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1.
This study employs a non-linear framework to investigate the impacts of central bank digital currency (CBDC) news on the financial and cryptocurrency markets. The time-varying vector autoregressive (TVP-VAR) model developed by Primiceri (2005) is estimated based on weekly data from the first week of January 2015 to the last week of December 2021. The vector of endogenous variables in the VAR estimation contains the Central Bank Digital Currency uncertainty index (CBDCU), cryptocurrency policy uncertainty index, S&P 500 index, VIX, and Bitcoin price. The TVP-VAR model’s time-varying responses demonstrated that the reactions of the cryptocurrency market to central bank digital currency announcements vary remarkably over time. The impacts of the CBDC shocks on the financial market have been increasingly visible during the COVID-19 pandemic. According to the time-varying forecast error decompositions, CBDCU and VIX shocks have accounted for most of the variance in cryptocurrency uncertainty and Bitcoin return shocks, notably during the COVID-19 period. 相似文献
2.
Central Bank Digital Currencies (CBDC) are a digital innovation based upon distributed ledger and smart contract technology. In this paper we examine how potential users of CBDC technology willingly disclose their personal information. The researchers conducted an online quantitative survey which investigates the privacy perceptions of consumers. Using the privacy calculus theory lens, this study looks at the potential benefits of CBDC and how these influence user perceptions towards privacy disclosure. While this research suggests that participants in the study had negative perceptions in relation to the disclosure of personal information, many were willing to offset these concerns if there are significant benefits in the usage of CBDC. Factors such as ease of use, convenience, availability, and credibility were viewed as key benefits in this scenario. Thus, future banking strategies and marketing approaches need to consider these components to foster CBDC adoption. 相似文献
3.
Central bank digital currency (CBDC) is seen as a possible next step in the evolution of money, offering a more stable unit of account, a more efficient medium of exchange, and a safer way to store value. However, since it began to get significant attention from academics and practitioners a few years ago, many concerns about how a central bank may build an efficient CBDC and how it would impact a country's current financial system still remain unanswered satisfactorily. Based on the combination of text mining and systematic review methods, this work presents a thorough literature assessment of 191 academic papers on CBDC in order to identify major research issues and knowledge gaps that may be addressed in the future. We find seven primary research themes linked to CBDC including (1) Central bank, (2) CBDC and other digital currency, (3) CBDC and money markets, (4) CBDC and monetary policy, (5) CBDC design and technologies, (6) CBDC and payment system, and (7) CBDC and financial stability and regulatory. The finding helps provide both overall and in-depth views of the current state of research in digital fiat currency topics, as well as drawing some important implications and suggestions on directions for the future research. 相似文献
4.
We introduce a central bank digital currency (CBDC) in the network of financial accounts. Simulating a shift of deposits by both households and non-financial corporations from the banking sector to the central bank, we model the different responses of the affected institutional sectors. We find that the introduction of CBDC generates funding shortages in banks, which may propagate to other sectors. In addition, significant adjustments in the balance sheets of all sectors trigger large moves in securities prices and induce changes in the financial network structure. Finally, we extend the analysis to the introduction of a crypto financial asset (stablecoin) issued by either a domestic or a foreign entity. 相似文献
5.
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. 相似文献
6.
In this article, we analyze a dual currency regime with fiat currency and digital currency and investigate potential crowding-out effects of fiat currency or digital currency under the framework of the traditional monetary economic model. We find that crowding out occurs only under extreme assumptions, i.e., extremely high costs associated with the use (medium of exchange and store of value) of one currency and extremely low costs associated with the use of the other currency. 相似文献
7.
In recent years, the use of cryptocurrencies has increased. As these currencies continue to play a larger role, they eventually will be an important component of banking system activity. Moreover, in addition to the standard role of financial intermediaries to facilitate lending, intermediaries can be valuable firms that help provide safekeeping of tokens. The objective of this paper is to demonstrate these important functions in a microfounded model of monetary exchange. Furthermore, we also consider the possibility that central banks issue their own digital currencies that may affect the level of intermediation in the private banking system. 相似文献
8.
We examine the implications of central bank digital currency (CBDC) for credit supply and financial stability using a monetary general equilibrium model. The introduction of deposits in CBDC account decreases credit supply by banks, raising the nominal interest rate and lowering a bank's reserve-deposit ratio. This increases the likelihood of bank panic in which banks exhaust cash reserves. However, once the central bank can lend all the deposits in CBDC account to banks, an increase in the quantity of CBDC which does not require reserve holdings can enhance financial stability by increasing credit supply and lowering nominal interest rate. 相似文献
9.
