Cultural values and the adoption of central bank digital currency

【Author】 Luu, Hiep Ngoc; Do, Dinh Dinh; Pham, Thanh; Ho, Viet Xuan; Dinh, Quynh-Anh

【Source】APPLIED ECONOMICS LETTERS

【影响因子】1.287

【Abstract】This paper examines the impact of national culture on the decision of countries to adopt a central bank digital currency (CBDC). Using Hofstede's cultural framework (i.e. Power Distance, Individualism, Masculinity, Uncertainty Avoidance and Long-term Orientation) to measure different cultural values, we find that countries with more power distance, masculinity and long-term orientation cultures are more eager to adopt a CBDC. By contrast, countries with a cultural value leaning towards uncertainty avoidance are less involved in the adoption of a CBDC. These results hold more for retail CBDC than for wholesale CBDC.

【Keywords】National culture; central bank digital currency; wholesale CBDC; retail CBDC

【发表时间】

【收录时间】2022-06-26

【文献类型】理论性文章

【主题类别】

区块链治理-市场治理-数字货币