Bibliometric and Content Analysis on Central Bank Digital Currencies for the Period 2018–2025 and a Policy Model Proposal for Türkiye ^†

Abstract

This study aims to analyze the development of the Central Bank Digital Currency (CBDC) concept and create a design suitable for Turkey’s financial structure. Academic studies scanned in the Web of Science (WOS) database between 2018–2025 were analyzed by bibliometric and content analysis methods. Most of the studies focused on economics, and the most frequently emphasized topics in the 40 studies analyzed in the content analysis were the importance of CBDC design, its effects on the banking sector, and CBDC with interest rates. By analyzing Turkey’s tax revenues, informal economy, and interest rates, we propose an account-based, interest-bearing retail CBDC model that provides individuals with direct access to the Central Bank of the Republic of Türkiye.

1. Introduction

One of the most significant transformations in contemporary economies is occurring in payment systems, as physical money increasingly gives way to digital alternatives. The rise of digitalization and shifts in demographic dynamics have led to a decline in cash usage, while financial crises and the prevalence of informal economies have prompted central banks to design new monetary systems.

The widespread adoption of digital currencies, coupled with the post-COVID-19 economic contraction and persistently low interest rates, has heightened interest in alternative payment instruments. The COVID-19 pandemic shifted individuals away from face-to-face cash transactions, fostering the widespread adoption of card-based and contactless digital payments. During this period, contactless payments, mobile applications, QR code transactions, and digital wallets gained particular prominence (World Bank, 2022; Bank for International Settlements, 2020).

In parallel, research on and pilot projects of central bank digital currencies (CBDCs) accelerated significantly. Many countries began to view CBDCs as a means to enhance financial inclusion and adapt to the declining use of physical cash (CashEssentials, 2021).

During this period, central banks have faced challenges in maintaining price and financial stability, while also experiencing a decline in seigniorage revenues due to increasingly digital transactions. These developments have encouraged international organizations to explore new digital payment systems tailored for central banks. Since 2016, the Bank for International Settlements (BIS) has been conducting surveys on Central Bank Digital Currencies (CBDCs), contributing to the development of technical and policy frameworks.

Although central banks have maintained a cautious stance toward cryptocurrencies developed by the private sector, they continue to explore the opportunities offered by components such as distributed ledger technology. Despite the potential risks of a CBDC serving as an alternative to commercial banks, its costs and benefits are being actively investigated, and pilot projects are being implemented.

For the bibliometric analysis, the Web of Science (WOS) database was systematically searched using the keyword “central bank digital currency” for the period from January 2018 to June 2025. A total of 158 studies in the field of economics, which were accessible for review, were initially identified. Subsequently, a subset of 40 highly cited studies was selected for content analysis. These studies were chosen based on their focus on key thematic areas, including monetary policy, impacts on the banking sector, the informal economy, CBDC design, and the cultural and national implications of CBDCs. This approach allowed for an in-depth examination of the most influential literature on CBDCs and facilitated the identification of prevailing trends and research gaps within the field. Based on the findings, the most debated topics related to CBDCs are identified, and a CBDC model most suitable for Turkey’s monetary and fiscal policy structure is proposed.

2. Literature Review

2.1. CBDCs, Consumer Behavior, and Welfare

Research on the impact of Central Bank Digital Currencies (CBDCs) on consumer preferences reveals important insights into the public’s inclination toward non-cash payment instruments. Huynh et al. (2020) suggest that a potential CBDC could enhance consumer welfare and generate positive effects on societal well-being. Similarly, Magin et al. (2023) argue that CBDCs may contribute to increased welfare by enabling higher levels of consumption. Ren et al. (2023) emphasize that if the design of a CBDC succeeds in improving individual well-being, it will likely also enhance social welfare.

On the other hand, Abramova et al. (2022) find that consumers are generally satisfied with existing payment methods and would require clear personal benefits to adopt a CBDC. Collectively, these studies indicate that if individuals perceive tangible advantages from CBDCs, the adoption of such digital currencies could contribute to improvements in overall societal welfare.

2.2. The Impact of CBDCs on the Banking Sector

Studies examining the impact of Central Bank Digital Currencies (CBDCs) on the banking sector offer various projections regarding how traditional deposit-taking and lending functions might evolve in a digital currency environment. Mancini-Griffoli et al. (2018) suggest that CBDCs could lead banks to increase deposit interest rates, potentially enhancing the lending capacity of large-scale banks, while small banks might be adversely affected by this shift.

Andolfatto (2021) argues that CBDCs could promote greater financial inclusion and reduce reliance on cash, asserting that appropriate interest rate policies could help achieve economic equilibrium without compromising financial stability. Monnet and Keister (2022) raise concerns that CBDCs might impose significant costs on weaker banks and lead to a withdrawal of deposits by customers. Chiu et al. (2023) predict that banks may respond to CBDC competition by offering higher interest rates to attract clients but also caution that the introduction of CBDCs could erode the intermediation role traditionally played by banks.

In this context, it is emphasized that while CBDCs may fundamentally alter the role of banks, carefully calibrated interest rate policies could ensure the preservation of financial stability within the broader economy.

2.3. The Impact of CBDCs on Financial Stability

The effects of Central Bank Digital Currencies (CBDCs) on financial stability have primarily been associated with the risks of bank disintermediation and deposit outflows. Wadsworth (2018) expressed concerns that the banking system could face funding shortages, especially during times of crisis, when panic-driven behaviors may increase the likelihood of bank failures.

Ahnert et al. (2023) argue that while CBDCs could heighten the risk of bank runs, this issue could be mitigated through the implementation of appropriate deposit interest rate policies. Kim and Kwon (2023) suggest that central banks could lend CBDCs to commercial banks, thereby enhancing their lending capacity and helping to preserve financial stability. Tercero-Lucas (2023) raises concerns that interest-bearing CBDCs might increase banks’ borrowing costs, potentially undermining the effectiveness of monetary policy.

