{
  "title": "Evaluating the Implications of CBDC for Financial Stability",
  "publication": "Fintech Notes, November 13, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/fintech-notes/issues/2025/11/12/evaluating-the-implications-of-cbdc-for-financial-stability-571743",
  "canonical": "https://www.imf.org/en/publications/fintech-notes/issues/2025/11/12/evaluating-the-implications-of-cbdc-for-financial-stability-571743",
  "overlayPath": "/en/publications/fintech-notes/issues/2025/11/12/evaluating-the-implications-of-cbdc-for-financial-stability-571743/index.md",
  "summary": "How could practitioners assess the domestic financial stability implications of retail CBDC? This chapter identifies six key transmission channels through which CBDC can affect financial stability—either negatively or positively.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Purpose: Assess how practitioners could evaluate domestic financial stability implications of retail CBDC.\n- Scope: Identifies six key transmission channels through which CBDC can affect financial stability—either negatively or positively.\n- Approach: Synthesizes findings from existing studies that quantify some of these effects and explores how country-specific characteristics, CBDC adoption, and design features shape outcomes.\n- Deliverable: Practical guidance on analytical tools and models to evaluate financial stability risks and on how risks can be contained with appropriate CBDC design and safeguards."
    },
    {
      "heading": "Six key transmission channels",
      "content": "- Bank funding and lending\n- Fee income\n- Run risk\n- Information flows\n- Payment system resilience\n- (The chapter identifies six channels in total; the content emphasizes these channels as the primary pathways through which CBDC affects financial stability.)"
    },
    {
      "heading": "Findings from existing studies",
      "content": "- Some effects of CBDC on financial stability have been quantified in existing studies (the chapter synthesizes these findings).\n- Outcomes are shaped by:\n  - Country-specific characteristics\n  - CBDC adoption (levels and patterns of uptake)\n  - CBDC design features"
    },
    {
      "heading": "Analytical tools and models",
      "content": "- The chapter provides practical guidance on analytical tools and models to evaluate financial stability risks related to retail CBDC.\n- Recommended approach emphasizes combining empirical estimates from the literature with country-specific modeling to assess impacts on bank funding, lending, and run risk."
    },
    {
      "heading": "Design features and safeguards to contain risks",
      "content": "- The chapter discusses how risks can be contained with appropriate CBDC design and safeguards.\n- Policy implication: Careful CBDC design and targeted safeguards can mitigate negative financial stability effects while preserving benefits (payment system resilience, information flows, fee structures)."
    },
    {
      "heading": "Key publication metadata (as referenced in the chapter)",
      "content": "- Authors: Marco Gross, Marcello Miccoli, Jeanne Verrier, Germán Villegas-Bauer\n- Date: November 13, 2025\n- Series: Fintech Notes No 2025/008\n- Pages: 47\n\nEvaluating the Implications of CBDC for Financial Stability, Marco Gross, Marcello Miccoli, Jeanne Verrier, and Germán Villegas-Bauer (Fintech Notes 2025, 008), accessed 7/1/2026.\n\n---\n\n Content in this bundle\n\n- FTN008 --  Evaluating the Implications of CBDC for Financial Stability\n  - FTN008 --  Evaluating the Implications of CBDC for Financial Stability (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - FTN008 --  Evaluating the Implications of CBDC for Financial Stability (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/fintech-notes/issues/2025/11/12/evaluating-the-implications-of-cbdc-for-financial-stability-571743"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/fintech-notes/issues/2025/11/12/evaluating-the-implications-of-cbdc-for-financial-stability-571743/index.md)",
    "[Structured JSON version](/en/publications/fintech-notes/issues/2025/11/12/evaluating-the-implications-of-cbdc-for-financial-stability-571743/index.json)",
    "[Bundle manifest](/en/publications/fintech-notes/issues/2025/11/12/evaluating-the-implications-of-cbdc-for-financial-stability-571743/bundle-manifest.json)",
    "Authors: Marco Gross, Marcello Miccoli, Jeanne Verrier, Germán Villegas-Bauer",
    "Published: November 13, 2025",
    "Series: Fintech Notes",
    "DOI: https://doi.org/10.5089/9798229030878.063",
    "Purpose: Assess how practitioners could evaluate domestic financial stability implications of retail CBDC.",
    "Scope: Identifies six key transmission channels through which CBDC can affect financial stability—either negatively or positively.",
    "Approach: Synthesizes findings from existing studies that quantify some of these effects and explores how country-specific characteristics, CBDC adoption, and design features shape outcomes.",
    "Deliverable: Practical guidance on analytical tools and models to evaluate financial stability risks and on how risks can be contained with appropriate CBDC design and safeguards.",
    "Bank funding and lending",
    "Fee income",
    "Run risk",
    "Information flows",
    "Payment system resilience",
    "(The chapter identifies six channels in total; the content emphasizes these channels as the primary pathways through which CBDC affects financial stability.)",
    "Some effects of CBDC on financial stability have been quantified in existing studies (the chapter synthesizes these findings).",
    "Outcomes are shaped by:",
    "The chapter provides practical guidance on analytical tools and models to evaluate financial stability risks related to retail CBDC.",
    "Recommended approach emphasizes combining empirical estimates from the literature with country-specific modeling to assess impacts on bank funding, lending, and run risk.",
    "The chapter discusses how risks can be contained with appropriate CBDC design and safeguards.",
    "Policy implication: Careful CBDC design and targeted safeguards can mitigate negative financial stability effects while preserving benefits (payment system resilience, information flows, fee structures).",
    "Authors: Marco Gross, Marcello Miccoli, Jeanne Verrier, Germán Villegas-Bauer",
    "Date: November 13, 2025",
    "Series: Fintech Notes No 2025/008",
    "Pages: 47",
    "**FTN008 --  Evaluating the Implications of CBDC for Financial Stability**"
  ],
  "related": [
    {
      "title": "FTN008 --  Evaluating the Implications of CBDC for Financial Stability",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/ftn063/2025/english/ftnea2025008.pdf",
      "summary": {
        "path": "/-/media/files/publications/ftn063/2025/english/ftnea2025008.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/ftn063/2025/english/ftnea2025008.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/fintech-notes/issues/2025/11/12/evaluating-the-implications-of-cbdc-for-financial-stability-571743/index.md",
    "json": "/en/publications/fintech-notes/issues/2025/11/12/evaluating-the-implications-of-cbdc-for-financial-stability-571743/index.json",
    "bundleManifest": "/en/publications/fintech-notes/issues/2025/11/12/evaluating-the-implications-of-cbdc-for-financial-stability-571743/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-21T15:03:50.756Z"
}