{"id":"https://openalex.org/W4312372173","doi":"https://doi.org/10.33893/fer.21.3.122","title":"The Rise of Central Bank Digital Currencies","display_name":"The Rise of Central Bank Digital Currencies","publication_year":2022,"publication_date":"2022-01-01","ids":{"openalex":"https://openalex.org/W4312372173","doi":"https://doi.org/10.33893/fer.21.3.122"},"language":"en","primary_location":{"id":"doi:10.33893/fer.21.3.122","doi":"https://doi.org/10.33893/fer.21.3.122","is_oa":true,"landing_page_url":"https://doi.org/10.33893/fer.21.3.122","pdf_url":"https://doi.org/10.33893/fer.21.3.122","source":{"id":"https://openalex.org/S4210179870","display_name":"Financial and Economic Review","issn_l":"2415-9271","issn":["2415-9271","2415-928X"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial and Economic Review","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://doi.org/10.33893/fer.21.3.122","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5009228863","display_name":"J\u00e1nos M\u00fcller","orcid":"https://orcid.org/0009-0009-2216-3621","observed_orcids":["https://orcid.org/0009-0009-2216-3621"]},"institutions":[{"id":"https://openalex.org/I4210162086","display_name":"Institute of World Economics","ror":"https://ror.org/05e7k4575","country_code":"HU","type":"facility","lineage":["https://openalex.org/I106118109","https://openalex.org/I4210155320","https://openalex.org/I4210162086"]}],"countries":["HU"],"is_corresponding":false,"raw_author_name":"J\u00e1nos M\u00fcller","raw_affiliation_strings":["Institute of World Economics , Research Centre for Economics and Regional Studies ","Research Fellow, Institute of World Economics, Research Centre for Economics and Regional Studies"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Institute of World Economics , Research Centre for Economics and Regional Studies ","institution_ids":["https://openalex.org/I4210162086"]},{"raw_affiliation_string":"Research Fellow, Institute of World Economics, Research Centre for Economics and Regional Studies","institution_ids":["https://openalex.org/I4210162086"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5034216036","display_name":"\u00c1d\u00e1m Ker\u00e9nyi","orcid":"https://orcid.org/0000-0002-5069-7577","observed_orcids":["https://orcid.org/0000-0002-5069-7577"]},"institutions":[{"id":"https://openalex.org/I4210162086","display_name":"Institute of World Economics","ror":"https://ror.org/05e7k4575","country_code":"HU","type":"facility","lineage":["https://openalex.org/I106118109","https://openalex.org/I4210155320","https://openalex.org/I4210162086"]}],"countries":["HU"],"is_corresponding":false,"raw_author_name":"\u00c1d\u00e1m Ker\u00e9nyi","raw_affiliation_strings":["Institute of World Economics , Research Centre for Economics and Regional Studies ","Research Fellow, Institute of World Economics, Research Centre for Economics and Regional Studies"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Institute of World Economics , Research Centre for Economics and Regional Studies ","institution_ids":["https://openalex.org/I4210162086"]},{"raw_affiliation_string":"Research Fellow, Institute of World Economics, Research Centre for Economics and Regional Studies","institution_ids":["https://openalex.org/I4210162086"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I4210162086"],"apc_list":null,"apc_paid":null,"fwci":9.3335,"has_fulltext":true,"cited_by_count":29,"citation_normalized_percentile":{"value":0.98108915,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"21","issue":"3","first_page":"122","last_page":"148"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T13346","display_name":"Digital Transformation in Financial Services","score":0.7465999722480774,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T13346","display_name":"Digital Transformation in Financial Services","score":0.7465999722480774,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.07609999924898148,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.065700002014637,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/central-bank-digital-currency","display_name":"central bank digital