000			02568nam a22002897a 4500
008			210618s2019 gw a gr 000 0 eng d
020			_a9783668928893
020			_a3668928894
040			_aCBNCAT
050			_aHG1710
082			_a332.4 _bFRA
100			_a Francesevic, Marko
245			_aImplications of central bank backed digital currencies (crypto currencies) on monetary policy, financial stability and balance sheets : _ban exploratory scenario analysis /
250			_aThesis/dissertation
260			_aMünchen : _bGRIN Verlag, _c2019.
300			_a115 pages ; illustrations
500			_aA Master's Thesis of the Magisterarbeit Copenhagen Business School, 2018
504			_aIncludes bibliographical references
520			_aInspired by the recent publication of various Central Banks that study the issuance of their own versions of digital currencies, this paper aims at identifying the implications of such a central bank issued digital currency on monetary policy, financial stability and non-bank private sector, central bank and commercial bank balance sheet. It does so by conducting a scenario analysis, where each scenario specifies a distinct form of how a central bank issued digital currency could be introduced and how the resulting implications on the spheres of interest might change as a consequence. The results of this scenario analysis propose that in either implementation mode a CBDC generally provides a positive effect on both financial stability and monetary policy. The degree of the advantageous effect is, however, not only dependent on the implementation scenario, but also on the behaviour of the central banks, the commercial banks and the general public. In terms of balance sheets, this paper identified major changes. The results and implications that have been derived are based on literature, an expert interview and previous research conducted by other central banks and notable scholars. Based on the implications stemming from the four investigated scenarios, this paper evaluates these implications from a perspective of the New Currency School and Banking School. All in all, since this paper sees a central bank backed digital currency as a potential catalyst for a substantial change of the current monetary system, it provides scenarios and theories that challenge the status quo.
590			_aoif 18/06/2021
591			_aLoans
650			_aCryptocurrencies
650			_aDigital currencies---Central Banks
700			_aSchuster, Marco
942			_2ddc _cBOOK
949			_a332.4 FRA
999			_c17453 _d17453