IDEAS home Printed from https://ideas.repec.org/a/eee/riibaf/v64y2023ics0275531923000272.html
   My bibliography  Save this article

Central bank digital currency and the effectiveness of negative interest rate policy: A DSGE analysis

Author

Listed:
  • Xin, Baogui
  • Jiang, Kai

Abstract

Implementing a negative interest rate policy (NIRP) in the traditional fiat system is less effective than desired because of the zero lower bound (ZLB) constraint on interest rates and the cash barrier. Would this problem be solved if a new form of currency was introduced, i.e., central bank digital currency (CBDC), in the economy? To answer this question, we construct a dynamic stochastic general equilibrium (DSGE) model to analyze the effectiveness of NIRP upon the introduction of CBDC. The results suggest that: (i) The CBDC can eliminate the ZLB constraint and stabilize the economic fluctuations caused by NIRP. (ii) The central bank can implement NIRP by directly adjusting the interest rate of digital currency to stimulate consumption, investment, and output and to accelerate macroeconomic recovery. (iii) Welfare analysis shows that the central bank can effectively choose different NIRP rules according to the economic objectives.

Suggested Citation

  • Xin, Baogui & Jiang, Kai, 2023. "Central bank digital currency and the effectiveness of negative interest rate policy: A DSGE analysis," Research in International Business and Finance, Elsevier, vol. 64(C).
    • Handle: RePEc:eee:riibaf:v:64:y:2023:i:c:s0275531923000272
    DOI: 10.1016/j.ribaf.2023.101901
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0275531923000272
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.ribaf.2023.101901?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Ben S. Bernanke & Mark Gertler, 2001. "Should Central Banks Respond to Movements in Asset Prices?," American Economic Review, American Economic Association, vol. 91(2), pages 253-257, May.
    2. Eric T. Swanson & John C. Williams, 2014. "Measuring the Effect of the Zero Lower Bound on Medium- and Longer-Term Interest Rates," American Economic Review, American Economic Association, vol. 104(10), pages 3154-3185, October.
    3. Buiter, Willem H., 2009. "Negative nominal interest rates: Three ways to overcome the zero lower bound," The North American Journal of Economics and Finance, Elsevier, vol. 20(3), pages 213-238, December.
    4. Jing Cynthia Wu & Fan Dora Xia, 2020. "Negative interest rate policy and the yield curve," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 35(6), pages 653-672, September.
    5. Hodbod, Alexander & Huber, Stefanie J. & Vasilev, Konstantin, 2020. "Sectoral risk-weights and macroprudential policy," Journal of Banking & Finance, Elsevier, vol. 112(C).
    6. Sergio Luis Náñez Alonso & Javier Jorge-Vazquez & Ricardo Francisco Reier Forradellas, 2020. "Detection of Financial Inclusion Vulnerable Rural Areas through an Access to Cash Index: Solutions Based on the Pharmacy Network and a CBDC. Evidence Based on Ávila (Spain)," Sustainability, MDPI, vol. 12(18), pages 1-33, September.
    7. Laurence M. Ball, 1999. "Policy Rules for Open Economies," NBER Chapters, in: Monetary Policy Rules, pages 127-156, National Bureau of Economic Research, Inc.
    8. Donato Masciandaro, 2018. "Central Bank Digital Cash and Cryptocurrencies: Insights from a New Baumol–Friedman Demand for Money," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 51(4), pages 540-550, December.
    9. Matteo Iacoviello, 2005. "House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle," American Economic Review, American Economic Association, vol. 95(3), pages 739-764, June.
    10. Lawrence H. Summers, 1991. "Panel discussion: price stability ; How should long-term monetary policy be determined?," Proceedings, Federal Reserve Bank of Cleveland, pages 625-631.
    11. Jess Cheng & Angela Lawson & Paul Wong, 2021. "Preconditions for a General-Purpose Central Bank Digital Currency," FEDS Notes 2021-02-24-1, Board of Governors of the Federal Reserve System (U.S.).