Overall, the literature emphasizes that CBDCs must be carefully designed to support financial stability. Critical considerations include the calibration of interest rates and transfer fees to ensure smooth integration of CBDCs into the broader economy.

2.4. The Impact of CBDCs on Monetary Policy

The impact of Central Bank Digital Currencies (CBDCs) on monetary policy is considered significant, particularly in enabling central banks to control interest rates while pursuing inflation targets. If the CBDC entirely replaces physical notes and coins, then there is no longer an alternative zero-interest form of money for use as a store of value when nominal interest rates on CBDC fall below zero. Furthermore, interest-bearing CBDCs have been proposed as potential stores of value.

When designed in alignment with existing monetary transmission mechanisms, CBDCs can strengthen the effectiveness of policy by influencing key variables such as interest rates, bank lending, asset prices, and exchange rates. Additionally, under conditions of capital mobility, allowing free convertibility between CBDCs and commercial bank money could lead to a partial relinquishment of monetary sovereignty while simultaneously reinforcing the market-based transmission of monetary policy.

2.5. The Impact of CBDCs on Fiscal Policy

The impact of Central Bank Digital Currencies (CBDCs) on fiscal policy will be particularly significant in terms of tax policies. Jacobs (2017) stated that the digitalization of money may gradually eliminate cash payments and enable governments to access more concrete data regarding individual consumption and tax revenues. Barrdear and Kumhof (2022) predicted that CBDCs could help prevent tax evasion and contribute to an increase in government revenues. Kwon et al. (2022) and Scarcella (2021) argued that CBDCs could establish a tracking mechanism for tax revenues by addressing concerns related to privacy. By reducing the use of cash through digital currencies, governments may increase their tax revenues and curb the informal economy. However, since CBDCs have not yet been fully implemented, the identification of other effects on fiscal policy remains limited.

2.6. The Harmonization of Monetary and Fiscal Policies Through CBDCs

CBDCs are considered an alternative to cash, as these assets are perceived to be more liquid than securities such as bonds, notes, or equities, with lower transaction costs and faster transaction speeds. The literature indicates that an increase in the real interest rate reduces the demand for cash. The substitution between money and non-bond assets determines the slope of the LM curve. Due to uncertainty, as expectations in the bond market change, interest rates are expected to rise and bond prices to fall; consequently, consumers will demand fewer bonds and more money to avoid potential capital losses (Tobin, 1958).

Assuming domestic interest rates are equal to global rates, the introduction of a CBDC into the economy—used alongside cash and considered interest rate sensitive—leads to an increase in the money supply, resulting in a decline in the real interest rate and a corresponding rise in money demand. As illustrated in the left panel of Figure 1, the increase in money supply shifts the LM curve to the right. To restore interest rates to the global level, the government may respond by increasing public spending or reducing taxes, which shifts the IS curve to the right and raises the overall level of income in the economy (right panel of Figure 1). Consequently, the combined application of expansionary monetary and fiscal policies contributes to an increase in GDP. Moreover, the presence of a CBDC allows transactions to be conducted digitally without affecting the foreign exchange market, thereby enhancing economic stability.

3. Methodology and Findings

3.1. Methodology

This section of the study outlines the type of analysis to be employed and presents the corresponding results.

3.1.1. Research Topic and Objective

The development of digital economies has led to profound transformations in both daily life and economic perspectives, with the most striking change being the evolving perception of money. In this context, the examination of new forms of money has become inevitable.

This study focuses on the concept of Central Bank Digital Currency (CBDC), which is gaining increasing significance within the transforming monetary systems. By analyzing academic studies and practical implementations related to CBDCs within the framework of the digitalization process, the study aims to offer recommendations for designing a digital currency model tailored to the needs of the Turkish economy.

3.1.2. Research Model

To conduct both quantitative and qualitative analyses on Central Bank Digital Currency (CBDC), a combination of bibliometric methods and content analysis was employed. While quantitative research focuses on numerical data, qualitative research aims to interpret and understand phenomena (Merriam & Tisdell, 2015). In line with the research problem, document analysis, one of the qualitative data collection techniques, was employed to evaluate previously unidentified phenomena from a subjective perspective (Seale, 1999).

The bibliometric method, introduced by E. Wyndham Hulme in 1923 and statistically applied by Pritchard (1969) and Lawani (1981), is widely used in the quantitative analysis of academic studies. It plays a significant role in determining the scope of research within the literature (Osareh, 1996). Bibliometric analysis maps the relationships between studies by identifying interdisciplinary similarities and differences, thereby offering researchers a comprehensive perspective (Bornmann & Mutz, 2015; Fahimnia et al., 2015; De Bakker et al., 2005). In this context, techniques such as citation analysis, co-authorship analysis, co-citation analysis, and keyword co-occurrence analysis are utilized (Zupic & Čater, 2015).

Content analysis is a significant method in social sciences, interpreting data not as representations of physical events, but through texts and expressions (Suri & Clarke, 2009). Analyzing texts within their contextual usage is the most distinctive feature of this method. It adopts an inductive approach to reveal underlying conceptual relationships in the subject under investigation through coding (Krippendorff, 2004; Cavanagh, 1997; Berelson, 1952; Glesne & Peshkin, 1992).

Content analysis aims to provide a holistic framework for the subject matter and to guide future academic research (Ültay et al., 2021). It is generally categorized into three main types: meta-analysis, meta-synthesis, and descriptive content analysis (Çalık & Sözbilir, 2014). In this study, the descriptive content analysis method was chosen.

The primary aim of descriptive content analysis is to identify general trends by examining various studies related to a specific concept. By using descriptive statistics based on frequencies and percentages, the research subject is clarified. This method, which includes both quantitative and qualitative data, is intended to determine the trends of future studies on the topic.

The content analysis process consists of four stages: coding the data, categorizing and thematizing the codes, organizing the codes, categories, and themes, and finally, identifying and interpreting the findings (Berelson, 1952; Çalık & Sözbilir, 2014; Cohen et al., 2000; Dinçer, 2018; Krippendorff, 2004; Suri & Clarke, 2009; Ültay et al., 2021).