The purpose of this paper is twofold: (i) to investigate some of the main issues surrounding the classification of digital currencies, and (ii) to identify the accounting practices and standards tied to digital currencies. This paper discusses two different types of digital currencies, including: central bank digital currencies (CBDCs) and privately issued cryptocurrencies such as Bitcoin. The findings of this study suggest that current accounting standards do not precisely cover the accounting treatment of digital currencies, even though the estimated value of market capitalisation of cryptocurrency in 2022 was USD 200 billion. This conceptual paper identifies the imminent need for an accounting standard to provide guidance on the identification, classification, measurement, and presentation of digital currencies. In the interim, existing accounting standards can be amended to incorporate digital currencies to avoid inconsistent global accounting approaches. 相似文献
10.
本文基于央行数字货币专利申请信息和相关专家公开论述,系统分析了央行数字货币的设计演变、双层投放体系及其对金融体系、政策调控的潜在影响。研究认为,央行数字货币在中心化、双层投放体系设计下,定位于现金替代,对商业银行存款挤出及货币乘数影响较小。央行数字货币在保护用户隐私、提高监管能力、降低交易成本和简化跨境支付方面有着显著优势,对现有第三方支付业务产生替代效应。央行数字货币也会影响以支付为重要入口的金融科技业务和数字金融解决方案输出业务的发展,但若数字货币支付交易数据能够在保证安全和隐私的前提下,向金融科技企业和金融机构开放数据分析接口,则有利于打破数据孤岛,推动金融科技业务和金融数字化转型更好更快发展。 相似文献
11.
Many central banks have now developed their digital currencies in response to the challenges posed by the proliferation of decentralised digital cryptocurrencies. However, little is known about the effects of the introduction of central bank digital currencies (CBDCs) on extant digital cryptocurrencies. This paper, therefore, aims to identify both the time- and frequency-domain spillover effects among cryptocurrency markets and a newly developed central bank digital currencies attention index (CBDCAI) by using two TVP-VAR-based spillover models. Our results demonstrate that CBDC attention significantly impacts cryptocurrency markets. Also, most investors in cryptocurrency markets are more likely to trade in the short term. The results of this study contribute to helping investors and investment institutions effectively avoid investment risks, reduce losses, and predict the return of some cryptocurrencies. Also help policymakers better understand the impact of markets and policies, and provide a reference for them to formulate policies. 相似文献
12.
分布式账本技术的应用使数字货币进入了新的发展阶段。中央银行数字货币是中央银行的电子化负债,其对计价、交易、支付以至货币政策传导等都存在深刻影响。以加拿大为例,重点分析加拿大银行数字货币的发展实践,着重讨论加拿大贾斯珀项目如何测试分布式账本技术在银行间大额支付系统的适用性,同时分析如何将数字货币支付结算拓展至证券和外汇领域,并与外部合作进行跨境、跨币种支付试验。加拿大央行数字货币实践取得的积极进展表明,数字货币发行能力是维系央行功能的基础保障,但仍需权衡中心化管理体系与去中心化技术系统的匹配问题,分布式账本技术及其在央行数字货币的应用仍需深入研究与评估。 相似文献
13.
弗雷德·布格斯坦 《上海金融学院学报》2008,(3)
经过了虚拟欧元三年的经验,以及在实际欧元问世的前夕,欧元事实上完全有可能挑战美元国际货币的地位。欧元面值债券的发行量已经超过美元面值债券的发行量。世界已经享有一个两极的国际金融市场,尽管还不是一个两极的国际货币体系。持有美元作为大量的国际储备使得这种货币在货币危机时变成瓮中之鳖,完全依赖于美元作为主要储备货币、发票货币、和干预货币带来了根本没有必要的风险。因此,欧元成为美元主要竞争者的时期即将到来。 相似文献
14.
Peter Sarlin Zhiyuan Yao Tomas Eklund 《International Journal of Intelligent Systems in Accounting, Finance & Management》2012,19(3):189-203
Self‐organizing maps (SOMs) have commonly been used in temporal applications. This paper enhances the SOM paradigm for temporal data by presenting a framework for computing, summarizing and visualizing transition probabilities on the SOM. The framework includes computing matrices of node‐to‐node and node‐to‐cluster transitions and summarizing maximum state transitions. The computations are linked to the SOM grid using transition‐plane visualizations. We demonstrate the usefulness of the framework on two SOM models for temporal financial analysis: financial performance comparison of banks and monitoring indicators of currency crises. Copyright © 2012 John Wiley & Sons, Ltd. 相似文献
15.