    12. Matheus R. Grasselli & Alexander Lipton, 2019. "On the normality of negative interest rates," Review of Keynesian Economics, Edward Elgar Publishing, vol. 7(2), pages 201-219, April.
    13. Mauricio Ulate, 2021. "Going Negative at the Zero Lower Bound: The Effects of Negative Nominal Interest Rates," American Economic Review, American Economic Association, vol. 111(1), pages 1-40, January.
    14. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    15. Alexander Lee & Brendan Malone & Paul Wong, 2020. "Tokens and Accounts in the Context of Digital Currencies," FEDS Notes 2020-12-23, Board of Governors of the Federal Reserve System (U.S.).
    16. Bihong Huang & Maria Teresa Punzi & Yu Wu, 2021. "Do Banks Price Environmental Transition Risks? Evidence from a Quasi-Natural Experiment in a Chinese Province," IMF Working Papers 2021/228, International Monetary Fund.
    17. Jabbar, Abdul & Geebren, Ahmed & Hussain, Zahid & Dani, Samir & Ul-Durar, Shajara, 2023. "Investigating individual privacy within CBDC: A privacy calculus perspective," Research in International Business and Finance, Elsevier, vol. 64(C).
    18. Mr. Marco Gross & Christoph Siebenbrunner, 2019. "Money Creation in Fiat and Digital Currency Systems," IMF Working Papers 2019/285, International Monetary Fund.
    19. Yin, Zhichao & Peng, Hongfeng & Xiao, Weiguo & Xiao, Zumian, 2022. "Capital control and monetary policy coordination: Tobin tax revisited," Research in International Business and Finance, Elsevier, vol. 59(C).
    20. Martha López, 2015. "Asset price bubbles and monetary policy in a small open economy," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 33(77), pages 93-102, June.
    21. Alex Cukierman, 2020. "Reflections on welfare and political economy aspects of a central bank digital currency," Manchester School, University of Manchester, vol. 88(S1), pages 114-125, September.
    22. Florian Heider & Farzad Saidi & Glenn Schepens, 2019. "Life below Zero: Bank Lending under Negative Policy Rates," The Review of Financial Studies, Society for Financial Studies, vol. 32(10), pages 3728-3761.
    23. Ruchir Agarwal & Miles Kimball, 2015. "Breaking Through the Zero Lower Bound," IMF Working Papers 2015/224, International Monetary Fund.
    24. Davoodalhosseini, Seyed Mohammadreza, 2022. "Central bank digital currency and monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 142(C).
    25. Allen, Franklin & Gu, Xian & Jagtiani, Julapa, 2022. "Fintech, Cryptocurrencies, and CBDC: Financial Structural Transformation in China," Journal of International Money and Finance, Elsevier, vol. 124(C).
    26. Iiboshi, Hirokuni, 2016. "Monetary policy regime shifts under the zero lower bound: An application of a stochastic rational expectations equilibrium to a Markov switching DSGE model," Economic Modelling, Elsevier, vol. 52(PA), pages 186-205.
    27. Ferrari Minesso, Massimo & Mehl, Arnaud & Stracca, Livio, 2022. "Central bank digital currency in an open economy," Journal of Monetary Economics, Elsevier, vol. 127(C), pages 54-68.
    28. Brzoza-Brzezina, Michał & Kolasa, Marcin & Makarski, Krzysztof, 2018. "Crisis, contagion and international policy spillovers under foreign ownership of banks," Journal of Financial Stability, Elsevier, vol. 36(C), pages 293-304.
    29. Fegatelli, Paolo, 2022. "A central bank digital currency in a heterogeneous monetary union: Managing the effects on the bank lending channel," Journal of Macroeconomics, Elsevier, vol. 71(C).
    30. Christian Gorenflo & Stephen Lee & Lukasz Golab & Srinivasan Keshav, 2020. "FastFabric: Scaling hyperledger fabric to 20 000 transactions per second," International Journal of Network Management, John Wiley & Sons, vol. 30(5), September.