3.1.3. Research Questions

This study aims to explore the existing body of knowledge and map the literature on Central Bank Digital Currencies (CBDCs) by identifying the focal points and dominant themes in current research, as well as highlighting underexplored areas that warrant further investigation. Within this process, taking into account the economic structure of Türkiye, the study seeks to determine how this new monetary instrument can be integrated into monetary and fiscal policies, and to develop relevant policy recommendations accordingly.

The research questions formulated within the scope of the study are as follows:

• How has research on CBDCs evolved over the years?
• What are the critical and popular topics related to CBDCs in the scientific literature and research projects? In which fields is CBDC-related research most concentrated?
• What would be the potential contributions of the conceptually proposed CBDC model to Turkey’s monetary and fiscal policies?

3.1.4. Research Population and Sample

The population of this mixed-method study consists of all academic works related to Central Bank Digital Currencies (CBDCs). In order to gain in-depth insights, criterion sampling—one of the purposive sampling techniques—was employed (Neuman, 2014). Purposive sampling involves the systematic selection of samples based on the research objective (Marshall & Rossman, 2014). This method enhances the reliability of the study by ensuring the collection of valid and credible data (Flick, 2014). Criterion sampling specifically focuses on selecting samples that meet predetermined criteria (Marshall & Rossman, 2014).

For the bibliometric analysis, the Web of Science (WOS) database was systematically searched using the keyword “central bank digital currency” for the period from January 2018 to June 2025. A total of 158 studies in the field of economics, which were accessible for review, were initially identified. Subsequently, a subset of 40 highly cited studies was selected for content analysis. These studies were chosen based on their focus on key thematic areas, including monetary policy, impacts on the banking sector, the informal economy, CBDC design, and the cultural and national implications of CBDCs. This approach allowed for an in-depth examination of the most influential literature on CBDCs and facilitated the identification of prevailing trends and research gaps within the field.

3.1.5. Data Collection Technique

In this study, the research design was defined, and the Web of Science (WOS) database was utilized to compile the literature data. Studies published in peer-reviewed international journals between 2018 and 2025 were categorized by type and filtered to suit bibliometric and content analysis.

Following the bibliometric analysis, the most highly cited and comprehensively addressed studies in the field of economics were selected. A total of 40 studies were subjected to content analysis. The initial coding process was carried out, after which the codes were refined and recoded in a second round. To ensure validity and reliability, the coding results were reviewed by subject matter experts.

3.2. Research Plan

The study was organized into three main stages. In the first stage, the quantitative characteristics of CBDC-related studies were identified through bibliometric analysis. In the second stage, the fundamental characteristics of CBDCs examined in the literature were determined through content analysis. Finally, in the third stage, the findings of the CBDC analysis specific to Turkey were evaluated within the framework of monetary and fiscal policies. The overall research design is illustrated in Figure 2.

3.3. Research Findings

This section first presents the results of the bibliometric analysis. Subsequently, the selected original studies are examined using content analysis, and the analyzed topics are discussed in the context of Turkey’s fiscal structure.

3.3.1. Findings from the Bibliometric Analysis

This section highlights collaboration relationships among authors, journals, countries, and institutions to help researchers identify influential scholars, popular journals, and the most productive countries. Additionally, the first research question, “How have studies related to CBDC developed over the years?” is addressed here.

Description of the Literature Data

The sample documents from 2018 to 2024 provide extensive information, including titles related to central bank digital currencies, publication years, authors, journals, abstracts, keywords, references, and citations. One of the earliest articles, Yao’s (2018) paper titled “A Systematic Framework to Understand Central Bank Digital Currency,” makes a significant contribution to the literature by discussing the topic from a broad perspective. This section explains data on publication types, productivity by year, citations, and field distribution.

Publication Types

Table 1. Separation of 278 Documents Scanned in WOS Regarding CBDC by Type.

Type of Study	Count	Percentage (%)
Article	336	76.7
Early Access	24	5.5
Review Article	13	3.0
Proceeding Paper	46	10.5
Editorial Material	12	2.7
Book Chapter	7	1.6
Total	438

Source: Prepared by the researcher using data obtained from the WOS database.

presents the distribution of publication types among the 438 documents. Articles constitute the majority, accounting for 76.7% (336 documents) of the publications, followed by 46 proceedings papers (10.5%) and 24 early access publications (5.5%). Additionally, there are 12 editorial materials, 13 review articles, and 7 book chapters.

Annual Publications and Citations

Although the research theme emerged early on, a surge in publications has occurred more recently. Figure 3 displays the number of studies indexed in the Web of Science (WOS) database between 2018 and 2025. The highest number of publications was recorded in 2024, with 109 studies. It is evident that the number of studies has continued to increase over the years. The data for 2025 reflects studies conducted as of June, and the final figures will be confirmed by the end of the year.

Figure 4 presents the proportion of studies conducted between 2018 and 2025 relative to the total number of studies. In 2024, studies accounted for 26.7% of the total, indicating that a significant concentration of research on CBDCs was conducted during this period.

Figure 5 shows the annual number of publications and citations, indicating a clear increasing trend in the documents, although a decline has started since 2022. Between 2018 and 2025, as of June 2025, a total of 408 documents were published and 4449 citations were made. This suggests that the concept of central bank digital currency is a relatively new research area but has attracted significant interest, especially in 2023 and 2024.

Subject Areas

A review of the literature reveals that research on CBDC is predominantly concentrated in fields such as economics, business, and business finance. As shown in Figure 6, the area with the highest number of studies between 2018 and 2025 is economics, with 158 studies, followed by business finance with 138 studies. These are followed by law (29 studies). In addition, the design of CBDCs has also been explored in technical fields such as mathematics and computer science.

Figure 7 presents the proportions of studies in various research areas indexed in the WOS database between 2018 and 2025. During this period, 38.7% of the total studies were in the field of economics, 33.8% in business finance, and 9.3% in management.

