{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,7,20]],"date-time":"2026-07-20T12:27:55Z","timestamp":1784550475548,"version":"3.55.0"},"reference-count":118,"publisher":"Annual Reviews","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Annu. Rev. Econ."],"published-print":{"date-parts":[[2022,8,12]]},"abstract":"<jats:p> In just a few years, central banks have rapidly ramped up their research and development efforts on central bank digital currencies (CBDCs). A growing body of economic research informs these activities, often focusing on the \u201creserves for all\u201d aspect of CBDCs for retail use. However, CBDCs should be considered in the full context of the digital economy and the centrality of data, which raises concerns around competition, payment system integrity, and privacy. This review gives a guided tour of the growing CBDC literature on the microeconomic considerations related to operation architectures, technologies, and privacy as well as the macroeconomic implications for the financial system, financial stability, and monetary policy. A set of questions, particularly on the cross-border dimensions of CBDCs, remains unresolved and calls for further work to expand the research frontier. <\/jats:p>","DOI":"10.1146\/annurev-economics-051420-020324","type":"journal-article","created":{"date-parts":[[2022,8,12]],"date-time":"2022-08-12T16:59:26Z","timestamp":1660323566000},"page":"697-721","source":"Crossref","is-referenced-by-count":171,"title":["Central Bank Digital Currencies: Motives, Economic Implications, and the Research Frontier"],"prefix":"10.1146","volume":"14","author":[{"given":"Raphael","family":"Auer","sequence":"first","affiliation":[{"name":"Bank for International Settlements, Basel, Switzerland;"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Jon","family":"Frost","sequence":"additional","affiliation":[{"name":"Bank for International Settlements, Basel, Switzerland;"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Leonardo","family":"Gambacorta","sequence":"additional","affiliation":[{"name":"Bank for International Settlements, Basel, Switzerland;"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Cyril","family":"Monnet","sequence":"additional","affiliation":[{"name":"Department of Economics, University of Bern, Bern, Switzerland"},{"name":"Study Center Gerzensee, Gerzensee, Switzerland"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Tara","family":"Rice","sequence":"additional","affiliation":[{"name":"Bank for International Settlements, Basel, Switzerland;"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Hyun Song","family":"Shin","sequence":"additional","affiliation":[{"name":"Bank for International Settlements, Basel, Switzerland;"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"22","reference":[{"key":"B1","doi-asserted-by":"publisher","DOI":"10.3386\/w25407"},{"key":"B2","doi-asserted-by":"publisher","DOI":"10.1257\/jel.54.2.442"},{"key":"B3","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-financial-101620-063859"},{"key":"B4","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2021.05.002"},{"key":"B5","volume-title":"Central bank digital currencies (CBDCs) in Latin America and the Caribbean","author":"Alfonso V","year":"2022"},{"key":"B6","first-page":"43","volume-title":"Proceedings of the 19th International Conference on Autonomous Agents and MultiAgent Systems","author":"Amoussou-Guenou Y","year":"2020"},{"key":"B7","doi-asserted-by":"publisher","DOI":"10.1093\/ej\/ueaa073"},{"key":"B8","first-page":"1","volume":"42","author":"Armantier O","year":"2021","journal-title":"BIS Bull"},{"key":"B9","volume-title":"Adoption of a new payment method: theory and experimental evidence","author":"Arifovic J","year":"2017"},{"key":"B10","doi-asserted-by":"publisher","DOI":"10.1016\/j.latcb.2021.100030"},{"key":"B11","first-page":"95","volume":"39","author":"Arner D","year":"2020","journal-title":"Financ. Stab. Rev."},{"key":"B12","volume-title":"A unified framework for CBDC design: remuneration, collateral haircuts and quantity constraints","author":"Assenmacher K","year":"2021"},{"key":"B13","doi-asserted-by":"publisher","DOI":"10.24149\/gwp355"},{"key":"B14","volume-title":"CBDCs beyond borders: results from a survey of central banks","author":"Auer R","year":"2021"},{"key":"B15","first-page":"85","author":"Auer R","year":"2020","journal-title":"BIS Q. Rev."