    31. Reifschneider, David & Willams, John C, 2000. "Three Lessons for Monetary Policy in a Low-Inflation Era," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 32(4), pages 936-966, November.
    32. Todd Keister & Daniel Sanches, 2023. "Should Central Banks Issue Digital Currency?," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 90(1), pages 404-431.
    33. David Andolfatto, 2021. "Assessing the Impact of Central Bank Digital Currency on Private Banks," The Economic Journal, Royal Economic Society, vol. 131(634), pages 525-540.
    34. Chen, Hongyi & Siklos, Pierre L., 2022. "Central bank digital currency: A review and some macro-financial implications," Journal of Financial Stability, Elsevier, vol. 60(C).
    35. Huang, Bihong & Punzi, Maria Teresa & Wu, Yu, 2021. "Do banks price environmental transition risks? Evidence from a quasi-natural experiment in China," Journal of Corporate Finance, Elsevier, vol. 69(C).
    36. Goodell, John W. & Goutte, Stephane, 2021. "Co-movement of COVID-19 and Bitcoin: Evidence from wavelet coherence analysis," Finance Research Letters, Elsevier, vol. 38(C).
    37. Ulrich Bindseil, 2019. "Central Bank Digital Currency: Financial System Implications and Control," International Journal of Political Economy, Taylor & Francis Journals, vol. 48(4), pages 303-335, October.
    38. Hela Mzoughi & Ramzi Benkraiem & Khaled Guesmi, 2022. "The bitcoin market reaction to the launch of central bank digital currencies," Post-Print hal-03912885, HAL.
    39. Cho, Daeha & Han, Yoonshin & Oh, Joonseok & Rogantini Picco, Anna, 2021. "Uncertainty shocks, precautionary pricing, and optimal monetary policy," Journal of Macroeconomics, Elsevier, vol. 69(C).
    40. Boucinha, Miguel & Burlon, Lorenzo, 2020. "Negative rates and the transmission of monetary policy," Economic Bulletin Articles, European Central Bank, vol. 3.
    41. Molyneux, Philip & Reghezza, Alessio & Xie, Ru, 2019. "Bank margins and profits in a world of negative rates," Journal of Banking & Finance, Elsevier, vol. 107(C), pages 1-1.
    42. Baars, Maren & Cordes, Henning & Mohrschladt, Hannes, 2020. "How negative interest rates affect the risk-taking of individual investors: Experimental evidence," Finance Research Letters, Elsevier, vol. 32(C).
    43. Altavilla, Carlo & Burlon, Lorenzo & Giannetti, Mariassunta & Holton, Sarah, 2022. "Is there a zero lower bound? The effects of negative policy rates on banks and firms," Journal of Financial Economics, Elsevier, vol. 144(3), pages 885-907.
    44. Elsayed, Ahmed H. & Nasir, Muhammad Ali, 2022. "Central bank digital currencies: An agenda for future research," Research in International Business and Finance, Elsevier, vol. 62(C).
    45. Bhaskar, Ratikant & Hunjra, Ahmed Imran & Bansal, Shashank & Pandey, Dharen Kumar, 2022. "Central Bank Digital Currencies: Agendas for future research," Research in International Business and Finance, Elsevier, vol. 62(C).
    46. Raj Chetty & Adam Guren & Day Manoli & Andrea Weber, 2011. "Are Micro and Macro Labor Supply Elasticities Consistent? A Review of Evidence on the Intensive and Extensive Margins," American Economic Review, American Economic Association, vol. 101(3), pages 471-475, May.
    47. Whelsy Boungou & Charles Mawusi, 2023. "Bank lending margins in a negative interest rate environment," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(1), pages 886-901, January.
    48. Kenneth Rogoff, 2017. "Dealing with Monetary Paralysis at the Zero Bound," Journal of Economic Perspectives, American Economic Association, vol. 31(3), pages 47-66, Summer.
    49. Li, Bing & Liu, Qing, 2017. "On the choice of monetary policy rules for China: A Bayesian DSGE approach," China Economic Review, Elsevier, vol. 44(C), pages 166-185.
