Purpose

The purpose of this paper is to gain some insight into central bank digital currency research by reviewing the recent advances in central bank digital currency (CBDC) research in a way that would help researchers, policy makers and practitioners to take a closer look at CBDC.

Design/methodology/approach

The paper uses a systematic literature review methodology.

Findings

The review shows a general consensus that a CBDC is a liability of the central bank and it has cash-like attributes. The review also presents the motivation and benefits of issuing a CBDC such as the need to increase financial inclusion, the need to improve the conduct of monetary policy and to foster efficient digital payments. The review also shows that many central banks are researching the potential to issue CBDCs due to its many benefits. However, a number of studies have called for caution against over-optimism about the potential benefits of CBDC due to the limiting nature of CBDC design and its inability to meet multiple competing goals. Suggested areas for future research are identified such as the need to find the optimal CBDC design that meets all competing objectives, the need for empirical evidence on the effect of CBDC on the cost of credit and financial stability, and the need to find a balance between limiting the CBDC holdings of users and allowing users to hold as much CBDC as they want, and there is a need to undertake country-specific and regional case studies of CBDC design.

Originality/value

This review paper offers new areas for further research in central bank digital currencies.

中文翻译：

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全球央行数字货币研究：文献综述

目的

本文的目的是通过回顾中央银行数字货币 (CBDC) 研究的最新进展，以帮助研究人员、政策制定者和从业人员仔细研究 CBDC，从而深入了解中央银行数字货币研究。

设计/方法/方法

本文采用系统的文献综述方法。

发现

审查显示了普遍的共识，即 CBDC 是中央银行的负债，并且具有类似现金的属性。该审查还介绍了发行 CBDC 的动机和好处，例如需要增加金融包容性、需要改进货币政策的实施和促进有效的数字支付。审查还表明，由于 CBDC 的诸多好处，许多中央银行正在研究发行 CBDC 的潜力。然而，由于 CBDC 设计的局限性及其无法满足多个相互竞争的目标，许多研究呼吁不要对 CBDC 的潜在好处过度乐观。确定了未来研究的建议领域，例如需要找到满足所有竞争目标的最佳 CBDC 设计，

原创性/价值

这篇评论论文为中央银行数字货币的进一步研究提供了新的领域。