},{"key":"B16","volume-title":"Central bank digital currency: the quest for minimally invasive technology","author":"Auer R","year":"2021"},{"key":"B17","volume-title":"Rise of the central bank digital currencies: drivers, approaches and technologies","author":"Auer R","year":"2020"},{"key":"B18","volume-title":"Multi-CBDC arrangements and the future of cross-border payments","author":"Auer R","year":"2021"},{"key":"B19","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.3975959"},{"key":"B20","volume-title":"Introduction to Project Jasper","author":"Bank Can","year":"2017"},{"key":"B21","volume-title":"Contingency planning for a central bank digital currency","author":"Bank Can","year":"2020"},{"key":"B22","volume-title":"Cross-border interbank payments and settlements: emerging opportunities for digital transformation","author":"Bank Can., Bank Engl., Monet. Auth. Singapore","year":"2018"},{"key":"B23","volume-title":"Central bank digital currency: opportunities, challenges and design","author":"Bank Engl","year":"2020"},{"key":"B24","volume-title":"Inthanon-LionRock: leveraging distributed ledger technology to increase efficiency in cross-border payments","author":"Bank Thail., Hong Kong Monet. Auth","year":"2020"},{"key":"B25","volume-title":"Project Jura: cross-border settlement using wholesale CBDC","author":"Banque Fr., BIS, Swiss Natl. Bank","year":"2021"},{"key":"B26","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.2811208"},{"key":"B27","doi-asserted-by":"publisher","DOI":"10.3386\/w27004"},{"key":"B28","volume-title":"The real effects of bank runs: evidence from the French Great Depression (1930\u20131931)","author":"Baubeau P","year":"2021"},{"key":"B29","first-page":"55","author":"Bech M","year":"2017","journal-title":"BIS Q. Rev."},{"key":"B30","volume-title":"Foreign banks, liquidity shocks and bank stability","author":"Belton D","year":"2020"},{"key":"B31","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.1.167"},{"key":"B32","volume-title":"Ben Bernanke Blog","author":"Bernanke B.","year":"2016"},{"key":"B33","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhy095"},{"key":"B34","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.3513422"},{"key":"B35","first-page":"67","volume-title":"Annual Economic Report 2020","author":"BIS (Bank Int. Settl.)","year":"2020"},{"key":"B36","first-page":"65","volume-title":"Annual Economic Report 2021","author":"BIS (Bank Int. Settl.)","year":"2021"},{"key":"B37","volume-title":"Inthanon-LionRock to mBridge: building a multi CBDC platform for international payments","year":"2021"},{"key":"B38","volume-title":"Ready, steady, go? Results of the third BIS survey on central bank digital currency","author":"Boar C","year":"2021"},{"key":"B39","volume-title":"Can central banks succeed in the market place for digital monies?","author":"Bofinger P","year":"2020"},{"key":"B40","doi-asserted-by":"publisher","DOI":"10.3386\/w23711"},{"key":"B41","volume-title":"An update on digital currencies","author":"Brainard L","year":"2020"},{"key":"B42","volume-title":"The digitalization of payments and currency: some issues for consideration","author":"Brainard L","year":"2020"},{"key":"B43","author":"Brett J.","year":"2020","journal-title":"Forbes"},{"key":"B44","volume-title":"Central banks and digital currencies","author":"Broadbent B.","year":"2016"},{"key":"B45","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.3582388"},{"key":"B46","doi-asserted-by":"publisher","DOI":"10.3386\/w26300"},{"key":"B47","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2019.07.004"},{"key":"B48","doi-asserted-by":"publisher","DOI":"10.3386\/w24717"},{"key":"B49","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.4175853"},{"key":"B50","volume-title":"The future of money and payments","author":"Carstens A.","year":"2019"},{"key":"B51","volume-title":"Digital currencies and the soul of money","author":"Carstens A.","year":"2022"},{"key":"B52","volume-title":"Bank market