Pasado, presente y futuro de las economías monetariasUn análisis sobre las principales propuestas de diseño de un dinero emitido por el banco central con un formato de registro digitalizado

Abstract

The aim of this study is to analyze the risks and benefits of the main proposals for the design of a new type of money issued by the central bank and with an account-based format, which in English is known as Central Bank Digital. Currencies (CBDC). From academic and institutional fields, it is considered that this new asset is going to take a prominent position in the hierarchy of monetary systems. To carry out this CBDC analysis, a two-pillar monetary-financial framework is developed -a monetary taxonomy and a balance dynamics-, which also allow analyzing the past and present of money. The main CBDC benefits are the enhancement of the functions of money in general as a medium of exchange, a unit of account and a store of value. The main conclusion of this study is to identify and explain the following inherent dilemma in all CBDC issuance proposals: by mitigating their objective risks and increasing the effectiveness of money functions, the level of banking disintermediation increases with consequent adverse effects on the economy. Finally, the author proposes a certain CBDC issuance design –as a contingency plan– that best mitigates this dilemma, that is, to achieve the maximum benefits of the CBDC issuance while minimizing the adverse consequences of a sudden banking disintermediation