Figure 8 shows the distribution of studies on CBDC across different citation indexes within the WOS database. It is evident that a significant number of studies on the topic have been published in the SSCI index.

Most Productive Countries/Regions

Figure 9 presents the top 15 most productive countries/regions in terms of CBDC-related publications between 2018 and 2025. According to this ranking, the most productive country is China with 80 publications, followed by the United States with 60, the United Kingdom with 46, Germany with 34, Italy with 25, and South Korea with 24 publications. Nigeria contributed the least among the listed countries, with 7 publications. Turkey ranks 25th with a total of 4 publications.

Figure 10 presents the bibliometric indicators for the top three most productive countries/regions between 2018 and 2025. China, with 80 publications, received 1004 citations, resulting in an average citation rate of approximately 37.1%.

3.3.2. Bibliometric Network Visualizations

In bibliometric studies, analyses such as citation, bibliographic coupling, co-authorship, co-citation, and keyword co-occurrence are conducted using the VOSviewer software version 1.6.20. Below, studies related to Central Bank Digital Currency (CBDC) are grouped visually based on these analyses.

Citation Analysis

This section presents the visualizations of citation networks at the document, author, and country levels. Each visualization aims to provide insight into the structure and impact of the academic literature on CBDC by identifying the most cited documents, the most influential authors, and the geographical distribution of citations.

Figure 11 was generated by selecting the “minimum number of citations: 1” option. Among 410 documents analyzed, 299 documents that had received at least one citation were identified. From this set, the 236 author documents with the highest number of citation links were selected and analyzed. The most highly cited author documents include the study by Andolfatto (2021), which examines the impact of CBDCs on private banks and received 125 citations; the work by Fernández-Villaverde et al. (2021), which investigates how CBDCs could affect the banking system and received 112 citations; and the study by Brunnermeier et al. (2019), which explores the digitalization of money and received 109 citations. These documents stand out as key contributions within the CBDC literature due to their significant academic influence and high citation counts.

Figure 12 displays a network visualization of countries engaged in research on Central Bank Digital Currencies (CBDCs). The data were obtained by setting the minimum number of documents per country to “1” and the minimum number of citations per country also to “1”. Among 82 countries, 75 met these criteria. From these 75 countries, the top 20 most cited were selected and grouped into three clusters based on their citation counts. The five most cited countries are as follows: China with 80 documents and 1005 citations; the United States with 60 documents and 987 citations; the United Kingdom with 46 documents and 717 citations; Canada with 19 documents and 353 citations; and South Korea with 24 documents and 279 citations. Turkey ranks 20th on the list, with four documents and 35 citations.

Figure 13 illustrates the strength of citation links among the most cited authors. The visualization was generated by setting the minimum number of documents per author to “1” and the minimum number of citations per author’s documents to “1”. Out of 912 authors, 687 met these criteria. From these, the top 50 authors with the highest citation counts were selected for inclusion in the analysis and the resulting visualization. Among them, Sanches’s two publications received 185 citations, Kumhof’s two publications received 161 citations, Niepelt’s (2020) three publications received 141 citations, and Davoodalhosseini’s three publications received 135 citations.

Bibliometric Coupling Analysis

Within citation analyses, the most commonly preferred citation type is bibliometric coupling. Bibliometric coupling occurs when two different sources cite the same third source. This method effectively demonstrates the strength of connections between studies.

Figure 14 illustrates the strength of authors’ connections based on documents. In generating this visualization, a minimum citation threshold of “1” per document was applied. Out of 410 documents, 299 met this criterion. For each of these 299 documents, the total strength of bibliometric coupling links with other documents was calculated. The 50 documents with the highest total link strength were selected for inclusion. Fahad and Bulut (2024) ranks first with a link strength of 643, followed by Singh et al. (2025) with 434, and Dionysopoulos et al. (2024) in third place with 431. This indicates that these sources are frequently cited together across different documents, demonstrating strong bibliometric coupling relationships.

Figure 15 presents the network link strength among authors. In creating the visualization, a minimum threshold of “1” document and “1” citation per author was applied. Out of 912 authors, 687 met these criteria. The top 50 authors with the highest total link strength were selected for inclusion in the visualization. The authors with the strongest link strengths, in descending order, are Han, Liu, Zhang, Chua, Jiang, Tronnier, Wu, Xin, Kim, Quan, and Monnet.

Figure 16 presents the network strength visualization of countries. The data were obtained by setting the minimum number of documents per country to “1” and the minimum number of citations per country to “1.” Among 82 countries, 75 met these criteria. From these, the top 50 countries with the highest citation counts were selected and included in the analysis to generate a visualization. The countries with the highest link strengths are, in order, China, the United States, the United Kingdom, Germany, South Korea, Italy, and Canada. This visualization reflects the frequency with which pairs of countries are jointly cited in publications. Turkey ranks 12th with a link strength of 6.254.

Co-Citation Analysis

Co-citation analysis is highly important for identifying the key terms and the main focus areas within a research field. This method, frequently preferred by researchers, has been included in the thesis study.

Figure 17 presents a visualization of co-cited references. This network map was created by setting a threshold of a minimum of 20 citations per reference. Out of a total of 15,430 cited references, 49 met this criterion. For each of the 24 co-cited references included in the visualization, the total strength of their co-citation links with other references was calculated. The most frequently co-cited authors include Andolfatto (2021), Agur et al. (2022), Fernández-Villaverde et al. (2021), Brunnermeier et al. (2019), and Auer et al. (2022).

Figure 18 presents the network visualization of co-cited authors. In constructing this network map, a threshold of a minimum of 20 citations per author was applied. Out of 9648 authors, 104 met this criterion. For each of these 104 authors, the total strength of co-citation links with other authors was calculated. Subsequently, the top 50 authors with the highest total link strength were selected for the visualization. Prominent authors in this network include Auer, Keister, Andolfatto, Chiu, and Barrdear.

Co-Authorship Analysis

Co-authorship analysis is a type of bibliometric analysis that visualizes the collaborative network maps of authors who have conducted joint research. The greater the number of network connections, the stronger the author’s collaboration strength is considered to be.