currency","score":0.9779999852180481},{"id":"https://openalex.org/keywords/monetary-policy","display_name":"monetary policy","score":0.7490000128746033},{"id":"https://openalex.org/keywords/financial-stability","display_name":"financial stability","score":0.7820000052452087},{"id":"https://openalex.org/keywords/monetary-sovereignty","display_name":"monetary sovereignty","score":0.5979999899864197},{"id":"https://openalex.org/keywords/international-financial-system","display_name":"international financial system","score":0.6639999747276306},{"id":"https://openalex.org/keywords/international-power-relations","display_name":"global power relations","score":0.8059999942779541}],"concepts":[{"id":"https://openalex.org/C48220719","wikidata":"https://www.wikidata.org/wiki/Q10836209","display_name":"Digital currency","level":3,"score":0.8043785691261292},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.5803037285804749},{"id":"https://openalex.org/C141121606","wikidata":"https://www.wikidata.org/wiki/Q8142","display_name":"Currency","level":2,"score":0.5546137094497681},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.5387722849845886},{"id":"https://openalex.org/C109168655","wikidata":"https://www.wikidata.org/wiki/Q242988","display_name":"Liberian dollar","level":2,"score":0.48565542697906494},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4833054542541504},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4673220217227936},{"id":"https://openalex.org/C189848572","wikidata":"https://www.wikidata.org/wiki/Q1773266","display_name":"Monetary system","level":3,"score":0.45224013924598694},{"id":"https://openalex.org/C182306322","wikidata":"https://www.wikidata.org/wiki/Q1779371","display_name":"Order (exchange)","level":2,"score":0.45115363597869873},{"id":"https://openalex.org/C29185160","wikidata":"https://www.wikidata.org/wiki/Q874727","display_name":"Quantitative easing","level":4,"score":0.4374578297138214},{"id":"https://openalex.org/C186229450","wikidata":"https://www.wikidata.org/wiki/Q42008","display_name":"Sovereignty","level":3,"score":0.4292933940887451},{"id":"https://openalex.org/C2779015050","wikidata":"https://www.wikidata.org/wiki/Q574833","display_name":"Global financial system","level":3,"score":0.4230266511440277},{"id":"https://openalex.org/C2779465119","wikidata":"https://www.wikidata.org/wiki/Q1817463","display_name":"Lender of last resort","level":4,"score":0.4147490859031677},{"id":"https://openalex.org/C510755694","wikidata":"https://www.wikidata.org/wiki/Q281095","display_name":"Financial regulation","level":2,"score":0.4110400080680847},{"id":"https://openalex.org/C2992735868","wikidata":"https://www.wikidata.org/wiki/Q66344","display_name":"Central bank","level":3,"score":0.37655842304229736},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.360260009765625},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3339260518550873},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2212083637714386},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.12833184003829956},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.10833895206451416},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.33893/fer.21.3.122","doi":"https://doi.org/10.33893/fer.21.3.122","is_oa":true,"landing_page_url":"https://doi.org/10.33893/fer.21.3.122","pdf_url":"https://doi.org/10.33893/fer.21.3.122","source":{"id":"https://openalex.org/S4210179870","display_name":"Financial and Economic Review","issn_l":"2415-9271","issn":["2415-9271","2415-928X"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial and Economic Review","raw_type":"journal-article"},{"id":"pmh:oai:real.mtak.hu:150766","doi":null,"is_oa":false,"landing_page_url":"http://real.mtak.hu/150766/2/234234.pdf","pdf_url":"http://real.mtak.hu/150766/2/234234.pdf","source":{"id":"https://openalex.org/S4306400081","display_name":"Repository of the Academy's Library (Library of the Hungarian Academy of Sciences)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4210140733","host_organization_name":"Library and Information Centre of the Hungarian Academy of Sciences","host_organization_lineage":["https://openalex.org/I4210140733"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":"","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:oai:RePEc:mnb:finrev:v:21:y:2022:i:3:p:122-148","doi":null,"is_oa":false,"landing_page_url":"https://en-hitelintezetiszemle.mnb.hu/letoltes/fer-21-3-ove1-muller-kerenyi.pdf","pdf_url":"https://en-hitelintezetiszemle.mnb.hu/letoltes/fer-21-3-ove1-muller-kerenyi.