Central bank digital currencies: a critical review

Dionysopoulos, C., Marra, M. ORCID: https://orcid.org/0000-0003-0810-7323 and Urquhart, A. ORCID: https://orcid.org/0000-0001-8834-4243 (2024) Central bank digital currencies: a critical review. International Review of Financial Analysis, 91. 103031. ISSN 1057-5219 doi: 10.1016/j.irfa.2023.103031

Abstract/Summary

This critical literature survey offers a comprehensive understanding of the key aspects and implications of central bank digital currencies (CBDCs) as a rapidly evolving area of academic and policy research. We review in depth the key discussion around motivations for the introduction of CBDCs and their design (looking at options of availability, provision, access, and supporting infrastructure). In addition, we review studies and arguments laid out on the implications that the introduction of CBDC may have for monetary policy and financial stability. Finally, we identify sub-areas of CBDC research that need further investigation in future research.