Figure 19 illustrates the strength of collaboration links among the authors with the highest number of joint publications. The visualization was generated by setting the minimum number of documents per author to “1” and the minimum number of citations per author also to “1.” Out of 912 authors, 687 met these thresholds. From this group, the top 18 most cited authors were selected for analysis and included in the visualization. The collaborative works are primarily concentrated around Cao, Han, Yan, Yuan, and Zhang, and these studies mainly focus on the design of Central Bank Digital Currencies (CBDCs).

Keyword Analysis

Keyword analysis is a type of analysis that visualizes the most frequently recurring keywords in the study under examination. In this section, a visualization has been provided for the keywords that appear at least five times across the analyzed documents.

Figure 20 displays the most frequently occurring keywords across all studies related to CBDC. In this analysis, a minimum occurrence threshold of three was set for each keyword. Out of 1029 keywords, 53 met this criterion. These 53 keywords formed six distinct clusters. Topics such as financial stability, payment methods, blockchain, and legal regulations have been frequently discussed with considerable emphasis in the studies.

As a result of the bibliometric analysis, it has been observed that studies on CBDC around the world are generally examined under three main themes. These include the design of CBDC and its effects on the monetary system; the impact of CBDC on public finance and the broader economy; and the implications of CBDC for financial stability and monetary policy. Figure 21 illustrates these areas of focus through a visual representation.

3.3.3. Results of the Content Analysis

In this section, 40 articles accessed through the WOS database were examined. The aim was to address the second research question: “What are the critical and popular topics in the scientific literature on CBDCs, and in which areas is research more concentrated?” Initially, the definitions and explanations within the studies were coded in accordance with the literature. To ensure validity and reliability, a second round of coding was conducted. Subsequently, the codes were classified, categories were created, and the studies were grouped accordingly.

Table 2. Sample Statements Illustrating the Codes. Source: Created by the researcher.

Codes	Sample Statements	Studies Containing the Statements
The Importance of CBDC Design	For a CBDC to gain widespread acceptance, it must possess features that encourage people to feel willing to use it, including user-friendliness.	Comment on “Developments and Implications of Central Bank Digital Currency: The Case of China e-CNY
Effects of CBDC on Banking Operations (Stability-Intermediation-Disintermediation)	The implementation of a CBDC can turn depositors’ withdrawal decisions into strategic substitutions, thereby eliminating the typical equilibrium multiplicity observed in such models. In these cases, the introduction of a CBDC clearly enhances the stability of the banking system.	Central bank digital currency: Stability and information
Interest-Bearing CBDC as an Alternative to Cash and Deposits	CBDC serves as an excellent alternative to deposits in terms of payment functions and carries an interest rate set by the central bank.	Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment

presents example sentences defining the top three most frequently coded themes that emerged in the study, along with the names of the studies as sources.

Table 3. Frequency and Percentage of Codes Across All Documents. Source: Created by the researcher using the Maxqda Plus (2022) software.

Codes	Documents	Percentage	Coded Sections of All Documents
The Importance of CBDC Design	25	62.50	70
The Effects of CBDC on Banking Operations (Stability-Intermediation-Disintermediation)	23	57.50	56
Interest-Bearing CBDC as an Alternative to Cash and Deposits	20	50.00	44
CBDC Research	25	62.50	41
Optimal Monetary Policy	15	37.50	39
Relationship Between CBDC and Other Payment Methods	23	57.50	36
CBDC Interest Rate Policy	13	32.50	35
Retail CBDC (CBDC for Everyone)	20	50.00	33
CBDC and Costs (Positive-Negative)	15	37.50	31
Privacy and Security	17	42.50	30
Welfare Effects of CBDC	15	37.50	27
Monetary Policy Effects of CBDC	16	40.00	27
Fintech Payment Methods	15	37.50	24
International Impact of CBDC	8	20.00	23
Bank Panics, Failures, and CBDC	6	15.00	22
CBDC and Anonymity	11	27.50	21
Relationship Between CBDC and Informal Economy	12	30.00	42
Optimal Interest Rate Policy	10	25.00	20
DSGE Model	7	17.50	16
Digitalization and Technological Innovations	15	37.50	16
Factors Affecting CBDC Adoption (Incentives-Information)	11	27.50	18
Impact of CBDC on Tax Policies	7	17.50	12
CBDC’s Role in Preventing Tax Loss and Evasion	6	15.00	12
CBDC and Central Banks	7	17.50	11
Macroeconomic Stability	7	17.50	11
Liquidity Feature of CBDC	7	17.50	11
Inflationary Effects of CBDC	5	12.50	11
Central Bank Liabilities	7	17.50	11
Importance of National Culture in CBDC Adoption	3	7.50	11
Macroeconomic Corrective Effects of CBDC	6	15.00	10
Optimal Consumption, Savings, and Investment Preferences under CBDC	8	20.00	9
CBDC and Optimal Policy Effects	5	12.50	9
Distributed Ledger Technology (DLT)	7	17.50	8
Digitalization of Money	6	15.00	7
Domestic Growth and Inflation Effects of CBDC	3	7.50	6
China’s CBDC	4	10.00	6
Digital Euro	3	7.50	5
Asymmetry in the Monetary System	3	7.50	5
Wholesale CBDC	4	10.00	4
Account-Based CBDC	3	7.50	4
Transparency and Auditability	1	2.50	4
Government Support	1	2.50	3
CBDC and Public Policies	2	5.00	2
CBDC and Financial Architecture	27	67.50	0 (Main Code)
Analyzed Documents	40	100.00	929

presents the codes identified within the documents, their percentage frequencies, and the corresponding sources in which they appear. The analysis reveals that the most frequently discussed topic is the design of CBDCs. The studies commonly focus on the determination of CBDC types, whether they should bear interest, and modeling preferences between account-based or token-based structures. The literature indicates that there is no consensus on the optimal design of CBDCs. National cultural values, the size of the informal economy, and the level of economic development appear to contribute to design-related uncertainties. The second most frequently recurring code concerns how banking operations might change with the introduction of CBDCs, while the third most common theme is the potential impacts of interest-bearing CBDCs.

