issue on the e-krona. Retrieved from https://www.riksbank.se/globalassets/media/rapporter/pov/artiklar/engelska/2020/200618/2020_2-central-bank-digital-currencies-supply-of-bank-loans-and-liquidity-provision-by-central-banks.pdf Search in Google Scholar

Karau, S. (2023, February). Central bank digital currency competition and the impossible trinity. Finance Research Letters, 103723. Search in Google Scholar

Keister, T., & Monnet, C. (2022). Central bank digital currency: Stability and information. Journal of Economic Dynamics and Control, 142, 104501. Search in Google Scholar

Kim, Y. S., & Kwon, O. (2019), February. Central Bank Digital Currency and Financial Stability. SSRN Electronic Journal. Search in Google Scholar

Kuehnlenz, S., Orsi, B., & Kaltenbrunner, A. (2023). Central bank digital currencies and the international payment system: The demise of the U.S. dollar? Research in International Business and Finance, 64, 101834. Search in Google Scholar

Kumhof, M., & Noone, C. (2021). Central bank digital currencies — Design principles for financial stability. Economic Analysis and Policy, 71, 553-572. Search in Google Scholar

Li, J. (2023). Predicting the demand for central bank digital currency: A structural analysis with survey data. Journal of Monetary Economics, 134, 73–85. Search in Google Scholar

Ngo, V. M., Nguyen, P. V., Nguyen, H. H., Tram, H. X., & Hoang, L. C. (2023). Governance and monetary policy impacts on public acceptance of CBDC adoption. Research in International Business and Finance, 64, 101865. Search in Google Scholar

Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18 (4), 329–340. Search in Google Scholar

Ozili, P. K. (2022). Munich Personal RePEc Archive Central bank digital currency research around the world: a review of literature Central bank digital currency research around the world: a review of literature. Munich Personal RePEc Archive Central bank digital currency research around the world: a review of literature Central bank digital currency research around the world: a review of literature. Search in Google Scholar

Panetta, I. C., Leo, S., & Foglie, A. D. (2023). The development of digital payments – Past, present, and future – From the literature. Research in International Business and Finance, 64, 101855. Search in Google Scholar

Popescu Adina, May (2022), Cross-Border Central Bank Digital Currencies, Bank Runs and Capital Flows Volatility Search in Google Scholar

Rehman, M. A., Irfan, M., Naeem, M. A., Lucey, B. M., & Karim, S. (2023). Macro-financial implications of central bank digital currencies. Research in International Business and Finance, 64, 101892. Search in Google Scholar

System of Federal Reserves, Money and Payments: U.S. Dollar in the era of digital transformation, 2022. Retrieved from https://www.federalreserve.gov/publications/money-and-payments-discussion-paper.htm Search in Google Scholar

Tan, B. (2023). “Central Bank Digital Currency Adoption: A Two-Sided Model.” IMF Working Paper No. 23/127. Retrieved from https://www.imf.org/en/Publications/WP/Issues/2023/06/16/Central-Bank-Digital-Currency-Adoption-A-Two-Sided-Model-534325 Search in Google Scholar

Tata, F. (2023). Proposing an interval design feature to Central Bank Digital Currencies. Research in International Business and Finance, 64, 101898. Search in Google Scholar

Tian, S., Zhao, B., & Olivares, R. O. (2023). Cybersecurity risks and central banks’ sentiment on central bank digital currency: Evidence from global cyberattacks. Finance Research Letters, 53, 103609. Search in Google Scholar

Tronnier, F., Harborth, D., & Hamm, P. (2022). Investigating privacy concerns and trust in the digital Euro in Germany. Electronic Commerce Research and Applications, 53, 101158. Search in Google Scholar

Visa Economic Empowerment Institute (2022). The art of public money: Policy considerations for central bank digital currencies. Retrieved from https://usa.visa.com/content/dam/VCOM/regional/na/us/sites/documents/veeithe-art-of-public-money.pdf Search in Google Scholar

Wang, G., & Hausken, K. (2021). Governmental taxation of households choosing between a national currency and a cryptocurrency. Games, 12 (2). Search in Google Scholar

Williamson, S. (2021). Central Bank Digital Currency: Welfare and Policy Implications. Central Bank Digital Currency: Welfare and Policy Implications. Search in Google Scholar

Williamson, S. D. (2022). Central bank digital currency and flight to safety. Journal of Economic Dynamics and Control, 142, 104146. Search in Google Scholar

Xin, B., & Jiang, K. (2023). Central bank digital currency and the effectiveness of negative interest rate policy: A DSGE analysis. Research in International Business and Finance, 64, 101901. Search in Google Scholar

Zhang, T., & Huang, Z. (2022). Blockchain and central bank digital currency. ICT Express, 8 (2). Search in Google Scholar

Zou, Z., Liu, X., Wang, M., & Yang, X. (2023). Insight into digital finance and fintech: A bibliometric and content analysis. Technology in Society, 73, 102221. Search in Google Scholar