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2023 | OriginalPaper | Buchkapitel

7. CBDC System Design Principles

verfasst von : Joseph Huber

Erschienen in: The Monetary Turning Point

Verlag: Springer Nature Switzerland

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Abstract

To what extent and how soon expectations for CBDC are met depends on the design principles for implementing CBDC. The chapter discusses the Top Ten of CBDC design principles, dealing, for example, with the provision of CBDC according to market demand; the convertibility of CBDC and other types of money; open or restricted access to CBDC and its quantitative availability; whether central-bank support and government guarantees for bank money can be reduced; or the channels by which CBDC is circulated.

Moreover, a number of concerns about CBDC are addressed, for example, whether CBDC increases or decreases the likelihood of a run on bank money; what happens to the functioning of the monetary system when CBDC is increasingly substituted for bank money; or how banks deal with CBDC side by side with bank money, specifically how banks continue to finance their operations.

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Vorheriges Kapitel Today’s Recomposition of the Money Supply

Nächstes Kapitel Central Banks and Monetary Policy Under Conditions of CBDC

A variety of approaches to CBDC design principles inter alia in IMF (2018), Kumhof and Noone (2018), Ingves (2018), Sveriges Riksbank (2017, 2018a, b), Meaning et al. (2018), Barrdear and Kumhof (2016), and Bindseil (2019).

As for instance in Cunha et al. (2021, p. 9).

Auer et al. (2020, 2021, p. 157), Fatas (2021, p. 52), and Auer and Böhme (2020).

ECB (2020b, p. 26), Maechler and Wehrli (2021, p. 150) and Auer et al. (2021, p. 157).

TIPS = TARGET Instant Payment Settlement. TARGET = Trans-European Automated Real-time Gross settlement Express Transfer system.

ECB (2020b, p. 38).

Flodén and Segendorf (2021, p. 103).

Maechler and Wehrli (2021, p. 150).

De Bode et al. (2021).

www.db.com/media/news?tags=asiapacific, 14 July 2021. The Economist, May 8th, 2021, pp. 61–62.

Georgieva (2022), Federal Reserve (2022), McKinsey Global Institute (2021, p. 7), De Bode et al. (2021), BIS (2021, pp. 65–95), Fatas (2021), Adrian and Mancini-Griffoli (2021), Boar et al. (2020, p. 4), OMFIF and IBM (2019, pp. 6, 13), and BIS (2019, p. 9).

BIS (2019, 2020), OMFIF and IBM (2019), and OMFIF (2020).

This was already the rationale of the Swedish e-krona. See Sveriges Riksbank (2017, 2018a, b). On CBDC as a continuation of cash in digital form, also see Zellweger-Gutknecht (2021, pp. 31–36).

Lagarde and Panetta (2022).

Assenmacher and Bindseil (2021, p. 115).

Broadbent (2016, p. 5).

Selgin (2021) and Niepelt (2015).

See Brunnermeier and Niepelt (2019) and Niepelt (2021).

Sveriges Riksbank (2017, p. 21). Also ECB (2020a, b, p. 28).

Assenmacher and Bindseil (2021, p. 116).

For example Kumhof and Noone (2018, p. 8), Bordo and Levin (2017, 2019), and Adrian and Mancini-Griffoli (2021, p. 75).

Bindseil (2020, p. 22).

The problem of CBDC parity with other types of money is discussed in Bjerg (2017, 2018, pp. 6, 9, 18).

Bjerg (2018, p. 14).

Bjerg (2017, p. 29, 2018, p. 7).

For example Selgin (2021).

OMFIF and IBM (2019, pp. 28, 30).

Ingves (2018, pp. 2, 9).

Cf. Adrian et al. (2021, p. 29).

Garbade (2014).

HM Treasury and Bank of England announce temporary extension to Ways and Means facility, Bank of England 09 April 2020.

Becklumb and Frigon (2015).

Oliveros and Pacheco (2016) and Hess (2019).

European Parliament (2021).

President’s Working Group (2021, p. 16).

Michel and Schulp (2021).

Adrian, Tobias, and Tomaso Mancini-Griffoli. 2021. How Will Digital Money Impact the International Monetary System? In Central Bank Digital Currency. Considerations, Project, Outlook, ed. Dirk Niepelt, pp. 73–79. London: CEPR Press.

Adrian, Tobias, Christopher Erceg, Simon Gray, and Ratna Sahay. 2021. Asset Purchases and Direct Financing. International Monetary Fund, DP/2021/023.