In Figure 22 and the categories formed after classification, the symbol “f” indicates the frequency of code repetitions. The percentage rates of the coded sections in the studies are also shown in the chart. The most frequently coded topic is the determination of CBDC design, followed by the effects of CBDC on the banking sector.

Table 4. Objectives of the Studies. Source: Created by the researcher.

Objectives	Studies	%	f
Ensuring the Effectiveness of Monetary Policy	- Reflections on welfare and Political Economy Aspects of a Central Bank Digital Currency - Systemic stablecoin and the brave new world of digital Money - Currency: optimization of the currency system and its issuance design - Discussion of “Central bank digital currency and monetary policy” - Central bank digital currency and monetary policy - Central bank digital currency in an open economy	13.56	126
Ensuring Financial Stability in the Economy	- Central bank digital currencies: Design principles for financial stability - Central Bank Digital Currency, Credit Supply, and Financial Stability - Discussion of “Central bank digital currency: Stability and information” - A central bank digital currency in a heterogeneous monetary union: Managing the effects on the bank lending channel - Central bank digital currency: A review and some macro-financial implications	16.58	154
Examining the Effects of CBDC on the Banking Sector and Providing Recommendations	- Central bank digital currency: Central banking for all? - Central Bank Digital Currency: Financial System Implications and Control - The genesis, design and implications of China’s central bank digital currency - Cryptocurrency, Security, and Financial Intermediation - Assessing the Impact of Central Bank Digital Currency on Private Banks - Central bank digital currency: Stability and information - Central bank digital currency and flight to safety - Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment - Discussion of “Central bank digital currency and flight to safety”	19.80	184
The examination of the impact of CBDC on preventing the informal economy and the harmonization of tax policies	- The degrees of central bank digital currency adoption across countries: A preliminary analysis - Central bank digital currency, tax evasion, and inflation tax - Central Bank Digital Currency: Welfare and Policy Implications - Informal economy and central bank digital currency - Crypto market responses to digital asset policies	15.18	141
An Examination of the Design Characteristics and Types of CBDCs in Order to Determine the Most Suitable Technology	- Predicting the demand for central bank digital currency: A structural analysis with survey data - Central bank digital currency, crypto assets, and cash demand: evidence from Japan - A Global perspective on central bank digital currency - A study of the economic impact of central bank digital currency under global competition - Economic uncertainty, central bank digital currency, and negative interest rate policy - The macroeconomics of central bank digital currencies - Discussion of “designing central bank digital currency” by Agur, Ari and Dell’Ariccia - Attributes needed for Japan’s central bank digital currency - Central bank digital currency: Aims, mechanisms and macroeconomic impact - The genesis, design and implications of China’s central bank digital currency	26.59	247
Examination of the Adaptation of CBDC to the Cultural Structures of Nations	- Social, Political, and Economic Dimensions of the Instituted Process of Central Bank Digital Currency: The Case of the Digital Yuan - Comment on “Developments and Implications of Central Bank Digital Currency: The Case of China e-CNY - Developments and Implications of Central Bank Digital Currency: The Case of China e-CNY - China’s central bank digital currency (CBDC): an assessment of money and power relations - India’s CBDC for digital public infrastructure - Cultural values and the adoption of central bank digital currency	8.29	77

shows the objectives of the studies. The frequency and percentages of the studies containing these objectives are also indicated in the table.

After coding, the studies were categorized and then sorted according to their theoretical and empirical types within the relevant categories. As seen in

Table 5. Types of Studies (Theoretical or Empirical). Source: Created by the researcher.

	Studies	Theoretical Studies	Empirical Studies
1	India’s CBDC for digital public infrastructure, Sandhu et al. (2023)		(+)
2	Cultural values and the adoption of central bank digital currency, Luu et al. (2023)	(+)
3	China’s central bank digital currency (CBDC): an assessment of money and power relations, Peruffo et al. (2023)	(+)
4	Comment on “Developments and Implications of Central Bank Digital Currency: The Case of China e-CNY”, Uchida (2022).	(+)
5	Developments and Implications of Central Bank Digital Currency: The Case of China e-CNY, Xu (2022).	(+)
6	Social, Political, and Economic Dimensions of the Instituted Process of Central Bank Digital Currency: The Case of the Digital Yuan, Siu (2023).	(+)
7	The genesis, design and implications of China’s central bank digital currency, S. Li and Huang (2021).	(+)
8	Central bank digital currency: Aims, mechanisms and macroeconomic impact, Dal Bianco (2020).	(+)
9	Attributes needed for Japan’s central bank digital currency, Fujiki (2023).		(+)
10	Discussion of “designing central bank digital currency” by Agur, Ari and Dell’Ariccia, Wilkins (2022).	(+)
11	The macroeconomics of central bank digital currencies, Barrdear and Kumhof (2022).		(+)
12	Economic uncertainty, central bank digital currency, and negative interest rate policy, Xin and Jiang (2023).		(+)
13	A study of the economic impact of central bank digital currency under global competition, Tong and Jiayou (2021).		(+)
14	A Global perspective on central bank digital currency, D. K. C. Lee et al. (2021).	(+)
15	Central bank digital currency, crypto assets, and cash demand: evidence from Japan, Fujiki (2024).		(+)
16	Predicting the demand for central bank digital currency: A structural analysis with survey data, J. Li (2023).		(+)
17	Crypto market responses to digital asset policies, Copestake et al. (2023).		(+)
18	Informal economy and central bank digital currency, Oh and Zhang (2022).		(+)
19	Central Bank Digital Currency: Welfare and Policy Implications, S. Williamson (2022).		(+)
20	Central bank digital currency, tax evasion, and inflation tax, Kwon et al. (2020).		(+)
21	The degrees of central bank digital currency adoption across countries: A preliminary analysis, T. D. Lee et al. (2023).		(+)
22	Discussion of “Central bank digital currency and flight to safety”, Carapella (2022).	(+)
23	Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment, Chiu et al. (2023).		(+)
24	Central bank digital currency and flight to safety, S. D. Williamson (2022).	(+)
25	Central bank digital currency: Stability and information, Monnet and Keister (2022).		(+)
26	Assessing the Impact of Central Bank Digital Currency on Private Banks, Andolfatto (2021).		(+)
27	Cryptocurrency, Security, and Financial Intermediation, Glenn and Reed (2024).	(+)
28	Central Bank Digital Currency: Financial System Implications and Control, Bindseil (2019).	(+)
29	Central bank digital currency: Central banking for all? Fernández-Villaverde et al. (2021).		(+)
30	Central bank digital currency: A review and some macro-financial implications, Chen and Siklos (2022).		(+)
31	A central bank digital currency in a heterogeneous monetary union: Managing the effects on the bank lending channel, Fegatelli (2022).		(+)
32	Discussion of “Central bank digital currency: Stability and information”, van Oordt (2022).	(+)
33	Central Bank Digital Currency, Credit Supply, and Financial Stability, Kim and Kwon (2023).		(+)
34	Central bank digital currencies: Design principles for financial stability, Kumhof and Noone (2021).	(+)
35	Central bank digital currency in an open economy, Minesso et al. (2022).		(+)
36	Discussion of “Central bank digital currency and monetary policy”, Rojas-Breu (2022).	(+)
37	Central bank digital currency and monetary policy, Davoodalhosseini (2022).		(+)
38	Central Bank Digital Currency: optimization of the currency system and its issuance design, Qian (2019).	(+)
39	Systemic stablecoin and the brave new world of digital money, Morgan (2023).	(+)
40	Reflections on welfare and political economy aspects of a central bank digital currency, Cukierman (2019).	(+)