    50. Frank Smets & Rafael Wouters, 2007. "Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach," American Economic Review, American Economic Association, vol. 97(3), pages 586-606, June.
    51. Kyriazis, Nikolaos & Papadamou, Stephanos & Corbet, Shaen, 2020. "A systematic review of the bubble dynamics of cryptocurrency prices," Research in International Business and Finance, Elsevier, vol. 54(C).
    52. Bodenstein, Martin & Hebden, James & Nunes, Ricardo, 2012. "Imperfect credibility and the zero lower bound," Journal of Monetary Economics, Elsevier, vol. 59(2), pages 135-149.
    53. Robert Kirkby, 2018. "Cryptocurrencies and Digital Fiat Currencies," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 51(4), pages 527-539, December.
    54. Young Sik Kim & Ohik Kwon, 2023. "Central Bank Digital Currency, Credit Supply, and Financial Stability," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 55(1), pages 297-321, February.
    55. Mr. Tanai Khiaonarong & David Humphrey, 2019. "Cash Use Across Countries and the Demand for Central Bank Digital Currency," IMF Working Papers 2019/046, International Monetary Fund.
    56. Barrdear, John & Kumhof, Michael, 2016. "The macroeconomics of central bank issued digital currencies," Bank of England working papers 605, Bank of England.
    57. Divino, Jose Angelo, 2009. "Optimal monetary policy for a small open economy," Economic Modelling, Elsevier, vol. 26(2), pages 352-358, March.
    58. Wang, Yi-Ran & Ma, Chao-Qun & Ren, Yi-Shuai, 2022. "A model for CBDC audits based on blockchain technology: Learning from the DCEP," Research in International Business and Finance, Elsevier, vol. 63(C).
    59. David L. Reifschneider & John C. Williams, 2000. "Three lessons for monetary policy in a low-inflation era," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, pages 936-978.
    60. Stephen Williamson, 2022. "Central Bank Digital Currency: Welfare and Policy Implications," Journal of Political Economy, University of Chicago Press, vol. 130(11), pages 2829-2861.
    61. Mr. Tommaso Mancini-Griffoli & Maria Soledad Martinez Peria & Mr. Itai Agur & Mr. Anil Ari & Mr. John Kiff & Ms. Adina Popescu & Ms. Celine Rochon, 2018. "Casting Light on Central Bank Digital Currencies," IMF Staff Discussion Notes 2018/008, International Monetary Fund.
    62. David Kuo Chuen Lee & Li Yan & Yu Wang, 2021. "A global perspective on central bank digital currency," China Economic Journal, Taylor & Francis Journals, vol. 14(1), pages 52-66, January.
    63. Goodell, John W. & Goutte, Stephane, 2021. "Diversifying equity with cryptocurrencies during COVID-19," International Review of Financial Analysis, Elsevier, vol. 76(C).
    64. Tommaso Mancini Griffoli & Maria Soledad Martinez Peria & Itai Agur & Anil Ari & John Kiff & Adina Popescu & Celine Rochon, 2018. "Casting Light on Central Bank Digital Currencies," IMF Staff Discussion Notes 18/08, International Monetary Fund.
    65. Mzoughi, Hela & Benkraiem, Ramzi & Guesmi, Khaled, 2022. "The bitcoin market reaction to the launch of central bank digital currencies," Research in International Business and Finance, Elsevier, vol. 63(C).
    66. Sean Foley & Jonathan R Karlsen & Tālis J Putniņš, 2019. "Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed through Cryptocurrencies?," The Review of Financial Studies, Society for Financial Studies, vol. 32(5), pages 1798-1853.
    67. Kuehnlenz, Sophia & Orsi, Bianca & Kaltenbrunner, Annina, 2023. "Central bank digital currencies and the international payment system: The demise of the US dollar?," Research in International Business and Finance, Elsevier, vol. 64(C).
    68. Carmen Diaz-Roldan & María A Prats & Maria del Carmen Ramos-Herrera, 2021. "Redefining monetary policy rules: A threshold approach," PLOS ONE, Public Library of Science, vol. 16(5), pages 1-13, May.
