Research in International Business and Finance 62 (2022) 101737

Contents lists available at ScienceDirect

Research in International Business and Finance

journal homepage: www.elsevier.com/locate/ribaf

Central Bank Digital Currencies: Agendas for future research

Ratikant Bhaskar a, 1, Ahmed Imran Hunjra b, c, 2, Shashank Bansal a, 3, Dharen
Kumar Pandey d, *, 4
a
Indian Institute of Technology (Indian School of Mines), Dhanbad, India
b
Rabat Business School, International University of Rabat, Morocco
c
Department of Business Administration, Ghazi University, Dera Ghazi Khan, Pakistan
d
P. G. Department of Commerce, Magadh University, Bodhgaya, India

A R T I C L E I N F O A B S T R A C T

JEL classifications: We use the bibliometric and content analysis of 174 documents retrieved from the Scopus
E51 database to present the publication trends in Central Bank Digital Currencies (CBDCs) since 2018
E52 and highlight the top publishing source with the most contributing authors in their affiliated
E58
countries. While showing influential studies, important themes covered to date, and the intel­
Keywords: lectual structure of the CBDC literature, we present recent research trends, gaps, and future
CBDC
research agendas in this domain. Research curiosity on the systematical framework, significance,
Bibliometric analysis
and structural implication of CBDC as a structural shift in the digitization of the monetary system
Content analysis
Cryptocurrency are major propellants. CBDCs have far-reaching implications for monetary and payment systems,
Bitcoin and their development could pave the way for a global common currency. Researchers are making
significant efforts to investigate how CBDCs are linked to international trade and assets, partic­
ularly cryptocurrencies. There is much room for theoretical development, contextual coverage,
and methodology contributions.

1. Introduction

The literature on central bank digital currencies (CBDCs) on the Scopus database has grown significantly in recent years. We find
researchers exploring many aspects of the economic and financial consequences of the CBDCs. While literature can never get exhausted
in any area, research on CBDCs is nascent, and the bibliometric analysis is expected to explore the agendas for future research. The use
of CBDCs and the economy’s size will impact the domestic currency’s role (Goodell and Shen, 2021). While technological advance­
ments empower digital platforms, the economic, social, political, ethical, and environmental factors impact the implementation of
CBDCs. Concomitantly, while stigmatizing the limits of globalization, the unprecedented global pandemic has spurred the emergence
of digital currencies. The global pandemic followed by the Russia-Ukraine war raises serious concerns about rising inflation and the
shifts in the global market nodes. It is apposite to highlight that while digital currencies can engender international trade, the digital

* Corresponding author.
E-mail addresses: [email protected] (R. Bhaskar), [email protected] (A.I. Hunjra), [email protected] (S. Bansal), dharenp@
gmail.com (D.K. Pandey).
1
ORCID: https://orcid.org/0000-0001-9045-8725
2
ORCID: https://orcid.org/0000-0002-7272-3684
3
ORCID: https://orcid.org/0000-0001-5116-6439
4
ORCID: https://orcid.org/0000-0002-0030-1781

https://doi.org/10.1016/j.ribaf.2022.101737
Received 30 May 2022; Received in revised form 16 July 2022; Accepted 10 August 2022
Available online 17 August 2022
0275-5319/© 2022 Elsevier B.V. All rights reserved.
R. Bhaskar et al. Research in International Business and Finance 62 (2022) 101737

