G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15489
DP15489 CBDC: Can central banks succeed in the marketplace for digital monies?
Peter Bofinger; Thomas Haas
发表日期2020-11-24
出版年2020
语种英语
摘要The discussion about central bank digital currencies (CBDC) has gained an impressive momentum. So far, however, the main focus has been on the macroeconomic implications of CBDCs and the narrow perspective of developing a digital substitute for cash. This paper adds a microeconomic dimension of CBDC to the discussion. We provide an overview of the existing payment ecosystem and derive a systemic taxonomy of CBDCs that distinguishes between new payment objects and new payment systems. Using our systemic taxonomy, we are able to categorize different CBDC proposals. In order to discuss and evaluate the different CBDC design options, we develop two criteria: allocative efficiency, i.e. whether a market failure can be diagnosed that justifies a government intervention, and attractiveness for users, i.e. whether CBDC proposals constitute attractive alternatives for users compared to existing payment objects and payment systems. Our analysis shows that there is no justification for digital cash substitutes from the point of view of allocative efficiency and the user perspective. Instead, our analysis opens the perspective for a retail payment system organized or orchestrated by the central bank without a new, independent payment object.
主题International Macroeconomics and Finance
关键词Central bank digital currency Central banks Payment systems International payments
URLhttps://cepr.org/publications/dp15489
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/544487
推荐引用方式
GB/T 7714
Peter Bofinger,Thomas Haas. DP15489 CBDC: Can central banks succeed in the marketplace for digital monies?. 2020.
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