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Politique monétaire et monnaies numériques

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  • Christian Pfister

Abstract

This article examines the consequences for monetary policy of the issuance of central bank digital currencies (CBDCs) and stablecoins, which are broadly similar. These consequences should impact the transmission mechanism above all, with risks of disintermediation for all economies and of increased asymmetries and dollarization for emerging and developing economies. Moreover, the interest rate channel could be strengthened by compensating CBDC at an interest rate pegged to the key rate. Concerning monetary policy goals, inflation, economic growth, and money supply could temporarily accelerate. Above all, the exchange rate could become more volatile, making it more difficult to maintain a target rate. In normal times, the implementation of monetary policy would generally be little affected, unless a real-time monetary policy were to be adopted. Classification JEL: E42, E52, E58.

Suggested Citation

  • Christian Pfister, 2023. "Politique monétaire et monnaies numériques," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 225-239.
    • Handle: RePEc:cai:refaef:ecofi_149_0225
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    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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