    69. Richard H. Clarida, 2012. "What Has—and Has Not—Been Learned about Monetary Policy in a Low-Inflation Environment? A Review of the 2000s," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44, pages 123-140, February.
    70. Khiaonarong, Tanai & Humphrey, David, 2019. "Cash use across countries and the demand for central bank digital currency," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 13(1), pages 32-46, March.
    71. Miguel Ángel Echarte Fernández & Sergio Luis Náñez Alonso & Javier Jorge-Vázquez & Ricardo Francisco Reier Forradellas, 2021. "Central Banks’ Monetary Policy in the Face of the COVID-19 Economic Crisis: Monetary Stimulus and the Emergence of CBDCs," Sustainability, MDPI, vol. 13(8), pages 1-18, April.
    72. Kannan Prakash & Rabanal Pau & Scott Alasdair M., 2012. "Monetary and Macroprudential Policy Rules in a Model with House Price Booms," The B.E. Journal of Macroeconomics, De Gruyter, vol. 12(1), pages 1-44, June.
    73. Xiao, Bowen & Fan, Ying & Guo, Xiaodan, 2018. "Exploring the macroeconomic fluctuations under different environmental policies in China: A DSGE approach," Energy Economics, Elsevier, vol. 76(C), pages 439-456.
    74. Richard H. Clarida, 2012. "What Has—and Has Not—Been Learned about Monetary Policy in a Low‐Inflation Environment? A Review of the 2000s," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(s1), pages 123-140, February.
    75. Honda, Yuzo & Inoue, Hitoshi, 2019. "The effectiveness of the negative interest rate policy in Japan: An early assessment," Journal of the Japanese and International Economies, Elsevier, vol. 52(C), pages 142-153.
    76. Summers, Lawrence, 1991. "How Should Long-Term Monetary Policy Be Determined? Panel Discussion," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(3), pages 625-631, August.
    77. Andreas Jobst & Ms. Huidan Huidan Lin, 2016. "Negative Interest Rate Policy (NIRP): Implications for Monetary Transmission and Bank Profitability in the Euro Area," IMF Working Papers 2016/172, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ali, Hassnian & Aysan, Ahmet Faruk & Yousef, Tariq M, 2023. "From Tech Hub to Banking Failure: Exploring the Implications of CBDCs on the Destiny of Silicon Valley Bank," MPRA Paper 116937, University Library of Munich, Germany.
    2. Xin, Baogui & Jiang, Kai & Santibanez Gonzalez, Ernesto D.R., 2024. "The coevolution effect of central bank digital currency and green bonds on the net-zero economy," Energy Economics, Elsevier, vol. 134(C).
    3. Wang, Guizhou & Hausken, Kjell, 2024. "Hard money and fiat money in an inflationary world," Research in International Business and Finance, Elsevier, vol. 67(PB).
    4. Aloui, Donia & Zouaoui, Riadh & Rachdi, Houssem & Guesmi, Khaled & Yarovaya, Larisa, 2024. "The impact of ECB’s Quantitative Easing on cryptocurrency markets during times of crisis," Research in International Business and Finance, Elsevier, vol. 69(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hoang, Yen Hai & Ngo, Vu Minh & Bich Vu, Ngoc, 2023. "Central bank digital currency: A systematic literature review using text mining approach," Research in International Business and Finance, Elsevier, vol. 64(C).
    2. Xin, Baogui & Jiang, Kai & Santibanez Gonzalez, Ernesto D.R., 2024. "The coevolution effect of central bank digital currency and green bonds on the net-zero economy," Energy Economics, Elsevier, vol. 134(C).
    3. Cotugno, Matteo & Manta, Francesco & Perdichizzi, Salvatore & Stefanelli, Valeria, 2024. "Ready for a digital Euro? Insights from a research agenda," Research in International Business and Finance, Elsevier, vol. 67(PA).
