Predicting the demand for central bank digital currency: A structural analysis with survey data

• 成果类型: Article
• 署名作者: Li, Jiaqi
• 署名单位: Bank of Canada
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2022.11.007
• 发表日期: 2023
• 页码: 73-85
• 关键词: Central bank digital currency; demand estimation; Design attributes

摘要

What would be the potential demand for central bank digital currency (CBDC)? Which design attributes would affect the demand for CBDC? By applying a structural model to a unique Canadian survey dataset, I find that the aggregate CBDC holdings as a percentage of the total household liquid assets could range from 4-52%, based on households' demand perspective. Allowing banks to respond to CBDC would substantially constrain the take-up of CBDC, reducing the upper bound prediction to below 20%. Important design attributes of CBDC identified are budgeting usefulness, anonymity, bundling of bank services, and rate of return.(c) 2022 Elsevier B.V. All rights reserved.