INTERNATIONAL MONETARY FUND

Institute for Capacity Development

Course on Central Bank Digital Currencies
READING LIST

Unit Topic
L–1 Why CBDCs? Motivations, CBDC design and features

BIS, 2018. Annual Economic Report – chapter 5. Cryptocurrencies: looking

beyond the hype.
BIS, 2020. Central bank digital currencies: foundational principles and core
features.
BIS, 2021. Annual Economic Report – chapter 3. CBDCs: an opportunity for the
monetary system
BIS, 2021. Central bank digital currencies: financial stability implications.
BIS, 2022. Annual Economic Report – chapter 3. The future monetary system
Mancini-Griffoli, T, Martinez Peria, M.S., Agur, I., Ari, A., Kiff, J., Popescu, A.,
Rochon, C., 2018. Casting Light on Central Bank Digital Currency. IMF
Discussion Note 18/08, International Monetary Fund.
Soderberg, G. with M. Bechara, W. Bossu, N. Che, S. Davidovic, J. Kiff, I.
Lukonga, T. Mancini-Griffoli, T. Sun, A. Yoshinaga. Behind the Scenes of
Central Bank Digital Currency. Emerging Trends, Insights, and Policy Lessons.
IMF Fintech Notes 2022/004, International Monetary Fund.

L-2 Is there a role for CBDCs?

BIS, 2018. Annual Economic Report – chapter 5. Cryptocurrencies: looking

beyond the hype.
BIS, 2020. Central bank digital currencies: foundational principles and core
features.
BIS, 2021. Annual Economic Report – chapter 3. CBDCs: an opportunity for the
monetary system
BIS, 2021. Central bank digital currencies: financial stability implications.
BIS, 2021. Central bank digital currencies: user needs and adoption

BIS, 2021. Central bank digital currencies: system design and interoperability

BIS, 2022. Annual Economic Report – chapter 3. The future monetary system

Mancini-Griffoli, T, Martinez Peria, M.S., Agur, I., Ari, A., Kiff, J., Popescu, A.,
Rochon, C., 2018. Casting Light on Central Bank Digital Currency. IMF
Discussion Note 18/08, International Monetary Fund.

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L-3 Implications of CBDCs: Benefits, costs, and risks - Part I
BIS, 2018. Annual Economic Report – chapter 5. Cryptocurrencies: looking
beyond the hype.
BIS, 2020. Central bank digital currencies: foundational principles and core
features.
BIS, 2021. Annual Economic Report – chapter 3. CBDCs: an opportunity for the
monetary system
BIS, 2021. Central bank digital currencies: financial stability implications.
BIS (Committee on Payments and Market Infrastructures, Markets Committee),
2018. Central bank digital currencies.
BIS, 2022. Annual Economic Report – chapter 3. The future monetary system
Mancini-Griffoli, T, Martinez Peria, M.S., Agur, I., Ari, A., Kiff, J., Popescu, A.,
Rochon, C., 2018. Casting Light on Central Bank Digital Currency. IMF
Discussion Note 18/08, International Monetary Fund.

L-4 Implications of CBDCs: Benefits, costs, and risks - Part II

BIS, 2018. Annual Economic Report – chapter 5. Cryptocurrencies: looking
beyond the hype.
BIS, 2020. Central bank digital currencies: foundational principles and core
features.
BIS, Annual Economic Report 2021 – chapter 3. CBDCs: an opportunity for the
monetary system
BIS, 2021. Central bank digital currencies: financial stability implications.
BIS, 2021. Central bank digital currencies: user needs and adoption

BIS, 2022. Annual Economic Report – chapter 3. The future monetary system
Bank of England, 2020. Discussion Paper: Central Bank Digital Currency
FATF (2020), FATF Report to the G20, FATF, France
www.fatf-gafi.org/publications/virtualassets/documents/report-g20-so-called-
stablecoins-june-2020.html
Mancini-Griffoli, T, Martinez Peria, M.S., Agur, I., Ari, A., Kiff, J., Popescu, A.,
Rochon, C., 2018. Casting Light on Central Bank Digital Currency. IMF
Discussion Note 18/08, International Monetary Fund.

Soderberg, G. with M. Bechara, W. Bossu, N. Che, S. Davidovic, J. Kiff, I.

Lukonga, T. Mancini-Griffoli, T. Sun, A. Yoshinaga. Behind the Scenes of
Central Bank Digital Currency. Emerging Trends, Insights, and Policy Lessons.
IMF Fintech Notes 2022/004, International Monetary Fund.

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L-5 CBDC Implications for Cross-Border Payments and Capital Flows
BIS Report to the G20, July 2021, Central bank digital currencies for cross border
payments

IMF Policy Paper, October 2020, Digital money across borders: macro-financial
implications

Sebastian Edwards, November 2021, Central Bank Digital Currencies and the
emerging markets: the currency substitution challenge, NBER Working Paper
Series

Raphael Auer, Codruta Boar, Giulio Cornelli, Jon Frost, Henry Holden, and
Andreas Wehrli, June 2021, CBDCs beyond borders: results from a survey of
central banks, BIS Papers, No116

Codruta Boar and Andreas Wehrli, January 2021, Ready, steady, go? – Results of
the third BIS survey on central bank digital currency, BIS Papers, No 114

BIS Committee on Payments and Market Infrastructures, July 2020, Enhancing

cross-border payments: building blocks of a global roadmap: stage 2 report to the
G20

Financial Stability Board, October 2020, Enhancing Cross-border Payments: Stage

3 roadmap

BIS, 2021. Annual Economic Report, CBDCs: an opportunity for the monetary
system

BIS, 2022. Annual Economic Report – chapter 3. The future monetary system

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