Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/222980 
Year of Publication: 
2020
Series/Report no.: 
W.E.P. - Würzburg Economic Papers No. 101
Publisher: 
University of Würzburg, Department of Economics, Würzburg
Abstract: 
In this study, we provide a systemic perspective on central bank digital currencies (CBDC). We separate existing proposals for CBDCs into the perspective of new payment objects, made available by central banks to a broader public, and new payment systems, operated by central banks. From a systemic perspective, CBDC proposals need to be examined to see how they would fit into the existing ecosystem of national, supra-regional, and international payment systems. To analyze the main implications of introducing CBDCs, we provide a price-theoretical banking model, which allows private non-banks to switch between holding bank deposits and CBDCs. In addition to the CBDC payment objects, we also present the option of a store-of-value CBDC. While most CBDC proposals incorporate new payment objects with new or existing payment systems, we discuss whether central banks could establish new payment systems without offering a new payment object.
Subjects: 
central bank digital currency
central banks
payment systems
JEL: 
E42
E52
E58
G21
Document Type: 
Working Paper

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