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The determinants of issuing central bank digital currencies

J K Alfar, Abdelrahman, Kumpamool, Chamaiporn, Nguyen, Dung T.K., Ahmed, Rizwan (2023) The determinants of issuing central bank digital currencies. Research in International Business and Finance, 64 . Article Number 101884. ISSN 0275-5319. (doi:10.1016/j.ribaf.2023.101884) (Access to this publication is currently restricted. You may be able to access a copy if URLs are provided) (KAR id:99975)

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Central Bank Digital Currencies (CBDC) are considered ‘digital fiat currencies’ that do not have a physical form, which is a key distinction from conventional fiat money. This study aims to identify factors that influence central banks’ decisions in taking advanced actions to issue CBDC, namely, the economic, market, demographic and technical factors. Data is collected from the CBDC Tracker and the WB database for the period 2013-2021. We applied the Pooled OLS estimations to examine the impact of the key factors on being in an advanced stage for issuing CBDC; moreover, probit and logistic regression are employed to robust our results and overcome the limitations of Pooled OLS. The findings demonstrate that underdeveloped economies are more engaged in issuing CBDC. Besides, better regulations, FDI inflow, young populations, and more urban societies would increase the probability of CBDC issuance. Nevertheless, results show the impact of technical factors is heterogeneous across countries.

Item Type: Article
DOI/Identification number: 10.1016/j.ribaf.2023.101884
Uncontrolled keywords: Money supply, central banks and their policies, financial system, Central Bank Digital Currencies
Subjects: H Social Sciences > HG Finance
Divisions: Divisions > Kent Business School - Division > Department of Accounting and Finance
Funders: University of Kent (
Depositing User: Rizwan Ahmed
Date Deposited: 10 Feb 2023 11:04 UTC
Last Modified: 13 Feb 2023 09:44 UTC
Resource URI: (The current URI for this page, for reference purposes)

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