دورية أكاديمية
Assessing the Effective Lower Bound in the Context of Introducing the Digital Euro
| العنوان: | Assessing the Effective Lower Bound in the Context of Introducing the Digital Euro |
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| المؤلفون: | Michael Pirgmann, Petr Wawrosz |
| المصدر: | Economies, Vol 12, Iss 6, p 143 (2024) |
| بيانات النشر: | MDPI AG, 2024. |
| سنة النشر: | 2024 |
| المجموعة: | LCC:Economics as a science |
| مصطلحات موضوعية: | central bank digital currencies (CBDCs), effective lower bound (ELB), zero lower bound (ZLB), negative interest rate policy (NIRP), digital euro (DE), eurozone, Economics as a science, HB71-74 |
| الوصف: | This study investigates the impact of central bank digital currencies (CBDCs) on monetary policy flexibility, the effective lower bound (ELB), and negative interest rate policies (NIRPs), specifically in the case of the digital euro (DE). Through a combination of theoretical modeling and empirical analysis, including two extensive surveys among EU participants, we explore whether CBDCs can change the ELB and affect consumer preferences in favor of the digital euro over physical cash. Our findings indicate that the introduction of the DE could potentially move the ELB from its current value of around −1.30% by approximately 0.25%. If agents had the possibility to move their deposits into both cash and DE, they would convert approximately 52% of the converted amount into cash and the rest into CBDCs. However, over a 10 year period, the situation would shift in favor of the DE, with a share of 63%. Both findings show that NIRPs will be more limited in the case of the introduction of CBDCs (DE). These facts must be considered both when deciding whether to introduce a CBDC (DE) and after its eventual introduction in the case of NIRP application. |
| نوع الوثيقة: | article |
| وصف الملف: | electronic resource |
| اللغة: | English |
| تدمد: | 12060143 2227-7099 |
| العلاقة: | https://www.mdpi.com/2227-7099/12/6/143Test; https://doaj.org/toc/2227-7099Test |
| DOI: | 10.3390/economies12060143 |
| الوصول الحر: | https://doaj.org/article/5f59063100f14a8d939297f27983853eTest |
| رقم الانضمام: | edsdoj.5f59063100f14a8d939297f27983853e |
| قاعدة البيانات: | Directory of Open Access Journals |
Full Text Finder | تدمد: | 12060143 22277099 |
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| DOI: | 10.3390/economies12060143 |