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Will Central Bank Digital Currency Disintermediate Banks?
[Arbeitspapier]
Körperschaftlicher Herausgeber
Institut für Höhere Studien (IHS), Wien
Abstract We estimate a dynamic banking model to quantify the impact of a central bank digital currency (CBDC) on the banking system. Our counterfactuals show that a one-dollar introduction of CBDC replaces bank deposits by around 80 cents on the margin. Bank lending falls by one-fourth of the drop in deposit... mehr
We estimate a dynamic banking model to quantify the impact of a central bank digital currency (CBDC) on the banking system. Our counterfactuals show that a one-dollar introduction of CBDC replaces bank deposits by around 80 cents on the margin. Bank lending falls by one-fourth of the drop in deposits because banks partially replace lost deposits with wholesale funding. This substitution raises banks’ interest-rate risk exposure and lowers their resilience to negative equity shocks. If CBDC bears interest or is intermediated through banks, it captures a greater deposit market share, amplifying the impact on lending. The effect on lending is amplified for small banks, for which wholesale funding is more expensive.... weniger
Thesaurusschlagwörter
Zentralbank; Digitalisierung; Währung; Währungspolitik; Wettbewerb; Stabilität; Kreditvergabe
Klassifikation
Wirtschaftspolitik
Freie Schlagwörter
central bank digital currency; banking competition; maturity mismatch; financial stability
Sprache Dokument
Englisch
Publikationsjahr
2023
Erscheinungsort
Wien
Seitenangabe
55 S.
Schriftenreihe
IHS Working Paper, 47
Status
Veröffentlichungsversion; begutachtet