The considerable deployment of central bank digital currencies (CBDCs) is imminent, as its interest has attracted the whole world. However, CBDCs faces several political, technological, and legal challenges. We add a few more challenges that have not received much attention and summarize them in the extant literature. We then emphasize a broad version of money to examine its likely impact on financial stability. Moreover, using time series data of three leading economies and replying to past episodes’ evidence of financial innovation, the historical behaviour to incorporate the impact of CBDCs, and the velocity of circulation, we scrutinize the hypothetical influence of CBDCs on financial stability and inflation. This study employs McCallum’s policy rule based on money growth, which deals with monetary policy. Our simulations indicate that the CBDCs do not produce higher inflation while setting financial stability at risk. This study also suggests the necessary policy implications. 相似文献
16.
This paper investigates the interaction and the directional predictability between the central bank digital currencies (CBDCs) and the major cryptocurrencies and stablecoins during the period between 17 May, 2019–31 December, 2021. To this aim, we employ the \"Cross-Quantilogram” model, to examine how and whether the traditional digital currencies react to the CBDC uncertainty and attention shocks. Our findings suggest that CBDC uncertainty index is negatively related to cryptocurrency and stablecoin returns. Furthermore, the CBDC attention index is negatively associated with Bitcoin, Ethereum, XPR and Terra USD, however, it is positively related to Tether, Binance, USD Coin and Dai. Our results are useful for regulators, investors and policy makers, to understand and assess the potential effect of CBDC adoption news on the volatility of the stablecoins and traditional cryptos. 相似文献
17.
Central Bank Digital Currencies (CBDC) have attracted considerable interest and its deployment on a global scale is imminent. However, CBDC face several challenges. They include: legal, technological, and political considerations. We summarize those challenges and add a few more that have not received much attention in the literature. We then focus on two forms of CBDC: a narrow version that only replaces notes and coins and a broader form with a deposit feature. The narrow CBDC is the most likely one to be first introduced. Next, relying on evidence of past episodes of financial innovation, and using cross-country data, we explore the hypothetical impact of CBDC on inflation and financial stability, based on the historical behaviour of the velocity of circulation and incorporating a CBDC’s impact using McCallum’s policy rule which sets the stance of monetary policy based on money growth. Our simulations suggest that CBDC need not produce higher inflation, but financial stability remains at risk. We provide some policy implications. 相似文献
18.
货币竞争、货币替代与人民币区域化 总被引：1，自引：0，他引：1
货币竞争的基础是经济主体的理性选择,其结果就是货币替代.人民币区域化实质上是人民币积极参与区域货币竞争,并试图替代区域内其他货币的过程.尽管在货币竞争中胜出的收益大于成本,但享受利益与承担成本的主体不同,常常使一国政府在面临本币国际化时犹豫不决.鉴于目前人民币在区域货币竞争中的地位,为取得人民币区域货币竞争的最后胜利,应在维持人民币势力范围的同时积极寻求区域货币联盟,同时加快经济与金融体制改革. 相似文献
19.
This paper investigates the evolution of cryptocurrencies. By nature and essence, Bitcoin challenged and implicitly threatened central bank money and its role in the monetary system. Meanwhile, central banks have been studying cryptocurrencies and launched pilot projects on their own digital currency, the Central Bank Digital Currency. Until recently, most economists considered Bitcoin merely as a speculative asset; however, the El Salvador decision in 2021 to establish it as a legal tender (through the Bitcoin Law) questions the status quo perception of Bitcoin. Given El Salvador’s legal obligation by law of their acceptance, allowing tax payments to the government and debts to be settled using Bitcoin, the Bitcoin Law challenges the boundaries of money. In light of the El Salvador experience, we consider different perspectives on the nature of money, allowing us to reject or include Bitcoin inside the money spectrum. 相似文献
20.
《Macroeconomics and Finance in Emerging Market Economies》2013,6(1):13-29
The paper presents the text of a lecture given at the Bank of England in December 2005 as the first in a series of lectures in memory of John Flemming. It provides a personal view of what the profession has learnt about currency unions as a result of the establishment and operation of the European Monetary Union. It argues that the salience of business cycle concurrence as a criterion for participation is probably less than used to be understood and for some countries borders on irrelevance. In any case the effects of union upon business cycle concurrence are themselves not obvious. It also appears that, after a period in which very large estimates of the trade effect of currency unions were widespread, more modest estimates are in order. The most unlooked-for effect is probably that which has occurred in the financial markets; country premia within the EMU are very small, offering a means for insurance against asymmetric shocks. Finally, the lessons of another, local, experiment in currency union is examined. But the useful lessons from this experiment (Ecco L'Euro) are found to be limited. 相似文献