Suggested only a few years ago, green central banking has received a new impetus with the central bank interventions implemented in the wake of the COVID-19 pandemic. Several central banks, with the European Central Bank (ECB) and the Bank of England...
Central bank communication has changed over the years, following the trend of digitalization. It has been used as a tool for the implementation of monetary policies since the 1990s, when central banks started publishing their inflation reports, outlo...
The effect that the Great Recession had on monetary policies has led to the profound reorientation of central banks’ actions from 2007 to 2013. The purpose of this work is to analyze the monetary policies applied by the main central banks, mainly the...
If the free market cannot deliver a low carbon financial revolution, what sort of interventions in financial markets might be necessary to do so? Using interviews, participant observation, document analysis, and applying regulatory theory, this artic...
Developed market economies demonstrate a growing interest in issues concerning Corporate Social Responsibility (CSR) and its effects, confirmed by the sizeable theoretical and empirical literature on this issue. A substantial research proves also the...
The purpose of this paper is to evaluate the behavior of monetary authorities in Tunisia and Egypt, in response to changes in macroeconomic variables over time based on LSTR model. In this sense, we estimate Taylor-type equations for short-term inter...
This article analyzes the monetary policy of major central banks during the economic crisis generated by the COVID-19 pandemic. Rising public debt in many countries is being financed through asset purchases by monetary authorities. Although these sti...
This paper discusses critical considerations in the design of central bank digital currency (CBDC) in West Africa through a comparative case study of Ghana’s (eCedi) and Nigeria’s (eNaira) design frameworks. This paper analyses CBDC desig...
24 February 2021
This article analyzes the current situation of Central Bank Digital Currencies (CBDCs), which are digital currencies backed by a central bank. It introduces their current status, and how several countries and currency areas are considering their impl...
To stabilize economies, central banks implemented unconventional monetary policies like quantitative easing following the global financial crisis. Although much research has been done on how quantitative easing affects financial markets, the influenc...
Building on the Innovation Diffusion Theory, this study proposes and explores the influence of financial literacy on the behavioral intention to use central banks’ digital currency (CBDC) and the moderating role of trust of respondents in the f...
The participation of central banks in the fight against climate change has recently been advanced in several academic articles and policy papers. Since the emerging consensus is that climate change poses financial risks, the envisaged green central b...
The failure of major banks in 2023, such as Silicon Valley Bank (SVB), Signature Bank, First Republic Bank, and Credit Suisse, points to the continuing need for financial institutions to price liquidity risk properly and for financial systems to find...
After the global financial crisis, central banks used unconventional monetary policies, including quantitative easing (QE), to restore financial stability. Although several studies have analyzed the effects of these measures on financial markets, lim...
Central bank independence (CBI) has long been considered a key aspect of effective monetary policy, as it allows central banks to make decisions free from political interference. However, the global financial crisis of 2007–2008 and recent even...
Central bank-issued digital currencies have sparked significant interest and are currently the subject of extensive research, owing to their potential for rapid settlement, low fees, accessibility, and automated monetary policies. However, central ba...
The purpose of this article is to examine what affected the technical efficiency of banks in Central and Eastern European countries during the financial crisis. Firstly, this article analyzes the technical efficiency of banks in the selected countrie...
This paper examines the European Central Bank’s institutional capacity and readiness to introduce a digital euro in the context of accelerating digitalization, geopolitical uncertainty, and growing competition in the global monetary system. Rat...
The fast-growing, market-driven demand for cryptocurrencies worries central banks, as their monetary policy could be completely undermined. Central bank digital currencies (CBDCs) could offer a solution, yet our understanding of their design and cons...
This paper examines whether legal origins influence the anti-inflationary effectiveness of central banks. While prior literature emphasizes the role of institutional frameworks in shaping financial systems, less attention has been paid to how legal t...
The current global energy crisis has prompted a comprehensive investigation into its influencing factors. It is hypothesised that a set of monetary, macro-environmental, and institutional variables causally affect the transition to green development...
Recently, there has been increasing interest in exploring the link between central bank credibility and exchange rate volatility within the banking sector; however, despite this increased attention, there is a significant lack of systematic analyses...
20 February 2023
Accounts receivable financing is one of the most prominent financing approaches in supply chain finance; nevertheless, in the actual financing process, financial institutions and SMEs have credit risk and information asymmetry risk, which leads to fr...
This study examines the determinants of inflation volatility in Tunisia, focusing on central bank independence (CBI), economic transparency, and macroeconomic fundamentals. Although CBI is widely regarded as essential for monetary credibility, its ef...
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...
Central bank characteristics are important determinants of stock market returns and their volatility. While the literature has examined the effects of transparency and independence, no research has been conducted so far on the effect of central bank...