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"doi:10.33893/fer.21.3.122","doi":"https://doi.org/10.33893/fer.21.3.122","is_oa":true,"landing_page_url":"https://doi.org/10.33893/fer.21.3.122","pdf_url":"https://doi.org/10.33893/fer.21.3.122","source":{"id":"https://openalex.org/S4210179870","display_name":"Financial and Economic Review","issn_l":"2415-9271","issn":["2415-9271","2415-928X"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial and Economic Review","raw_type":"journal-article"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"display_name":"Partnerships for the goals","score":0.6000000238418579,"id":"https://metadata.un.org/sdg/17"}],"study_designs":[],"awards":[],"funders":[{"id":"https://openalex.org/F4320335908","display_name":"Nemzeti Kutat\u00e1si, Fejleszt\u00e9si \u00e9s Innovaci\u00f3s Alap","ror":null},{"id":"https://openalex.org/F4320336675","display_name":"National Research, Development and Innovation Office","ror":null}],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4312372173.pdf","grobid_xml":"https://content.openalex.org/works/W4312372173.grobid-xml"},"referenced_works_count":6,"referenced_works":["https://openalex.org/W3013450807","https://openalex.org/W3121642028","https://openalex.org/W3139564476","https://openalex.org/W3174135047","https://openalex.org/W4205842857","https://openalex.org/W4205942095"],"related_works":["https://openalex.org/W4406560878","https://openalex.org/W4206409594","https://openalex.org/W6991524182","https://openalex.org/W4406472295","https://openalex.org/W4415520979","https://openalex.org/W4400950871","https://openalex.org/W4409837663","https://openalex.org/W7094955105","https://openalex.org/W4404294142","https://openalex.org/W7125321250"],"abstract_inverted_index":{"The":[0,124],"revolutionary":[1],"rise":[2],"of":[3,15,29,51,73,84,89,144,167],"digital":[4,27,54],"financial":[5,42,117,140],"innovations":[6],"has":[7,23],"heralded":[8],"a":[9],"new":[10],"era":[11],"in":[12,57,114,137],"the":[13,16,26,41,49,71,82,87,90,103,107,115,127,129,132,138,154,165],"operation":[14],"banking":[17],"system":[18],"and":[19,39,62,68,86,131],"central":[20,52],"banks,":[21],"which":[22],"brought":[24],"about":[25],"transformation":[28],"money.":[30],"Central":[31,44],"banks":[32,45],"must":[33],"respond":[34],"to":[35,59,65,69,79,95,110],"challenges":[36],"profoundly":[37],"affecting":[38],"transforming":[40],"system.":[43,141],"have":[46],"been":[47],"exploring":[48],"introduction":[50,166],"bank":[53],"currency":[55],"(CBDC),":[56],"order":[58],"promote":[60],"stability":[61],"sustainable":[63],"development,":[64],"preserve":[66],"competitiveness":[67],"bolster":[70],"effectiveness":[72,88],"their":[74],"monetary":[75,91],"policies.":[76],"In":[77],"addition":[78],"smooth":[80],"operation,":[81],"preservation":[83],"sovereignty":[85],"policy":[92],"also":[93,105,156],"need":[94],"be":[96],"ensured.":[97],"Along":[98],"with":[99],"its":[100],"expected":[101],"advantages,":[102],"paper":[104,155],"discusses":[106],"risks":[108],"relating":[109],"CBDC.":[111,168],"CBDC":[112],"appears":[113],"international":[116,145],"system,":[118],"generating":[119],"competition":[120],"among":[121],"global":[122,139],"currencies.":[123],"rivalry":[125],"between":[126],"dollar,":[128],"euro":[130],"yuan":[133],"may":[134],"alter":[135],"positions":[136],"A":[142],"rearrangement":[143],"power":[146],"relations":[147],"is":[148],"at":[149],"stake.":[150],"Against":[151],"this":[152],"background,":[153],"provides":[157],"insight":[158],"into":[159],"Hungarian":[160],"news":[161],"on":[162],"preparations":[163],"for":[164]},"counts_by_year":[{"year":2025,"cited_by_count":9},{"year":2024,"cited_by_count":14},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":3},{"year":2021,"cited_by_count":2}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2023-01-04T00:00:00"}