مجلة الأصيل للبحوث الاقتصادية والإدارية
Volume 10, Numéro 1, Pages 108-120
2026-04-30

The Impact Of Central Bank Digital Currency On Monetary Policy Stability: A Case Study Of Indonesia



Authors : Hamel Dalila . Ragoub Narimane .

Abstract

This study examines the potential impact of Central Bank Digital Currency (CBDC) introduction on monetary policy stability in Indonesia. A quantitative approach is employed using a Dynamic Stochastic General Equilibrium (DSGE) model and a Vector Autoregression (VAR) model based on macroeconomic data from 2005 to 2022. The results indicate that CBDC adoption may enhance monetary transmission and improve price stability, while posing risks to traditional banking intermediation. The study recommends a tiered remuneration mechanism and an appropriate regulatory framework to ensure financial stability during CBDC implementation in emerging economies.

Keywords

CBDC; ; Monetary policy; ; ; Financial stability ; Indonesia

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