IDEAS home Printed from https://ideas.repec.org/a/spr/elmark/v33y2023i1d10.1007_s12525-023-00638-3.html
   My bibliography  Save this article

Applying the extended attitude formation theory to central bank digital currencies

Author

Listed:
  • Frédéric Tronnier

    (Goethe-University Frankfurt)

  • David Harborth

    (Capgemini Invent)

  • Patrick Biker

    (Ebner Stolz)

Abstract

This work analyzes the attitude formation process of individuals for central bank digital currencies (CBDCs), specifically for the digital euro. CBDCs are heavily researched, with pilot projects being conducted worldwide. Following the emergence of cryptocurrencies and a decrease in cash usage for retail transactions, CBDCs are viewed as the possible payment solution of the future. Using a qualitative approach, we conduct expert and non-expert interviews to apply and extend existing research on attitude formation to study how individuals form attitudes towards a CBDC in Germany. We find that individuals form their attitudes towards a digital euro through the perceived benefits, limitations, and concerns regarding related payment solutions, moderated through the perceived equivalence of these related technologies and the CBDC. The results contribute to the literature on CBDC and can be used by practitioners to develop a digital euro that offers a competitive advantage for retail transactions over established payment solutions.

Suggested Citation

  • Frédéric Tronnier & David Harborth & Patrick Biker, 2023. "Applying the extended attitude formation theory to central bank digital currencies," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-21, December.
    • Handle: RePEc:spr:elmark:v:33:y:2023:i:1:d:10.1007_s12525-023-00638-3
    DOI: 10.1007/s12525-023-00638-3
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s12525-023-00638-3
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s12525-023-00638-3?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. Michiel Bijlsma & Carin van der Cruijsen & Nicole Jonker & Jelmer Reijerink, 2021. "What triggers consumer adoption of CBDC?," Working Papers 709, DNB.
    2. Dirk Bursian & Sven Fürth, 2015. "Trust Me! I am a European Central Banker," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(8), pages 1503-1530, December.
    3. Mr. John Kiff & Jihad Alwazir & Sonja Davidovic & Aquiles Farias & Mr. Ashraf Khan & Mr. Tanai Khiaonarong & Majid Malaika & Mr. Hunter K Monroe & Nobu Sugimoto & Hervé Tourpe & Peter Zhou, 2020. "A Survey of Research on Retail Central Bank Digital Currency," IMF Working Papers 2020/104, International Monetary Fund.
    4. Noriyuki Yanagawa & Hiromi Yamaoka, 2019. "Digital Innovation, Data Revolution and Central Bank Digital Currency," Bank of Japan Working Paper Series 19-E-2, Bank of Japan.
    5. Ajzen, Icek, 1991. "The theory of planned behavior," Organizational Behavior and Human Decision Processes, Elsevier, vol. 50(2), pages 179-211, December.
    6. Allen S. Lee & Richard L. Baskerville, 2003. "Generalizing Generalizability in Information Systems Research," Information Systems Research, INFORMS, vol. 14(3), pages 221-243, September.
    7. Venkata Marella & Bikesh Upreti & Jani Merikivi & Virpi Kristiina Tuunainen, 2020. "Understanding the creation of trust in cryptocurrencies: the case of Bitcoin," Electronic Markets, Springer;IIM University of St. Gallen, vol. 30(2), pages 259-271, June.
    8. Timothy H. Hannan & John M. McDowell, 1984. "The Determinants of Technology Adoption: The Case of the Banking Firm," RAND Journal of Economics, The RAND Corporation, vol. 15(3), pages 328-335, Autumn.
    9. Alalwan, Ali Abdallah & Dwivedi, Yogesh K. & Rana, Nripendra P., 2017. "Factors influencing adoption of mobile banking by Jordanian bank customers: Extending UTAUT2 with trust," International Journal of Information Management, Elsevier, vol. 37(3), pages 99-110.
    10. Raphael Auer & Rainer Boehme, 2020. "The technology of retail central bank digital currency," BIS Quarterly Review, Bank for International Settlements, March.
    11. Andrew M. Pettigrew, 1990. "Longitudinal Field Research on Change: Theory and Practice," Organization Science, INFORMS, vol. 1(3), pages 267-292, August.
    12. Morten Linnemann Bech & Rodney Garratt, 2017. "Central bank cryptocurrencies," BIS Quarterly Review, Bank for International Settlements, September.
    13. Awh, Robert Y & Waters, D, 1974. "A Discriminant Analysis of Economic, Demographic, and Attitudinal Characteristics of Bank Charge-Card Holders: A Case Study," Journal of Finance, American Finance Association, vol. 29(3), pages 973-980, June.
    14. Emanuele Urbinati & Alessia Belsito & Daniele Cani & Angela Caporrini & Marco Capotosto & Simone Folino & Giuseppe Galano & Giancarlo Goretti & Gabriele Marcelli & Pietro Tiberi & Alessia Vita, 2021. "A digital euro: a contribution to the discussion on technical design choices," Mercati, infrastrutture, sistemi di pagamento (Markets, Infrastructures, Payment Systems) 10, Bank of Italy, Directorate General for Markets and Payment System.
    15. 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.
    16. Katherine J. Stewart, 2003. "Trust Transfer on the World Wide Web," Organization Science, INFORMS, vol. 14(1), pages 5-17, February.
    17. Codruta Boar & Henry Holden & Amber Wadsworth, 2020. "Impending arrival - a sequel to the survey on central bank digital currency," BIS Papers, Bank for International Settlements, number 107.
    Full references (including those not matched with items on IDEAS)

