Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/297073 
Year of Publication: 
2023
Series/Report no.: 
Bank of Canada Staff Discussion Paper No. 2023-4
Publisher: 
Bank of Canada, Ottawa
Abstract: 
We review the nascent but fast-growing literature on central bank digital currencies (CBDCs), focusing on their potential impacts on private banks. We evaluate these impacts in three areas of traditional banking: payments, lending, and liquidity and maturity transformation. For each area, we discuss the lessons learned and identify gaps in the research yet to be fully explored. We also take a broader look at CBDCs and highlight two promising directions for future research. One is to study CBDCs through the lens of industrial organization, exploring issues such as platform competition and business models. The second is the crypto space and its new developments such as stablecoins and decentralized finance.
Subjects: 
Central bank research
Digital currencies and fintech
Financial institutions
Financial stability
JEL: 
E50
E58
G00
L00
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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