This study investigates the relationship between cryptocurrency adoption rates (CARs) and the development of central bank digital currencies (CBDCs) using a global panel of 109 countries from 2020 to 2024. The analysis employs pooled OLS, fixed effec...
This paper explores the importance of central banking policies in financial market performance, using the case of India. For this purpose, the paper comparatively analyzes the performance of financial markets during the regimes of last three governor...
We analyze the path from cryptocurrencies to official Central Bank Digital Currencies (CBDCs), to shed some light on the ultimate dematerialization of money. To that end, we made an extensive search that resulted in a review of more than 100 academic...
Inflation targeting, a monetary policy framework, is criticized for its narrow mandate of safeguarding price stability only and neglecting other equally important macroeconomic variables. This negligence, according to the critics, might have had a ro...
The accelerating digital transformation of finance is reshaping the institutional and analytical environment in which central banks address climate-related financial risks while maintaining price and financial stability. This paper examines the inter...
In this work, fundamental design principles for a central bank digital currency (CBDC) with offline functionality and corresponding countermeasures are discussed. We identify three major objectives relevant for core security and privacy properties of...
This article offers a structural reappraisal of central bank Monetary Policy Transparency (MPT) by explicitly incorporating two dimensions that have long remained peripheral in the literature: Accounting Information Transparency (AIT) and Financial S...
This paper proposes a CBDC design trilemma, the claim that central banks cannot simultaneously maximize privacy, financial stability, and regulatory compliance when designing retail central bank digital currencies and finds the existing literature co...
This study investigates the influence of a country’s financial access and stability and the adoption of retail central bank digital currencies (CBDCs) across 71 countries. Using an ordinal logit model, we examine how individual financial access...
Interest rate dynamics are influenced by various economic factors, and central bank meetings play a crucial role concerning this subject matter. This study introduces a novel approach to modeling interest rates, focusing on the impact of central bank...
In this study spanning four decades, we explored the relationship between the Reserve Bank of India’s (RBI) interventions and the validity of Purchasing Power Parity (PPP) across two distinct exchange rate regimes: the fixed exchange rate regim...
Effective analysis of central bank communications is critical for anticipating monetary policy changes and guiding market expectations. However, traditional natural language processing models face significant challenges in processing lengthy and nuan...
In this paper, by performing an intertemporal comparison, we investigate two monetary policy regimes where a central bank is absent, and we further refer on the mechanisms they developed so as to ensure the reliability of transactions between the par...
The implementation of Central Bank Digital Currencies (CBDCs) faces significant challenges in achieving the same level of anonymity and convenience in offline transactions as cash. This limitation imposes considerable constraints on the development a...
This study examines the public’s adoption preferences for China’s central bank digital currency (e-CNY) through an improved Unified Theory of Acceptance and Use of Technology framework. Analyzing 3509 consumer and 1630 retailer questionna...
Central Bank Digital Currencies (CBDCs) have transitioned from theoretical concepts to operational realities across multiple jurisdictions. While they promise improved payment efficiency and financial inclusion, public trust, privacy, and user adopti...
Amid rising geopolitical fragmentation and growing uncertainty in global financial systems, Central Bank Digital Currencies (CBDCs) are increasingly viewed as a potential innovation in cross-border digital payments. This paper provides a systematic r...
In this study, we examined the influence of users’ experiences with the unified payments interface (UPI) system on the usage behavior of central bank digital currency (CBDC) in India. Our research developed a novel conceptual framework that inv...
Housing affordability is one of the major social problems in many countries, with some advocates urging governments to provide more accessible mortgages to facilitate more homeownership. However, in recent decades more and more evidence has shown tha...
What problem the Fed and other central banks are solving by printing money and letting interest rates fall to zero is the focus of this paper. This activity does not appear to affect nominal GDP or inflation prior to COVID, and yet central bank liabi...
The introduction of Central Bank Digital Currency (CBDC) could represent a deep structural change to the financial sector, and in particular to the banking sector. This paper proposes a Deep Neural Network (DNN) design to model the introduction of CB...
Environmental control remains a salient aspect of states’ policies in the present decade. To reduce emissions, governments and central banks tend to adopt various strategies. The present research quantifies the nexus between fiscal and monetary...
Due to the growth of the internet and communication technologies, electronic financial systems are becoming popular. Physical cash is losing its preeminence, and digital numbers on computers represent money. However, electronic financial systems, mos...
Monetary policy and central banks faced significant challenges in recent decades, like the Great Recession and the 2008–2009 financial crisis, and the Global Inflation Surge of 2021–2022. The introduction of blockchain technology triggere...
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