Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/228229 
Autor:innen: 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
ECB Working Paper No. 2351
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
IT progress and its application to the financial industry have inspired central banks and academics to analyse the merits of central bank digital currencies (CBDC) accessible to the broad public. This paper first reviews the advantages and risks of such CBDC. It then discusses two prominent arguments against CBDC, namely (i) risk of structural disintermediation of banks and centralization of the credit allocation process within the central bank and (ii) risk of facilitation systemic runs on banks in crisis situations. Two-tier remuneration of CBDC is proposed as solution to both issues, and a comparison is provided with a simple cap solution and the solution of Kumhof and Noone (2018). Finally, the paper compares the financial account implications of CBDC with the ones of crypto assets, Stablecoins, and narrow bank digital money, in a domestic and international context.
Schlagwörter: 
central bank digital currencies
central banks
financial instability
financial accounts
JEL: 
E3
E5
G1
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-3994-2
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
887.57 kB





Publikationen in EconStor sind urheberrechtlich geschützt.