    4. Rehman, Mubeen Abdur & Irfan, Muhammad & Naeem, Muhammad Abubakr & Lucey, Brian M. & Karim, Sitara, 2023. "Macro-financial implications of central bank digital currencies," Research in International Business and Finance, Elsevier, vol. 64(C).
    5. Helmi, Mohamad Husam & Çatık, Abdurrahman Nazif & Akdeniz, Coşkun, 2023. "The impact of central bank digital currency news on the stock and cryptocurrency markets: Evidence from the TVP-VAR model," Research in International Business and Finance, Elsevier, vol. 65(C).
    6. Agur, Itai & Ari, Anil & Dell’Ariccia, Giovanni, 2022. "Designing central bank digital currencies," Journal of Monetary Economics, Elsevier, vol. 125(C), pages 62-79.
    7. Wang, Yizhi & Wei, Yu & Lucey, Brian M. & Su, Yang, 2023. "Return spillover analysis across central bank digital currency attention and cryptocurrency markets," Research in International Business and Finance, Elsevier, vol. 64(C).
    8. Wang, Yi-Ran & Ma, Chao-Qun & Ren, Yi-Shuai, 2022. "A model for CBDC audits based on blockchain technology: Learning from the DCEP," Research in International Business and Finance, Elsevier, vol. 63(C).
    9. Dionysopoulos, Lambis & Marra, Miriam & Urquhart, Andrew, 2024. "Central bank digital currencies: A critical review," International Review of Financial Analysis, Elsevier, vol. 91(C).
    10. Bhaskar, Ratikant & Hunjra, Ahmed Imran & Bansal, Shashank & Pandey, Dharen Kumar, 2022. "Central Bank Digital Currencies: Agendas for future research," Research in International Business and Finance, Elsevier, vol. 62(C).
    11. Ngo, Vu Minh & Van Nguyen, Phuc & Nguyen, Huan Huu & Thi Tram, Huong Xuan & Hoang, Long Cuu, 2023. "Governance and monetary policy impacts on public acceptance of CBDC adoption," Research in International Business and Finance, Elsevier, vol. 64(C).
    12. Li, Fangmin & Yang, Tianle & Du, Min & Huang, Miao, 2023. "The development fit index of digital currency electronic payment between China and the one belt one road countries," Research in International Business and Finance, Elsevier, vol. 64(C).
    13. Jabbar, Abdul & Geebren, Ahmed & Hussain, Zahid & Dani, Samir & Ul-Durar, Shajara, 2023. "Investigating individual privacy within CBDC: A privacy calculus perspective," Research in International Business and Finance, Elsevier, vol. 64(C).
    14. Eun Young Oh & Shuonan Zhang, 2022. "Informal economy and central bank digital currency," Economic Inquiry, Western Economic Association International, vol. 60(4), pages 1520-1539, October.
    15. Thitima Chucherd & Chanokkarn Mek-yong & Nalin Nookhwun & Passawuth Nuntnarumit & Natta Piyakarnchana & Suparit Suwanik, 2021. "Monetary and Financial Perspectives on Retail CBDC in the Thai Context," PIER Discussion Papers 152, Puey Ungphakorn Institute for Economic Research.
    16. Wang, Yizhi & Lucey, Brian M. & Vigne, Samuel A. & Yarovaya, Larisa, 2022. "The Effects of Central Bank Digital Currencies News on Financial Markets," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
    17. Grodecka-Messi, Anna & Zhang, Xin, 2023. "Private bank money vs central bank money: A historical lesson for CBDC introduction," Journal of Economic Dynamics and Control, Elsevier, vol. 154(C).
    18. Alfar, Abdelrahman J.K. & Kumpamool, Chamaiporn & Nguyen, Dung T.K. & Ahmed, Rizwan, 2023. "The determinants of issuing central bank digital currencies," Research in International Business and Finance, Elsevier, vol. 64(C).
    19. Li, Jiaqi, 2023. "Predicting the demand for central bank digital currency: A structural analysis with survey data," Journal of Monetary Economics, Elsevier, vol. 134(C), pages 73-85.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:riibaf:v:64:y:2023:i:c:s0275531923000272. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/ribaf .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.