, 19 studies are theoretical, while 21 studies are empirical. The categories include Monetary Policy, Financial Stability, Effects of CBDC on the Banking Sector, CBDC and the Informal Economy, CBDC Design, and Cultural Effects.

Two Case Models

After evaluating the relationships among the codes under the categories in the study, two case models were used to identify common codes. These models created a table in areas where related concepts might have similar effects (Rädiker & Kuckartz, 2020). Examples selected to demonstrate the relationships between the categories are presented below.

Figure 23 illustrates the common codes found in studies that examine both the category of CBDC design determination and the cultural impact of CBDC. Accordingly, it is observed that the highest frequency in both categories involves discussions on determining the design features of CBDC.

Figure 24 explains the codes that demonstrate the relationship between the categories of financial stability and monetary policy. Accordingly, the determination of optimum monetary policy emerges as the common theme in studies from both categories. It is also observed that topics such as CBDC design, interest-bearing CBDC, and the impact of CBDC on banking operations are widely discussed.

The common codes used in the documents categorized under Determination of CBDC Design and Design of CBDC are presented in Figure 25. Accordingly, it is observed that issues such as interest rates and costs are commonly examined across both document groups in these categories.

Code Distribution Model

The code distribution model illustrates the prominence of the most frequently coded phenomenon across all analyzed studies. The aim of this analysis is to reveal the overall significance of the most recurrent themes within the entire body of research (Rädiker & Kuckartz, 2020). The most commonly used analysis type in this context is the co-occurrence model.

Figure 26 presents a model generated by the three most frequent codes. It is evident that the distances between the codes and their relationships with other codes are close, indicating strong interconnections among the topics. For instance, a study addressing CBDC design also discusses interest-bearing CBDCs, which in turn influences the role of banks in the economic structure. The visualization supports the existence of these thematic interrelations.

In general, CBDC design—distinct from traditional digital currencies—emerges as an interest-bearing financial instrument capable of effectively performing stability, intermediation, and exclusion functions within the banking sector.

3.3.4. Evaluation of Analysis Results in the Context of Türkiye’s Fiscal Structure

According to the results of the descriptive content analysis, the categories of monetary policy, financial stability, the impact of CBDC on the banking sector, cultural effects, and the informal economy are also of significant relevance within Türkiye’s economic policy framework. In this context, the study aims to address the question: “What could be the contribution of CBDC to Turkey’s monetary and fiscal policies?”

To answer this, Turkey’s fiscal structure and core economic characteristics will be identified, followed by a comparative analysis of indicators such as VAT/Total Tax Revenue ratio, size of the informal economy, M1 money supply, tax evasion and avoidance rates, Changes in the Consumer Price Index (CPI), Central Bank policy interest rate, commercial banks’ deposit interest rates.

The effects of these ratios on the national economy will be explained. Finally, drawing from international examples, the potential impacts of a CBDC implementation on reducing the informal economy in Turkey will be discussed.

Figure 27 illustrates the relationship between the share of currency in circulation within the M1 money supply and tax loss-evasion rates. It is observed that this share has steadily declined since 2017. In 2017, compared to 2016, the decrease in cash usage was accompanied by a decline in tax losses. Despite fluctuations in tax loss rates in the following years, a proportional relationship can be seen between the reduction in cash usage and the decrease in tax evasion.

In an economy like Türkiye’s, the integration of a Central Bank Digital Currency (CBDC) could help prevent welfare losses associated with reduced cash usage. Kwon et al. (2020) argue that CBDCs can reduce tax evasion and increase overall welfare under conditions of limited monetary transfers between central banks and governments. With appropriate tax policies, governments can finance their expenditures more effectively and address informality in the economy.

Figure 28 compares Value Added Tax (VAT) with tax loss and evasion rates. In 2016, tax losses were at their highest, while the share of VAT in total tax revenues remained low during the same period. VAT, being the most susceptible to informal economy and tax evasion, is believed to have its losses mitigated through integration with CBDC. In the face of high inflation, consumers tend to pay in cash, avoiding recorded consumption, which in turn hinders public revenues. A CBDC design tailored to the Turkish economy could help minimize these issues.

