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Digitales Zentralbankgeld: Warum wagt niemand den ersten Schritt?

Author

Listed:
  • Luzie Thiel

    (University Kassel)

  • Jochen Michaelis

    (University Kassel)

Abstract

Trotz rund sechs Jahren intensiver Forschung hat bisher keine Zentralbank der Industrienationen digitales Zentralbankgeld (Central Bank Digital Currency, CBDC) eingeführt. In diesem Artikel befassen wir 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 makroökomischen Implikationen. Es zeigt sich, dass sich weder die Empirie noch die Theorie einig ist über die voraussichtlichen Auswirkungen. 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?," MAGKS Papers on Economics 202315, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    • Handle: RePEc:mar:magkse:202315
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    References listed on IDEAS

    as
    1. Brunnermeier, Markus K. & Niepelt, Dirk, 2019. "On the equivalence of private and public money," Journal of Monetary Economics, Elsevier, vol. 106(C), pages 27-41.
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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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