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On central bank digital currencies: what can we learn from the recent experience of the Bahamas
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| 1.07 MB | Adobe PDF |
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Resumo(s)
This study employs the Synthetic Control Method to investigate the impact of the Central Bank
Digital Currency introduction in The Bahamas on bank deposit rates. Contrary to theoretical
expectations, the results show a decrease in deposit rates compared to the synthetic control.
The low adoption rate of the CBDC in its early stages and the rigidity of deposit rates likely
contributed to this finding. The study highlights the importance of further study to understand
the composition of private banks’ funding and change in deposit volume post-intervention and
demonstrates how the methodology could be applied in future research.
Descrição
Palavras-chave
Cbdc Central bank digital currency Financial stability Monetary policy Bank profitability Sand dollar The Bahamas Financial innovation Synthetic control method Bank disintermediation