Figure 29 compares the Central Bank of the Republic of Türkiye’s (TCMB) policy interest rates with the maximum deposit interest rates offered by banks. Before 2020, the policy interest rate and the Consumer Price Index (CPI) moved in alignment, but after the economic disruptions caused by COVID-19 and the implementation of different policies, these two rates diverged. Policy interest rates are among the most important tools to maintain price stability and have a broad impact across the economy. It is observed that deposit interest rates tend to move in harmony with the CBRT’s policy interest rate. Establishing an optimal balance between deposit interest rates and policy interest rates through an interest-bearing CBDC design can support financial stability while offering a new policy aligned with economic conditions. Such a CBDC design is likely to be adopted by individuals and other economic actors.

3.4. Proposed CBDC Design for Turkey Based on Analysis Results

According to the study findings, the three main focus areas of global CBDC research are “Determination of CBDC Design,” “Interest-bearing CBDC as an Alternative to Cash and Deposits,” and “Impact of CBDC on Banking Operations.” Considering Türkiye’s economic situation, it is important to design a CBDC that can prevent tax loss and evasion caused by cash usage and address issues related to the informal economy. Figure 30 presents the proposed CBDC design features tailored to Türkiye’s fiscal structure.

• Account-Based CBDC: This system verifies the identity of account holders, aiming to prevent electronic fraud and accurately define relationships between transactions. Under the guarantee of the Central Bank of the Republic of Türkiye (CBRT), users will transfer their trust in the Turkish Lira to the CBDC, thereby ensuring the privacy and security of accounts.
• CBDC as an Alternative to Coins and Cash: To address the issue of the informal economy in Türkiye, a CBDC to be used via electronic wallets instead of cash is proposed. This system can monitor transactions, reduce tax loss and evasion, and enhance the effectiveness of fiscal policy.
• Retail CBDC: It is proposed that individuals and firms have direct access to CBDC through CBRT. This model reduces transaction costs, allows the central authority to directly monitor transactions, and ensures centralized control through the use of traditional central bank monetary infrastructure.
• Interest-Bearing CBDC: An interest-bearing CBDC indexed to global interest rates and Türkiye’s policy rate can prevent dollarization and function as an effective medium of exchange and store of value. Additionally, an interest-bearing CBDC enhances price stability, improves the effectiveness of monetary policy, and prevents destabilizing banks from undermining financial stability. For cryptocurrency users, an interest-bearing CBDC offers an attractive, yield-generating alternative.

4. Discussion and Conclusions

This study has examined the concept of Central Bank Digital Currency (CBDC) in detail, assessing its transformative role in financial systems and its potential impacts on monetary and fiscal policies. The literature review indicates that the evolution of CBDCs as alternatives to traditional currencies has been shaped by the rise of cryptocurrencies and the transition toward cashless economies. The 2008 global financial crisis and the COVID-19 pandemic further underscored the significance of digital currencies in preserving financial stability and enhancing the effectiveness of monetary policy.

In this context, two primary CBDC models have emerged, depending on countries’ economic structures, levels of financial inclusion, payment system efficiency, and national monetary policies: the retail CBDC (rCBDC), which provides direct public access to central banks, and the wholesale CBDC (wCBDC), accessible only to banks and financial institutions. While developing countries generally favor the rCBDC model, advanced economies—with robust financial systems and low levels of cash usage—have tended to focus on limited or pilot applications.

The bibliometric and content analyses conducted in this study demonstrate that CBDC has become a central research theme worldwide, with particular attention given to design features related to monetary policy, financial stability, banking sector dynamics, and the informal economy. Our findings are consistent with Huynh et al. (2020) and Magin et al. (2023), confirming that the welfare implications of CBDCs depend largely on their design features and the extent to which users perceive tangible benefits. Similarly, the risks of bank disintermediation and financial instability highlighted by Monnet and Keister (2022) and Wadsworth (2018) resonate with our findings, which emphasize the critical role of interest-bearing CBDCs in shaping the intermediation capacity of the banking sector.

From a fiscal perspective, our results align with the arguments of Jacobs (2017) and Barrdear and Kumhof (2022), who emphasize the potential of digital money to reduce tax evasion and broaden governments’ fiscal space. In the Turkish case, where high levels of informality and cash usage remain key challenges, a retail, account-based, and interest-bearing CBDC model appears particularly suitable.

Nevertheless, several gaps persist in the current literature. First, most international studies remain theoretical or simulation-based, with limited empirical evidence drawn from pilot projects. This constrains the ability to evaluate the long-term behavioral responses of households and firms. Second, the cross-border implications of CBDCs—such as capital flows, exchange rate dynamics, and international monetary cooperation—have not been adequately addressed, despite their growing importance as adoption progresses worldwide. Third, while ethical and privacy dimensions are often discussed, concrete governance mechanisms that balance transparency with the protection of citizens’ rights remain underexplored.

Looking forward, three avenues for future research are particularly salient. First, more empirical analyses are needed to evaluate how CBDCs interact with monetary transmission channels in emerging economies with fragile financial systems, such as Türkiye. Second, the relationship between CBDCs and other financial innovations—such as stablecoins, decentralized finance (DeFi), and tokenized assets—requires systematic investigation to identify complementarities or conflicts. Third, interdisciplinary approaches integrating economics, law, computer science, and sociology will be critical in assessing CBDCs not only as monetary instruments but also as socio-technical infrastructures that shape trust, inclusion, and state–citizen relations.

In conclusion, the most critical elements of CBDC design include security, liquidity, accessibility, and user-friendliness. For Türkiye, the proposed CBDC model should be carefully aligned with local economic conditions, the banking sector, and fiscal policy objectives. This study highlights that integrating future CBDC applications into the country’s fiscal framework will be essential, as such integration could enhance financial stability and strengthen monetary policy effectiveness. Ultimately, the development of CBDCs shaped by these dynamics will contribute not only to economic growth but also to the creation of more efficient, transparent, and sustainable financial systems in an increasingly digital world.