| Sažetak | Rad se bavio tematikom CBDC-a, tj. digitalnog novca centralnih banaka. Ovaj oblik novca predstavlja elektronički oblik novca, koji bi se mogao koristiti od strane sektora kućanstava i poduzeća u svrhu plaćanja i kao zaliha vrijednosti, a predstavljao bi direktnu imovinu, tj. vlasništvo novca centralne banke. Potencijal CBDC-a je izniman, a u ovom radu je fokus na djelovanju CBDC-a na monetarnu politiku (ponajviše monetarnu politiku ECB-a) te je stoga potrebno bilo postaviti relevantne hipoteze. Cilj je bio utvrditi važnost uspješnog dizajna modela CBDC-a kao i provesti analizu dijelovanja CBDC-a na efikasnost monetarne politike. Prvi dio rada definira i opisuje determinante CBDC-a, njegove prednosti i mane, uz prikaz pojedinih dosadašnjih modela iz prakse. Zbog iznimnog potencijala i mogućeg utjecaja na financijski sektor i monetarnu politiku, predmet je sve većeg broja istraživanja i znanstvenih radova, te mnoge centralne banke razmišljaju o implementaciji ovog oblika novca, u svojim ekonomijama. Za očekivati da će se konkretniji modeli i oblici dizajna CBDC-a pojaviti u narednim mjesecima, međutim neke determinante modela već sada prevladavaju, poput „retail“ modela CBDC-a, kao i „two-tier“ modela. U središnjem dijelu rasprave, analiziraju se glavni modeli i njihovi utjecaji na gospodarstvo i monetarnu politiku. Najvažnije determinante CBDC-a, relevantne za monetarnu politiku, su kamatna stopa na CBDC, kao i uloga banaka (potencijalna dizentermedijacija). U posljednjem poglavlju, fokus prelazi na utjecaj CBDC-a na monetarnu politiku, uz specifičnu analizu na primjeru ECB-ovog digitalnog eura. Zaključak analize je da CBDC pozitivno doprinosi monetarnoj politici, otvarajući potencijalno novi kanal transmisije, te ubrzavajući tranmisijski mehanizam. |
| Sažetak (engleski) | This paper tackles the topic of CBDC – Central Bank Digital Currency, a digital form of central bank currency. This form of money represents an electronic form of money, which could be used for payments and as a store of value by household and business sector, and it would represent a direct asset and ownership of the central bank money. The potential of CBDC is exceptional and this paper specifically focuses on the effects of CBDC on the monetary policy (mostly monetary policy of ECB – European Central Bank), therefore it was necessary to set relevant hypotheses. The goal was to determine the importance of the proper design of CBDC model, as well as analysing the effects of CBDC on the efficiency of the monetary policy. First part of the paper defines and describes the determinants of CBDC, its pros and cons, with the review of the present real-life examples. Because of its great potential and possible implications on the financial sector, it is the topic of a growing number of research and scientific papers, while also being resarched by lots of central banks consider implementing this form of money in their economies. It is expected that more specific models and CBDC designs will show up in the following months, although some determinants of the model are dominant, such as „retail“ CBDC model and „two-tier model“. In the central part of the discussion, main models of CBDC are being analysed, as well as their repercussions on the economy and the monetary policy. The most important determinants of CBDC , relevant for the monetary policy, are CBDC interest rate, as well as bank roles (potential disentermediation). In the last chapter, focus of research turns to the effectse of CBDC on monetary policy, with the specific analysis on the case of ECB's digital euro. The conclusion of the analysis is that CBDC has a positive effect on the monetary policy, by opening a new channel of transmission, as well as increasing the efficiency of the transmission mechanism. |