power and central bank digital currency: theory and quantitative assessment","author":"Chiu J","year":"2019"},{"key":"B53","volume-title":"The economics of cryptocurrencies\u2014Bitcoin and beyond","author":"Chiu J","year":"2019"},{"key":"B54","doi-asserted-by":"publisher","DOI":"10.1080\/17538963.2020.1870278"},{"key":"B55","volume-title":"Enhancing cross-border payments: building blocks of a global roadmap","author":"CPMI (Comm. Paym. Mark. Infrastruct.)","year":"2020"},{"key":"B56","volume-title":"Central bank digital currencies for cross-border payments: report to the G20","author":"CPMI (Comm. Paym. Mark. Infrastruct.), BIS Innov. Hub, IMF (Int. Monet. Fund), World Bank","year":"2021"},{"key":"B57","volume-title":"Central bank digital currencies","author":"CPMI (Comm. Paym. Mark. Infrastruct.), MC (Mark. Comm.)","year":"2018"},{"key":"B58","volume-title":"Privacy in CBDC technology","author":"Darbha S","year":"2020"},{"key":"B59","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2021.104150"},{"key":"B60","volume-title":"CBDC and monetary policy","author":"Davoodalhosseini M","year":"2020"},{"key":"B61","doi-asserted-by":"publisher","DOI":"10.1109\/ACCESS.2019.2901858"},{"key":"B62","doi-asserted-by":"publisher","DOI":"10.1086\/261155"},{"key":"B63","volume-title":"Statement by Diem CEO Stuart Levey on the sale of the Diem Group's assets to Silvergate","author":"Diem Assoc","year":"2022"},{"key":"B64","author":"DNB (De Ned. Bank)","year":"2018","journal-title":"DNBulletin"},{"key":"B65","volume-title":"Central bank digital currency: objectives, preconditions and design choices","author":"DNB (De Ned. Bank)","year":"2020"},{"key":"B66","volume-title":"Report on a digital euro","author":"ECB (Eur. Cent. Bank)","year":"2020"},{"key":"B67","volume-title":"Project Stella: synchronised cross-border payments","author":"ECB (Eur. Cent. Bank), Bank Jpn","year":"2019"},{"key":"B68","volume-title":"Efficient disintermediation: CBDC, monetary policy, and banks","author":"Eren E","year":"2021"},{"key":"B69","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-030-32101-7_3"},{"key":"B70","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2020.12.004"},{"key":"B71","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.3733463"},{"key":"B72","volume-title":"Fintech and the digital transformation of financial services: implications for market structure and public policy","author":"Feyen E","year":"2021"},{"key":"B73","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhz015"},{"key":"B74","volume-title":"An early stablecoin? The Bank of Amsterdam and the governance of money","author":"Frost J","year":"2020"},{"key":"B75","volume-title":"Evaluation of the effects of too-big-to-fail reforms","author":"FSB (Financ. Stab. Board)","year":"2021"},{"key":"B76","volume-title":"Central bank digital currencies: a framework for assessing why and how","author":"Fung B","year":"2016"},{"key":"B77","volume-title":"Monetizing privacy","author":"Garratt R","year":"2021"},{"key":"B78","doi-asserted-by":"publisher","DOI":"10.1086\/714133"},{"key":"B79","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.3802977"},{"key":"B80","doi-asserted-by":"publisher","DOI":"10.4337\/9780857932143"},{"key":"B81","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.3891121"},{"key":"B82","volume-title":"Central bank digital currencies: foundational principles and core features","author":"Group Cent. Banks","year":"2020"},{"key":"B83","first-page":"1","volume":"8","author":"Grym A.","year":"2020","journal-title":"Bank Finl. Econ. Rev."},{"key":"B84","volume-title":"Demand for payment services and consumer welfare: the introduction of a central bank digital currency","author":"Huynh K","year":"2020"},{"key":"B85","volume-title":"Republic of the Marshall Islands: selected issues","author":"IMF (Int. Monet. Fund)","year":"2018"},{"key":"B86","volume-title":"El Salvador: 2021 Article IV consultation","author":"IMF (Int. Monet. Fund)","year":"2022"},{"issue":"1","key":"B87","first-page":"1","volume":"18","author":"Kahn C","year":"2009","journal-title":"J. Financ. Int."