Assenmacher, Katrin, and Ulrich Bindseil. 2021. The Eurosystem’s Digital Euro Project: Preparing for a Digital Future. In Central Bank Digital Currency. Considerations, Project, Outlook, ed. Dirk Niepelt, pp. 111–118. London: CEPR Press.

Auer, Raphael, and Rainer Böhme. 2020. CBDC Architectures, the Financial System, and the Central Bank of the Future. VoxEU/CEPR, 29 October.

Auer, Raphael, Giulio Cornelli, and Jon Frost. 2020. Rise of the Central Bank Digital Currencies: Drivers, Approaches and Technologies. BIS Working Papers, No. 880, August.

Auer, Raphael, Giulio Cornelli, and Jon Frost. 2021. Central Bank Digital Currencies: Taking Stock of Architectures and Technologies. In Central Bank Digital Currency. Considerations, Project, Outlook, ed. Dirk Niepelt, pp. 155–162. London: CEPR Press.

Barrdear, John, and Michael Kumhof. 2016. The Macroeconomics of Central Bank Issued Digital Currencies, Bank of England. Staff Research Paper No. 605, July.

Becklumb, Penny, and Mathieu Frigon. 2015. How the Bank of Canada Creates Money for the Federal Government, Publ.No. 2015-51-E. Ottawa: Library of Parliament, 10 August.

Bindseil, Ulrich. 2019. Central Bank Digital Currency—Financial System Implications and Control. ECB Working Paper, ECB Directorate General Operations, 30 July.

Bindseil, Ulrich. 2020. Tiered CBDC and the Financial System. ECB Working Paper Series, No. 2351, January.

BIS. 2019. Proceeding with Caution. A Survey on Central Bank Digital Currency, Written by Christian Barontini and Henry Holden. Bank for International Settlements Papers, No. 101, January.

BIS. 2020. Central Bank Digital Currencies: Foundational Principles and Core Features, publ. by BIS and the central banks of Canada, EU, Japan, Sweden, Switzerland, England and USA. Bank for International Settlements, Basel.

BIS. 2021. CBDC: Opportunity for the Monetary System. BIS Annual Economic Report, 65–95.

Bjerg, Ole. 2017. Designing New Money—The Policy Trilemma of Central Bank Digital Currency. Copenhagen Business School Working Paper, June.

Bjerg, Ole. 2018. Breaking the Gilt Standard. The Problem of Parity in Kumhof and Noone’s Design Principles for Central Bank Digital Currencies. Copenhagen Business School Working Paper, August.

Boar, Codruta, Henry Holden, and Amber Wadsworth. 2020. Impending Arrival—A Sequel to the Survey on Central Bank Digital Currency. BIS Papers, No. 107, Bank for International Settlements, Basel, January.

Bordo, Michael D., and Andrew T. Levin. 2017. Central Bank Digital Currency and the Future of Monetary Policy. NBER Working Paper Series, No. 23711, August.

Bordo, Michael D., and Andrew T. Levin. 2019. Digital Cash: Principles & Practical Steps. NBER Working Paper Series, No. 25455, January.

Broadbent, Ben. 2016. Central Banks and Digital Currencies. Speech at the London School of Economics documented by the Bank of England. www.bankofengland.co.uk/publications/Pages/speeches/default.aspx.

Brunnermeier, Markus K., and Dirk Niepelt. 2019. On the Equivalence of Private and Public Money. Journal of Monetary Economics 106: 27–41. CrossRef

Cunha, Paulo R., Paulo Melo, and Helder Sebastião. 2021. From Bitcoin to CBDC: Making Sende of the Digital Money Revolution, Future Internet 13: 165. www.mdpi.com/journal/futureinternet.

De Bode, Ian, Matt Higginson, and Marc Niederkorn. 2021. CBDC and Stablecoins: Early Coexistence on an Uncertain Road. McKinsey & Company, October 11.

ECB. 2020a. Study on the Payment Attitudes of Consumers in the Euro Area (SPACE), Frankfurt, December.

ECB. 2020b. Report on a Digital Euro. ECB, Frankfurt, October.

European Parliament. 2021. Briefing on Stablecoins—Private-Sector Quest for Cryptostability. Brussels: European Union.

Fatas, Antonio. 2021. Can Central Bank Digital Currency Transform Digital Payments? In Central Bank Digital Currency. Considerations, Project, Outlook, ed. Dirk Niepelt, pp. 51–55. London: CEPR Press.

Federal Reserve of the U.S. 2022. Money and Payments: The U.S. Dollar in the Age of Digital Transformation, Research & Analysis. Board of Governors of the Federal Reserve System, January.

