Journal of
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Forum | Papers » Central Bank Digital Currency and financial stability: implications and empirical evidence

Central Bank Digital Currency and financial stability: implications and empirical evidence

Matteo Foglia, Federica Miglietta
January 2026 - n. 1
Keywords: Banche centrali, criptovalute, token, rischio di credito, stabilità finanziaria
Jel codes: E44, E58, F45, G15, G18, G21, G41

Over the last decade, the financial system has faced a deep technological transformation due to the rise of new phenomena, such as blockchain and cryptoassets. In response, several countries have introduced national digital currencies issued and backed by local Central Banks, whilst others (e.g., Ecb) are analysing the implications and challenges of Cbdcs before their introduction. Using a Tvp-Var model, this study aims to assess the effect of Cbdc on financial stability, with a focus on banks' credit risk in Europe, Us, and Asia.

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