MACROECONOMIC EFFECTS OF THE IMPLEMENTATION OF CENTRAL BANK DIGITAL CURRENCIES (CBDC)

Анотація

The article examines the macroeconomic effects of introducing central bank digital currencies in the context of the transformation of money circulation and the digitalization of the financial system. The object of the study is the process of change in the monetary and payment architecture under the influence of CBDC implementation, while the subject is the macroeconomic consequences of central bank digital currencies for money circulation, the banking sector, payment infrastructure, and mechanisms of state regulation. The purpose of the study is to identify the key directions of CBDC influence on macroeconomic stability, the monetary policy transmission mechanism, the structure of financial intermediation, and the efficiency of the payment system. The paper proceeds from the assumption that central bank digital currencies represent not merely a new technological form of money, but an institutional innovation capable of changing the balance between cash and non-cash payments, transforming the behavior of households and businesses, influencing commercial bank liquidity, the velocity of money circulation, and the nature of monetary regulation. At the same time, the macroeconomic effect of CBDC implementation is determined not only by the fact of digitalization of money, but also by the specific issuance model, the degree of accessibility of digital currency, the order of its circulation, the level of interest neutrality or remuneration, and the architecture of interaction between the central bank and financial intermediaries. The methodological framework includes comparative, institutional, and economic-analytical approaches that make it possible to consider CBDC simultaneously as an instrument of payment modernization and as a factor of potential restructuring of the monetary system. The scientific novelty of the paper lies in the systematization of the macroeconomic effects of CBDC implementation through the channels of money circulation, banking intermediation, monetary policy transmission, and financial stability. The practical significance of the study is determined by the possibility of using the findings to assess the consequences of national currency digitalization and to develop approaches to the regulation of sovereign digital money.

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