Centralnobankarski digitalni novac i monetarna suverenost: komparativna analiza

master's thesis

• Title (english): Central bank digital currency and monetary sovereignty: comparative analysis
• Author: Ela Korbar
• Mentor: Marko Grdešić (mentor)
• Committee member: Marko Grdešić (predsjednik povjerenstva)
• Committee member: Zdravko Petak (član povjerenstva)
• Committee member: Kristijan Kotarski (član povjerenstva)
• Granter: University of Zagreb; The Faculty of Political Science; Zagreb
• Defense date and country: 2023-02-20, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Political Science

Abstract

Napredak digitalnih tehnologija dovodi do transformacija ekonomskih i financijskih sustava. Da bi očuvale monetarni suverenitet i zadržale kontrolu nad opskrbom novca, središnje banke su prisiljene prilagoditi se digitalnoj kunkurenciji i razmotriti opciju izdavanja centralnobankarskog digitalnog novca (CBDC). Uz to, CBDC može olakšati prekogranična plaćanja, no stvara konkurenciju među valutama, a pokretanje CBDC inicijativa može se smatrati korakom prema novom međunarodnom valutnom natjecanju. Ovaj rad ima za cilj analizirati CBDC i njegovog odnosa s monetarnim suverenitetom, kao i potencijalni utjecaj koji može imati na međunarodni monetarni sustav. Istraživačko pitanje ovog rada je: Koji su uzroci izdavanja CDBC-a u Kini, EU i SAD-u, i koje su potencijalne implikacije CBDC-a na globalni financijski sustav? Analiza u ovom radu pokazuje da se ciljevi Kine, Eu i SAD-a da usvoje CBDC drastično razlikuju. Cilj Kine je internacionalizirati svoju valutu prekograničnim korištenjem CBDC-a i time smanjiti ulogu dolara u međunarodnim financijama, cilj EU je postići financijsku i monetarna autonomija eurozone, dok je cilj Sjedinjenih Država zaštiti ulogu američkog dolara kao globalne rezervne valute. Prednost Kine kao “prvog pokretača” potencijalno može zaprijetiti hegemoniji američkog dolara u međunarodnom monetarnom sustavu.

Abstract (english)

The ongoing digitalization of economic and financial systems has brought about significant changes to the way in which money is exchanged and controlled. In light of this, central banks are facing increasing pressure to consider the implementation of central bank digital currencies (CBDCs) in order to maintain monetary sovereignty and control over the money supply. In addition, CBDCs have the potential to improve the efficiency of cross-border payments. However, digitalization raises concerns about increased currency substitution and competition between countries. This thesis explores the relationship between CBDCs and monetary sovereignty and evaluates the potential impacts on the global monetary system. The research question of this thesis is: What are the driving factors behind the implementation of CBDCs in China, the EU, and the USA, and what are the potential consequences of CBDCs on the global financial system? The findings of this thesis suggest that the objectives of China, the EU, and the US in issuing CBDCs are vastly different. The EU's objective is to achieve financial and monetary autonomy within the Eurozone, while the United States objective is to preserve the position of the US dollar as a global reserve currency. On the other hand, China aims to internationalize its currency through CBDCs in cross-border transactions with the ultimate goal of replacing the dollar as a global currency. China's "first mover" advantage has the potential to threaten the hegemony of the US dollar in the global monetary system.

• Keywords: centralnobankarski digitalni novac; monetarna suverenost; prekogranična plaćanja; valutno natjecanje
• Keywords (english): central bank digital currency; monetary sovereignty; cross-boarder payments; currency competition
• Language: croatian
• URN:NBN: urn:nbn:hr:114:092031
• Study programme: Title: Political Science - National security; specializations in: National security; Course: National security; Study programme type: university; Study level: graduate; Academic / professional title: magistar/magistra politologije (magistar/magistra politologije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Closed access
• Created on: 2023-03-17 10:17:32