Central bank digital currencies: an old tale with a new chapter

IF 0.4 Q3 HISTORY OF SOCIAL SCIENCES

Financial History Review Pub Date : 2024-09-18 DOI:10.1017/s0968565024000076

Michael D. Bordo, William Roberds

引用次数: 0

Abstract

We consider the debut of a new monetary instrument, central bank digital currencies (CBDCs). Drawing on examples from monetary history, we argue that a successful monetary transformation must combine microeconomic efficiency with macroeconomic credibility. A paradoxical feature of these transformations is that success in the micro dimension can encourage macro failure. Overcoming this paradox may require politically uncomfortable compromises. We propose that such compromises will be necessary for the success of CBDCs.

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中央银行数字货币：旧故事新篇章

我们考虑了新货币工具--央行数字货币（CBDCs）的首次亮相。借鉴货币史上的实例，我们认为，成功的货币转型必须将微观经济效率与宏观经济可信度结合起来。这些转型的一个矛盾特点是，微观层面的成功会助长宏观层面的失败。要克服这一矛盾，可能需要在政治上做出令人不舒服的妥协。我们认为，这种妥协是 CBDCs 取得成功的必要条件。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Financial History Review HISTORY OF SOCIAL SCIENCES-

CiteScore

1.00

自引率

0.00%

发文量

期刊介绍： Financial History Review is the international forum for all scholars with interests in the development of banking, finance, and monetary matters. Its editors deliberately seek to embrace the broadest approach to publishing research findings within this growing historical specialism. Articles address all aspects of financial and monetary history, including technical and theoretical approaches, those derived from cultural and social perspectives and the interrelations between politics and finance. These presentations of current research are complemented by somewhat shorter pieces, specifically conceived as aids to research. Each issue contains a substantial review section, and every complete volume contains an annual bibliography.