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Digitales Zentralbankgeld: Warum wagt niemand den ersten Schritt?

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  • Luzie Thiel
  • Jochen Michaelis

Abstract

Despite about six years of intensive research, no central bank in the industrialized world has yet introduced central bank digital currency (CBDC). In this article, we look at the reasons. We provide a brief overview of the current state of research projects, which features stand out as particularly critical, and the economics of impact. We focus on the substitution relationship of CBDC and previously existing liquid assets, the potential risks and opportunities for financial stability, and the potential macroeconomic implications. It turns out that neither the theoretical nor empirical studies come to a consistent conclusion about the likely impact. Despite all the uncertainties, we sum up: In 10 years, CBDCs will be established worldwide. Trotz rund sechs Jahren intensiver Forschung hat bisher keine Zentralbank der Industrienationen digitales Zentralbankgeld (Central Bank Digital Currency, CBDC) eingeführt. In diesem Artikel befassenwir uns mit den Gründen. Wir geben einen kurzen Überblick über den aktuellen Stand der Forschungsprojekte,welche Features sich als besonders kritisch herausstellen und über die ökonomische Wirkungsweise.Dabei konzentrieren wir uns auf die Substitutionsbeziehung von CBDC und bisher bestehenden liquiden Assets,den potentiellen Risiken und Chancen für die Finanzmarktstabilität und den potentiellen makroökonomischen Implikationen. Es zeigt sich, dass weder die theoretischen noch die empirischen Studien zu einem einheitlichen Ergebnis über die voraussichtlichen Auswirkungen kommen. Trotz aller Unsicherheiten resümieren wir: In 10 Jahren werden CBDCs weltweit etabliert sein.

Suggested Citation

  • Luzie Thiel & Jochen Michaelis, 2023. "Digitales Zentralbankgeld: Warum wagt niemand den ersten Schritt?," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 92(3), pages 5-8.
    • Handle: RePEc:diw:diwvjh:92-3-2
    DOI: 10.3790/vjh.92.3.9
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    More about this item

    Keywords

    CBDC; Central Banks; Financial Stability; Monetary System; Cryptocurrencies;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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