Casting Light on Central Bank Digital Currencies
Staff Discussion Notes, November 14, 2018
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- Casting Light on Central Bank Digital Currencies
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Bibliographic details
- Authors: Tommaso Mancini-Griffoli, Maria Soledad Martinez Peria, Vikram Haksar, Dong He, Giovanni Dell'Ariccia
- Published: November 14, 2018
- Series: Staff Discussion Notes
Overview of CDBCs
- The paper is organized in five sections.
- The first offers an overview of CDBCs—what they are, why central banks might issue CDBCs, and how they might design these.
Conceptual tradeoffs and implications for financial intermediation
- The second section uses a stylized model to:
- Offer a conceptual discussion of the tradeoffs between different CDBC designs.
- Examine some of the implications for financial intermediation.
Potential side effects beyond the model
- The third section looks beyond the model at potential side effects of introducing a CDBC on:
- Bank funding and business models.
- Run risk.
- Monetary policy transmission.
- Cross-border payments.
Central bank investigations and intentions
- The fourth section offers an overview of central bank investigations and intentions relative to the introduction of a CDBC.
Conclusions and main messages
- The last section concludes and summarizes the main messages from the paper.
Casting Light on Central Bank Digital Currencies. By Tommaso Mancini-Griffoli, Maria Soledad Martinez Peria, Vikram Haksar, Dong He, Giovanni Dell'Ariccia. November 14, 2018. Staff Discussion Notes No. 18/08. Stock No: SDNEA2018008. ISBN: 9781484384572. ISSN: 2221-030X.
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- Staff Discussion Note