| Autor: |
Infante, Sebastian, Kyungmin Kim, Orlik, Anna, Silva, André F., Tetlow, Robert J. |
| Předmět: |
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| Zdroj: |
Working Papers: U.S. Federal Reserve Board's Finance & Economic Discussion Series; Nov2022, preceding p1-62, 64p |
| Abstrakt: |
This paper provides an overview of the literature examining how the introduction of a CBDC would affect the banking sector, financial stability, and the implementation and transmission of monetary policy in a developed economy such as the United States. A CBDC has the potential to improve welfare by reducing financial frictions in deposit markets, by boosting financial inclusion, and by improving the transmission of monetary policy. However, a CBDC also entails considerable risks, including the possibility of bank disintermediation and associated contraction in bank credit, as well as potential adverse effects on financial stability. A CBDC also raise important questions regarding monetary policy implementation and the footprint of central banks in the financial system. Ultimately, the effects of a CBDC depend critically on its design features, particularly remuneration. [ABSTRACT FROM AUTHOR] |
| Databáze: |
Complementary Index |
| Externí odkaz: |
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