Understanding sentiment shifts in central bank digital currencies

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance Pub Date : 2024-09-13 DOI:10.1016/j.jbef.2024.100988

Thomas Conlon , Shaen Corbet , Yang (Greg) Hou , Yang Hu , Charles Larkin , Les Oxley

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引用次数: 0

Abstract

This paper investigates the motivations behind Central Banks’ issuance of digital currencies (CBDC) and the associated risks, including potential misuse and distrust from international actors. Non-issuance of CBDC could hinder financial innovation, while issuance might introduce risks related to cybercriminality and misuse by rogue nations. This study balances these motives by assessing whether sentiment provides significant insights for policymakers and regulators. Utilising social media data, we analyse the impact of CBDC-related central bank releases, severe negative events, and contagion effects from traditional financial markets on CBDC sentiment. Our findings reveal that central bank announcements generally boost positive sentiment towards CBDCs through the provision of reassurance, whereas major geopolitical events trigger significant fluctuations in sentiment. The research highlights the critical role of sentiment analysis in understanding external influences on the development and implementation of CBDCs.

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了解央行数字货币的情绪变化

本文研究了中央银行发行数字货币（CBDC）背后的动机和相关风险，包括潜在的滥用和国际参与者的不信任。不发行 CBDC 可能会阻碍金融创新，而发行 CBDC 可能会带来与网络犯罪和流氓国家滥用有关的风险。本研究通过评估情绪是否能为政策制定者和监管者提供重要启示来平衡这些动机。利用社交媒体数据，我们分析了与 CBDC 相关的央行公告、严重负面事件以及传统金融市场的传染效应对 CBDC 情绪的影响。我们的研究结果表明，央行发布的公告一般会通过提供保证来提升对CBDC的积极情绪，而重大地缘政治事件则会引发情绪的大幅波动。这项研究强调了情绪分析在理解CBDC发展和实施的外部影响方面的关键作用。

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

Journal of Behavioral and Experimental Finance BUSINESS, FINANCE-

CiteScore

13.20

自引率

6.10%

发文量

审稿时长

69 days

期刊介绍： Behavioral and Experimental Finance represent lenses and approaches through which we can view financial decision-making. The aim of the journal is to publish high quality research in all fields of finance, where such research is carried out with a behavioral perspective and / or is carried out via experimental methods. It is open to but not limited to papers which cover investigations of biases, the role of various neurological markers in financial decision making, national and organizational culture as it impacts financial decision making, sentiment and asset pricing, the design and implementation of experiments to investigate financial decision making and trading, methodological experiments, and natural experiments. Journal of Behavioral and Experimental Finance welcomes full-length and short letter papers in the area of behavioral finance and experimental finance. The focus is on rapid dissemination of high-impact research in these areas.