IDEAS home Printed from https://ideas.repec.org/a/kap/atlecj/v50y2022i3d10.1007_s11293-022-09748-3.html
   My bibliography  Save this article

The Future of Money: Central Bank Digital Currencies

Author

Listed:
  • Michael Lloyd

    (Global Policy Institute)

Abstract

This paper examines the rationale behind the exploration by the vast majority of central banks of introducing central bank digital currencies. This phenomenon is discussed in the context of the main drivers of central bank interest, the crucial role of public money in supporting and complementing private money channels, the role of digital ledger technology in facilitating the delivery of both wholesale and retail central bank digital currencies, and innovation in the forms of money that this enterprise represents. The implications for domestic and international monetary system architectures in the immediate, short-term, and long-term will be discussed. It will be argued that the delivery of central bank digital currencies represents an important development in the future of money, and requires agreement of the public following a wide-ranging debate at all levels in society.

Suggested Citation

  • Michael Lloyd, 2022. "The Future of Money: Central Bank Digital Currencies," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 50(3), pages 85-98, December.
    • Handle: RePEc:kap:atlecj:v:50:y:2022:i:3:d:10.1007_s11293-022-09748-3
    DOI: 10.1007/s11293-022-09748-3
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s11293-022-09748-3
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s11293-022-09748-3?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Markus K. Brunnermeier & Harold James & Jean-Pierre Landau, 2019. "The Digitalization of Money," Working Papers 2019-13, Princeton University. Economics Department..
    2. Jan Kregel, 2021. "The Economic Problem: From Barter to Commodity Money to Electronic Money," Economics Working Paper Archive wp_982, Levy Economics Institute.
    3. Skylar Brooks, 2021. "Revisiting the Monetary Sovereignty Rationale for CBDCs," Discussion Papers 2021-16, Bank of Canada.
    4. Arslanalp, Serkan & Eichengreen, Barry & Simpson-Bell, Chima, 2022. "The stealth erosion of dollar dominance and the rise of nontraditional reserve currencies," Journal of International Economics, Elsevier, vol. 138(C).
    5. Li, Jiaqi, 2023. "Predicting the demand for central bank digital currency: A structural analysis with survey data," Journal of Monetary Economics, Elsevier, vol. 134(C), pages 73-85.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. repec:ecb:ecbdps:202220 is not listed on IDEAS
    2. Amelio, Andrea & Giardino-Karlinger, Liliane & Valletti, Tommaso, 2020. "Exclusionary pricing in two-sided markets," International Journal of Industrial Organization, Elsevier, vol. 73(C).
    3. Svetlana Abramova & Rainer Böhme & Helmut Elsinger & Helmut Stix & Martin Summer, 2022. "What can CBDC designers learn from asking potential users? Results from a survey of Austrian residents (Svetlana Abramova, Rainer Böhme, Helmut Elsinger, Helmut Stix, Martin Summer)," Working Papers 241, Oesterreichische Nationalbank (Austrian Central Bank).
    4. Uhlig, Harald & Xie, Taojun, 2020. "Parallel Digital Currencies and Sticky Prices," CEPR Discussion Papers 15619, C.E.P.R. Discussion Papers.
    5. Ozili, Peterson K, 2020. "Financial inclusion: a strong critique," MPRA Paper 101813, University Library of Munich, Germany.
    6. Philippe Bacchetta & Elena Perazzi, 2021. "CBDC as Imperfect Substitute for Bank Deposits: A Macroeconomic Perspective," Swiss Finance Institute Research Paper Series 21-81, Swiss Finance Institute.
    7. Raphael A. Auer & Giulio Cornelli & Jon Frost, 2020. "Rise of the Central Bank Digital Currencies: Drivers, Approaches and Technologies," CESifo Working Paper Series 8655, CESifo.
    8. Aiste Juskaite & Sigitas Siaudinis & Tomas Reichenbachas, 2019. "CBDC – in a whirlpool of discussion," Bank of Lithuania Occasional Paper Series 29, Bank of Lithuania.
    9. Tao Liu & Dong Lu & Liang Wang, 2023. "Hegemony or Harmony? A Unified Framework for the International Monetary System," Working Papers 202305, University of Hawaii at Manoa, Department of Economics.
    10. Voraprapa Nakavachara & Kanis Saengchote, 2022. "Is Metaverse LAND a good investment? It depends on your unit of account!," Papers 2202.03081, arXiv.org.
    11. Cong, Lin William & Li, Ye & Wang, Neng, 2022. "Token-based platform finance," Journal of Financial Economics, Elsevier, vol. 144(3), pages 972-991.
    12. Mayer, Fabian & Bofinger, Peter, 2023. "Cryptocurrency competition: An empirical test of Hayek's vision of private monies," W.E.P. - Würzburg Economic Papers 103, University of Würzburg, Department of Economics.
    13. ONEASCA, Iulian, 2021. "Glimpsing At A New Gold Standard," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 9(1), pages 127-131, October.
    14. Paweł Kowalewski & Dominik Skopiec, 2023. "Wzrost znaczenia złota w rezerwach dewizowych banków centralnych gospodarek wschodzących," Bank i Kredyt, Narodowy Bank Polski, vol. 54(3), pages 259-284.
    15. Impenna, Claudio, 2023. "The Crypto Ecosystem: Prospects and Challenges for Regulators," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 76(3), pages 297-310.
    16. Ahnert, Toni & Assenmacher, Katrin & Hoffmann, Peter & Leonello, Agnese & Monnet, Cyril & Porcellacchia, Davide, 2022. "The economics of central bank digital currency," CEPR Discussion Papers 17617, C.E.P.R. Discussion Papers.
    17. Cong, Lin William & Mayer, Simon, 2022. "The Coming Battle of Digital Currencies," Applied Economics and Policy Working Paper Series 320020, Cornell University, Department of Applied Economics and Management.
    18. Roger Fouquet & Ralph Hippe, 2022. "Twin Transitions of Decarbonisation and Digitalisation: A Historical Perspective on Energy and Information in European Economies," Working Papers 08-22, Association Française de Cliométrie (AFC).
    19. Rainone, Edoardo, 2023. "Tax evasion policies and the demand for cash," Journal of Macroeconomics, Elsevier, vol. 76(C).
    20. Konstantinos Siassiakos & Stamatia Ilioudi & Tsaktsira Effrosyni & Vasiliki Mitsiou & Dimitris Nanouris, 2020. "Utilization of Blockchain Technology in Greek Public Administration," Advances in Management and Applied Economics, SCIENPRESS Ltd, vol. 10(4), pages 1-12.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:atlecj:v:50:y:2022:i:3:d:10.1007_s11293-022-09748-3. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.