    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. Paulo Rupino Cunha & Paulo Melo & Helder Sebastião, 2021. "From Bitcoin to Central Bank Digital Currencies: Making Sense of the Digital Money Revolution," Future Internet, MDPI, vol. 13(7), pages 1-19, June.
    2. Raphael A. Auer & Giulio Cornelli & Jon Frost, 2020. "Rise of the Central Bank Digital Currencies: Drivers, Approaches and Technologies," CESifo Working Paper Series 8655, CESifo.
    3. Dionysopoulos, Lambis & Marra, Miriam & Urquhart, Andrew, 2024. "Central bank digital currencies: A critical review," International Review of Financial Analysis, Elsevier, vol. 91(C).
    4. 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).
    5. David Chaum & Christian Grothoff & Thomas Moser, 2021. "How to Issue a Central Bank Digital Currency," Papers 2103.00254, arXiv.org.
    6. Marcelo A. T. Aragão, 2021. "A Few Things You Wanted to Know about the Economics of CBDCs, but were Afraid to Model: a survey of what we can learn from who has done," Working Papers Series 554, Central Bank of Brazil, Research Department.
    7. Cong, Lin William & Mayer, Simon, 2022. "The Coming Battle of Digital Currencies," Applied Economics and Policy Working Paper Series 320020, Cornell University, Department of Applied Economics and Management.
    8. Isaiah Hull & Or Sattath, 2021. "Revisiting the Properties of Money," Papers 2111.04483, arXiv.org, revised Nov 2021.
    9. Ayadi, Ahmed & Ghabri, Yosra & Guesmi, Khaled, 2023. "Directional predictability from central bank digital currency to cryptocurrencies and stablecoins," Research in International Business and Finance, Elsevier, vol. 65(C).
    10. Agur, Itai & Ari, Anil & Dell’Ariccia, Giovanni, 2022. "Designing central bank digital currencies," Journal of Monetary Economics, Elsevier, vol. 125(C), pages 62-79.
    11. 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).
    12. Douglas Arner & Raphael Auer & Jon Frost, 2020. "Stablecoins: potential, risks and regulation," BIS Working Papers 905, Bank for International Settlements.
    13. Cyril Monnet & Hyun Song Shin & Jon Frost & Leonardo Gambacorta & Raphael Auer & Tara Rice, 2022. "Central Bank Digital Currencies: Motives, Economic Implications, and the Research Frontier," Annual Review of Economics, Annual Reviews, vol. 14(1), pages 697-721, August.
    14. Morales-Resendiz, Raúl & Ponce, Jorge & Picardo, Pablo & Velasco, Andrés & Chen, Bobby & Sanz, León & Guiborg, Gabriela & Segendorff, Björn & Vasquez, José Luis & Arroyo, John & Aguirre, Illich & Hayn, 2021. "Implementing a retail CBDC: Lessons learned and key insights," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 2(1).
    15. Carlos Alberto Durigan Junior & Mauro De Mesquita Spinola & Rodrigo Franco Gonc{c}alves & Fernando Jos'e Barbin Laurindo, 2024. "Central Bank Digital Currency: The Advent of its IT Governance in the financial markets," Papers 2407.07898, arXiv.org.
    16. Borgonovo, Emanuele & Caselli, Stefano & Cillo, Alessandra & Masciandaro, Donato & Rabitti, Giovanni, 2021. "Money, privacy, anonymity: What do experiments tell us?," Journal of Financial Stability, Elsevier, vol. 56(C).
    17. Svetlana Abramova & Rainer Böhme & Helmut Elsinger & Helmut Stix & Martin Summer, 2022. "What can CBDC designers learn from asking potential users? Results from a survey of Austrian residents (Svetlana Abramova, Rainer Böhme, Helmut Elsinger, Helmut Stix, Martin Summer)," Working Papers 241, Oesterreichische Nationalbank (Austrian Central Bank).
    18. Subhodeep Mukherjee & Manish Mohan Baral & Chittipaka Venkataiah & Surya Kant Pal & Ramji Nagariya, 2021. "Service robots are an option for contactless services due to the COVID-19 pandemic in the hotels," DECISION: Official Journal of the Indian Institute of Management Calcutta, Springer;Indian Institute of Management Calcutta, vol. 48(4), pages 445-460, December.
    19. Ahmet Faruk Aysan & Nawaz Farrukh, 2021. "China's Transition to a Digital Currency: Does It Threaten Dollarization?," Working Papers hal-03364939, HAL.
    20. Queiroz, Maciel M. & Fosso Wamba, Samuel, 2019. "Blockchain adoption challenges in supply chain: An empirical investigation of the main drivers in India and the USA," International Journal of Information Management, Elsevier, vol. 46(C), pages 70-82.

    More about this item

    Keywords

    Central bank digital currency; Attitudes; CBDC; Digital euro; Attitude formation theory; Technology adoption;
    All these keywords.

    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

    Statistics

    Access and download statistics

    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:spr:elmark:v:33:y:2023:i:1:d:10.1007_s12525-023-00638-3. 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: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    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.