Il ruolo della moneta digitale della banca centrale: teoria, sfide e implicazioni
DOI:
https://doi.org/10.13133/2037-3651/18834Parole chiave:
CBDC, endogenous money, central bank, commercial banksAbstract
Il presente lavoro esamina l’impatto dell’introduzione delle valute digitali delle banche centrali (central bank digital currency, CBDC) sul sistema finanziario e monetario, con particolare attenzione al rischio di disintermediazione bancaria e al mantenimento del ruolo cruciale delle banche commerciali. Attraverso un’analisi teorica ancorata alla prospettiva della teoria della moneta endogena, il paper esplora le dinamiche di trasmigrazione dei depositi verso la CBDC e le implicazioni per la creazione di moneta. Viene enfatizzata l’importanza della progettazione architettonica della CBDC nel mitigare gli effetti sulla stabilità finanziaria e nel preservare l’equilibrio tra banca centrale e intermediari privati. Lo studio propone che, pur in presenza di un sistema che contempli l’uso della CBDC, le banche commerciali rimangano fondamentali per il sostegno all’economia reale, ponendo un forte accento sulla complementarità tra gli attori coinvolti.
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