Central Bank Digital Currencies: Motives, Economic Implications, and the Research Frontier

【Author】 Auer, Raphael; Frost, Jon; Gambacorta, Leonardo; Monnet, Cyril; Rice, Tara; Shin, Hyun Song

【Source】ANNUAL REVIEW OF ECONOMICS

【影响因子】5.970

【Abstract】In just a few years, central banks have rapidly ramped up their research and development efforts on central bank digital currencies (CBDCs). A growing body of economic research informs these activities, often focusing on the "reserves for all" aspect of CBDCs for retail use. However, CBDCs should be considered in the full context of the digital economy and the centrality of data, which raises concerns around competition, payment system integrity, and privacy. This review gives a guided tour of the growing CBDC literature on the microeconomic considerations related to operation architectures, technologies, and privacy as well as the macroeconomic implications for the financial system, financial stability, and monetary policy. A set of questions, particularly on the cross-border dimensions of CBDCs, remains unresolved and calls for further work to expand the research frontier.

【Keywords】money; digital currencies; central banks; central bank digital currencies; CBDC; stablecoins; cryptocurrencies; distributed ledgers; big tech; data privacy

【发表时间】2022

【收录时间】2022-09-06

【文献类型】观点阐述

【主题类别】

区块链治理-市场治理-数字货币