},{"key":"B88","doi-asserted-by":"publisher","DOI":"10.21799\/frbp.wp.2019.26"},{"key":"B89","doi-asserted-by":"publisher","DOI":"10.21799\/frbp.wp.2019.26"},{"key":"B90","doi-asserted-by":"publisher","DOI":"10.18235\/0000300"},{"key":"B91","volume-title":"A survey of research on retail central bank digital currency","author":"Kiff J","year":"2020"},{"key":"B92","doi-asserted-by":"publisher","DOI":"10.1006\/jeth.1998.2396"},{"key":"B93","volume-title":"Foreign Affairs","author":"Kumar A","year":"2020"},{"key":"B94","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.3180713"},{"key":"B95","doi-asserted-by":"publisher","DOI":"10.1016\/0022-0531(91)90110-P"},{"key":"B96","volume-title":"Financial dollarization and de-dollarization in the new millennium","author":"Levy Yeyati E","year":"2021"},{"key":"B97","volume-title":"MAS, R3 and financial institutions experimenting with blockchain technology","author":"MAS (Monet. Auth. Singapore)","year":"2016"},{"key":"B98","volume-title":"Central bank account for all: efficiency and stability","author":"Monnet C","year":"2020"},{"key":"B99","volume-title":"Monetary policy with reserves and CBDC: optimality, equivalence, and politics","author":"Niepelt D.","year":"2021"},{"key":"B100","doi-asserted-by":"publisher","DOI":"10.1093\/cybsec\/tyz003"},{"key":"B101","volume-title":"Progress of research & development of E-CNY in China","author":"PBC (People's Bank China)","year":"2021"},{"key":"B102","volume-title":"Credit lines, bank deposits or CBDC? Competition & efficiency in modern payment systems","author":"Piazzesi M","year":"2020"},{"key":"B103","doi-asserted-by":"publisher","DOI":"10.1111\/jacf.12372"},{"key":"B104","doi-asserted-by":"publisher","DOI":"10.1111\/j.1756-2171.2006.tb00036.x"},{"key":"B105","doi-asserted-by":"publisher","DOI":"10.3386\/w29006"},{"key":"B106","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhaa075"},{"key":"B107","volume-title":"A statement on launching the \u201cAber\u201d Project for a common digital currency between SAMA and UAECB","author":"SAMA (Saudi Arab. Monet. Auth.), UAECB (U. A. E. Cent. Bank)","year":"2019"},{"key":"B108","volume-title":"Project Aber final report","author":"SAMA (Saudi Arab. Monet. Auth.), UAECB (U. A. E. Cent. Bank)","year":"2020"},{"key":"B109","volume-title":"Risks involved with CBDC: on cash, privacy and information centralization","author":"Schilling L.","year":"2019"},{"key":"B110","doi-asserted-by":"publisher","DOI":"10.3386\/w28237"},{"key":"B111","volume-title":"Central bank digital currencies: an opportunity for the monetary system","author":"Shin HS.","year":"2021"},{"key":"B112","volume-title":"The Riksbank's e-krona project","author":"Sver. Riksbank","year":"2017"},{"key":"B113","volume-title":"Payments in Sweden 2020","author":"Sver. Riksbank","year":"2020"},{"key":"B114","doi-asserted-by":"publisher","DOI":"10.1080\/05775132.1987.11471196"},{"key":"B115","first-page":"255","volume":"4","author":"Valencia F","year":"2015","journal-title":"CEMLA Bull."},{"key":"B116","volume-title":"Tax compliance, payment choice, and central bank digital currency","author":"Wang Z.","year":"2021"},{"key":"B117","volume-title":"The world's first central bank electronic money has come\u2014and gone: Ecuador, 2014\u20132018","author":"White L.","year":"2018"},{"key":"B118","doi-asserted-by":"publisher","DOI":"10.1086\/720457"}],"container-title":["Annual Review of Economics"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.annualreviews.org\/doi\/pdf\/10.1146\/annurev-economics-051420-020324","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2022,8,12]],"date-time":"2022-08-12T17:30:08Z","timestamp":1660325408000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.annualreviews.org\/doi\/10.1146\/annurev-economics-051420-020324"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2022,8,12]]},"references-count":118,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2022,8,12]]}},"alternative-id":["10.1146\/annurev-economics-051420-020324"],"URL":"https:\/\/doi.org\/10.1146\/annurev-economics-051420-020324","relation":{},"ISSN":["1941-1383","1941-1391"],"issn-type":[{"value":"1941-1383","type":"print"},{"value":"1941-1391","type":"electronic"}],"subject":[],"published":{"date-parts":[[2022,8,12]]}}}