国际货币基金组织：评估CBDC对金融稳定的影响（英文版）

How could practitioners assess the domestic financial stability implications of retail CBDC? This chapter identifies six key transmission channels through which CBDC can affect financial stability—either negatively or positively. These channels operate through bank funding and lending, fee income, run risk, information flows, and payment system resilience. This chapter synthetizes findings from existing studies that quantify some of these effects and explores how country-specific characterist