The international political economy of central bank digital currencies

• Project/Area Number: 24K04736
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 06020:International relations-related
• Research Institution: National Graduate Institute for Policy Studies
• Principal Investigator: CHEY Hyoung・kyu 政策研究大学院大学, 政策研究科, 教授 (20626999)
• Project Period (FY): 2024-04-01 – 2029-03-31
• Project Status: Granted (Fiscal Year 2024)
• Budget Amount: ¥3,510,000 (Direct Cost: ¥2,700,000、Indirect Cost: ¥810,000); Fiscal Year 2028: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000); Fiscal Year 2027: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000); Fiscal Year 2026: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000); Fiscal Year 2025: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000); Fiscal Year 2024: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000)
• Keywords: CBDC

Outline of Research at the Start

This research project aims to analyze the main factors that affect a state’s policy concerning the introduction of a central bank digital currency (CBDC), drawing attention to the differences in the paces of CBDC development across countries. It builds an international political economy framework to analyze this issue, and applies that to select case countries. This research is expected to make significant original contributions to the literature by revealing the major forces that drive and hinder the development of CBDCs.