From private banknotes to base money: lessons from Sweden for CBDCs

Clicks: 14
ID: 333854
2026
Free PDF
Article Quality & Performance Metrics
Overall Quality
Not rated
Combines reader engagement with the AI quality analysis. This article has not been analysed, so there is no overall score — reader engagement is measured and shown alongside.
AI Quality Assessment
Not analyzed
Readership in this journal
Emerging

Ranked #22 of 24 articles by views in oxford economic papers-new series

Most read Least read

Bar heights use a square-root scale.

Mint this article as an NFT
Not yet minted

Create a permanent, verifiable on-chain record of this article on the Scimatic Network. The NFT is held in your Journament account, and you can withdraw it to your own wallet at any time.

5 SUSD one-off · no wallet required
Sign in to mint
Abstract
Abstract The main financial stability concern surrounding the issuance of central bank digital currency (CBDC) is that it may encourage a shift of deposits away from commercial banks and, particularly during periods of stress, contribute to bank runs. A proposed policy response to such deposit outflows is so-called pass-through funding, whereby the central bank compensates banks for lost liabilities by extending credit to commercial banks. Drawing on a historical parallel, this paper shows that such a mechanism can generate unintended credit creation, thereby increasing rather than reducing financial instability. The analysis highlights the risks associated with CBDC issuance, not only through potential strains on central bank balance sheets but also through increased vulnerabilities within the banking sector.
Reference Key
openalex_W7223450424 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Anders Ögren
Are you one of these authors? Claim your profile
Journal oxford economic papers-new series
Year 2026
DOI
10.1093/oep/gpag036
URL
https://doi.org/10.1093/oep/gpag036
Keywords Keywords not found

Citations

No citations found. To add a citation, contact the admin at info@scimatic.org

Comments

No comments yet. Be the first to comment on this article.