Central bank digital currency and systemic risk

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money Pub Date : 2024-12-22 DOI:10.1016/j.intfin.2024.102104

Muhammad Suhail Rizwan , Ghufran Ahmad , Anum Qureshi

引用次数: 0

Abstract

Central Bank Digital Currency (CBDC) is an emerging Financial Technology (FinTech) area. Several countries are involved in CBDC development at different stages and a few are already in the launching stage. We use the autoregressive distributed lag approach to explore the association between CBDC-related news and systemic risk in the short and long run by employing dynamic panel heterogeneity analysis. The results show that CBDC-related news has a significant negative association with systemic risk in the long run, indicating a positive reception by the global financial sector. Extended analysis shows that the long-run negative association is consistent across different income levels and geographical regions. However, countries in the advanced stages of CBDC development show a significant positive association between CBDC-related news and systemic risk warranting the utmost care in implementing CBDC initiatives.

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央行数字货币与系统性风险

中央银行数字货币（CBDC）是一个新兴的金融技术（FinTech）领域。一些国家在不同阶段参与了CBDC的发展，一些国家已经处于启动阶段。我们采用自回归分布滞后方法，通过动态面板异质性分析，探讨cbdc相关新闻与短期和长期系统性风险之间的关系。结果表明，从长期来看，与cbdc相关的新闻与系统性风险存在显著的负相关关系，表明全球金融部门对cbdc的接受度较高。扩展分析表明，在不同的收入水平和地理区域，长期的负相关是一致的。然而，处于CBDC发展后期的国家显示，与CBDC相关的新闻与系统性风险之间存在显著的正相关关系，因此在实施CBDC倡议时需要格外小心。

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 International Financial Markets Institutions & Money Multiple-

CiteScore

6.60

自引率

10.00%

发文量

142

期刊介绍： International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.