Flodén, Martin, and Björn Segendorf. 2021. The Role of Central Banks When Cash Is No Longer King. A Perspective from Sweden. In Central Bank Digital Currency. Considerations, Project, Outlook, ed. Dirk Niepelt, pp. 99–109. London: CEPR Press.

Garbade, Kenneth D. 2014. Direct Purchases of U.S. Treasury Securities by Federal Reserve Banks. New York Federal Reserve Staff Reports, No. 684, August.

Georgieva, Kristalina. 2022. The Future of Money—Gearing up for CBDC. IMF Speech, 9 February.

Hess, Simon. 2019. 100% E-Money and Its Implications for Central Bank Digital Currency. SSRN Working Paper, 26 June.

IMF. 2018. Casting Light on Central Bank Digital Currency. IMF Staff Discussion Note, written by T. Mancini-Griffoli et al. International Monetary Fund, Washington, DC.

Ingves, Stefan. 2018. The e-Krona and the Payments of the Future. Speech by the Governor of the Swedish Riksbank, Stockholm.

Kumhof, Michael, and Clare Noone. 2018. Central Bank Digital Currencies—Design Principles and Balance Sheet Implications. Staff Working Paper, No. 725. Bank of England, London, May.

Lagarde, Christine, and Fabio Panetta. 2022. Key Objectives of the Digital Euro. The ECB Blog, 13 July.

Maechler, Andréa M., and Andreas Wehrli. 2021. How to Provide a Secure and Efficient Settlement Asset for the Financial Infrastructure of Tomorrow. In Central Bank Digital Currency. Considerations, Project, Outlook, ed. Dirk Niepelt, pp. 147–153. London: CEPR Press.

McKinsey Global Institute. 2021. The Rise and Rise of the Global Balance Sheet, November.

Meaning, Jack, Ben Dyson, James Barker, and Emily Clayton. 2018. Broadening Narrow Money: Monetary Policy with a Central Bank Digital Currency. Bank of England Staff Working Paper, No. 724, May.

Michel, Norbert J., and Jennifer J. Schulp. 2021. A Simple Proposal for Regulating Stablecoins. Cato Briefing, No. 128, November 5.

Niepelt, Dirk. 2015. Reserves for Everyone—Towards a New Monetary Regime? VOX CEPR’s Policy Portal, 21 January. http://voxeu.org/article/keep-cash-let-public-hold-centralbank-reserves.

Niepelt, Dirk. 2021. “Reserves for All”: Political Rather Than Macroeconomic Risks. In Central Bank Digital Currency. Considerations, Project, Outlook, ed. Dirk Niepelt, pp. 39–44. London: CEPR Press.

Oliveros, Rosa M., and Lucia Pacheco. 2016. Protection of Customers’ Funds in Electronic Money: A Myriad of Regulatory Approaches, BBVA Research. Financial Inclusion Watch, 28 October.

OMFIF. 2020. Digital Currencies—A Question of Trust. Written by Bhavin Patel and Pierre Ortlieb. OMFIF, London.

OMFIF and IBM. 2019. Retail CBDCs, the Next Payments Frontier. London: Official Monetary and Financial Institutions Forum and Costa Mesa, CA: IBM Blockchain Worldwire.

President’s Working Group. 2021. Report on Stablecoins, November (Full authorship: The President’s Working Group on Financial Markets, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency).

Selgin, George. 2021. CBDC as a Potential Source of Financial Instability, Cato Journal 41 (2) (Spring/Summer).

Sveriges Riksbank. 2017. The Riksbank’s E-Krona Project. Report 1, Stockholm, September.

Sveriges Riksbank. 2018a. The Riksbank’s E-Krona Project. Report 2, Stockholm, October.

Sveriges Riksbank. 2018b. Special Issue on the e-Krona. Sveriges Riksbank Economic Review 2018: 3.

Zellweger-Gutknecht, Corinne. 2021. The Right and Duty of Central Banks to Issue Retail Digital Currency. In Central Bank Digital Currency. Considerations, Project, Outlook, ed. Dirk Niepelt, pp. 31–38. London: CEPR Press.

Titel: CBDC System Design Principles
verfasst von: Joseph Huber
Verlag: Springer Nature Switzerland
Buch: The Monetary Turning Point
Print ISBN: 978-3-031-23956-4

Electronic ISBN: 978-3-031-23957-1

Copyright-Jahr: 2023
DOI: https://doi.org/10.1007/978-3-031-23957-1_7