currencies of more significant economies also threaten the dollar’s global dominance (Howell and Potgieter, 2021; Jia et al., 2021; Le
et al., 2021).
Economies worldwide suffered due to the natural catastrophe, also called the black swan, the COVID-19 pandemic (Goodell, 2020;
Pandey and Kumari, 2021), and yet another human-borne catastrophe, the Russia-Ukraine war (Abbassi et al., 2022; Boubaker et al.,
2022; Boungou and Yatié, 2022). While the economists are concerned about devising policies for economic growth, governments stress
their successful implementation. Effective monetary and payment systems are mandatory to implement economic policies successfully.
For instance, the governments came up with several financial supports during the pandemic-led lockdowns, with most governments
targeting a direct benefit transfer to households (Ashraf, 2020; Famiglietti and Leibovici, 2022). Another example that indicates the
importance of CBDCs is the US Treasury’s distribution of 1.4 billion USD as stimulus checks to more than a million deceased, and even
most of the unbanked households could not cash these funds for months (Deloitte, 2020). This reveals the inefficiency of the existing
payment system and calls for the immediate implementation of CBDCs. The social distancing measures became easy with the central
banks, on behalf of the government, able to transfer digital currencies to households and businesses. While CDBCs could engender
flexibility in economic policies, domestic issuance of CBDCs creates irregularities in the international monetary system (Fernán­
dez-Villaverde et al., 2021). While Bahamas, China, and Nigeria are already pioneers on the list of countries to have issued CBDCs, and
emerging nations like India and Russia have announced its implementation, most developed nations, including the United Nations and
the United Kingdom, Mexico, and Canada, the concept is yet under consideration.5 CBDCs still have a long way to go. However, the
publication trend of the CBDC literature reveals a significant rise from 34 documents in 2020 to 80 documents in 2021, indicating the
escalated debate given the persistence of the COVID-19 pandemic.
The available literature on CBDCs ranges from discussions on the technological infrastructure (Agur et al., 2022; Allen et al., 2022;
Zhang and Huang, 2021) and its impacts on the financial system (Chen and Siklos, 2022; Shen and Hou, 2021; Wang et al., 2022), to
threats associated with CBDCs (Aysan and Kayani, 2022; Fegatelli, 2022; Fernández-Villaverde et al., 2021; Williamson, 2021). While
the literature on CBDCs is expected to grow significantly in time, we are concerned with exploring (1) the areas on which contemporary
studies are focused and (2) the scant areas on which future research should focus. With most economies yet to adopt digital currencies,
researchers need some future research directions, and our study sets out to do so. This study set out to present the present trend of
CBDC literature. However, in particular, we focus on the publication trends in CBDCs across journals, subject areas, authors, author’s
affiliated country, and study type. We also list influential studies and important themes covered to date. In addition to presenting the
intellectual structure of the CBDC literature, we present recent research trends, gaps, and future research agendas in this domain.
Previous literature also evidences a small amount of literature review publications around CBDCs on various topics. A list of these
review papers is provided in Table 1. Generally, reviews are related to a specific topic and aim for a multidimensional analysis of that
specific topic. Of the eight available reviews, six focused primarily on technical participation in fintech, blockchain, and digital
currency. In addition, the other two studies talk about the adoption of CBDCs in offline transactions (Chu et al., 2022) and the primary
function and the relative position of CBDCs to traditional central bank currencies in the current digital age (Ozili, 2022).
Moreover, the literature review of CBDCs in Ozili (2022) has set out two key points, one on the different themes of CBDCs and the
other on the critical and controversial aspects of CBDCs. However, the selection of themes is not based on scientific technique and
seems fundamentally weak and points towards scientifically doing thematic analysis. Therefore, no literature review has yet aimed to
cover the broadest range of CBDCs from the scientific method. Therefore, combining quantitative and qualitative methods is extremely
useful in compiling the existing literature on CBDCs in such a digital landscape and providing insight for further study. Hence, this
study is the first systematic review-cum-bibliography analysis of CBDCs to promote stability and growth of the entire economic and
monetary system.
The remaining part of this paper is as follows. Section 2 describes the data and the detailed methodology followed. Section 3
presents the results and discusses and reasons the relevance of the findings. The final section, while presenting the future research
agendas, concludes.

2. Data and methodology

Scopus database is the world’s largest abstracting and indexing database and updates daily and is comparatively more up-to-date
with trending topics such as the web of science, which updates weekly (Burnham, 2006; de Moya-Anegón et al., 2007). Moreover,
sufficient literature published in reputed journals uses the Scopus database for bibliometric and content analysis (Bhaskar and Bansal,
2022; Goodell et al., 2021; Patel et al., 2022). We collect the bibliographic data of documents published on Central Banking Digital
Currency (CBDC) from the Scopus database. The data from 2018 to 2022 are available for analysis.6
Given the Scopus database, the literature on CBDCs began in 2018, indicating that CBDCs have recently attracted the researchers’
interest. The term "CBDC" or "Central Banking Digital Currency" are most frequently used in literature. Therefore, we use these key
terms for our search key terms. We limited our search to abstract, title, and author keywords and retrieved 567 documents. We further
refined the search and limited it to articles available in English, resulting in 416 articles. In next-level filtration, we limited our search
to specific subject areas (see Fig. 1) relevant to CBDC research and retrieved 269 articles. To improve the reliability of our data set, we
used content analysis to remove irrelevant articles from the abstract, title, and author keywords. Our final sample includes 174 articles,

5
Under consideration means that the central bank of these countries is either engaged in pilot testing (Canada) and/or engaging research/dis­
cussions on the feasibility of CBDCs (Canada, US, UK, Mexico).
6
The data used in the analysis is up to May 2022.

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Table 1
Summarization of CBDC review articles.
Title Authors Review Domain

Fintech and Financial Inclusion in Southeast Asia and India (Morgan, 2022) An overview of cryptocurrency and future agendas of
cryptocurrency.
A Review of Blockchain in Fintech: Taxonomy, Challenges, and (Nelaturu et al., 2022) Review article of system and connection of blockchain and
Future Directions fintech.
Review of Offline Payment Function of CBDC Considering Security (Chu et al., 2022) Deals with security matters involved in using offline
Requirements payment function with CBDC.
Central bank digital currency research around the world: a review (Ozili, 2022) Discusses the basic functionality and comparability of
of literature CBDCs with the traditional monetary system.
Cryptocurrencies and blockchain. Overview and future perspectives (Sebastiã et al., 2021) About the history and features of cryptocurrency with its
challenges and benefits.
A cross-sectional review of blockchain in Thailand: Research (Pongnumkul et al., 2021) Review of blockchain technology adoption in Thailand
literature, education courses, and industry projects
The Rise of Digital Money (Adrian and The emergence of benefits and challenges in the adoption of
Mancini-Griffoli, 2021) digital money.
Technology v Technocracy: Fintech as a Regulatory Challenge (Omarova, 2020) Report on the evolution of fintech in the monetary system.

Note: This table presents the overview of review articles published on CBDC with their title, authors, and their central theme.

of which 166 are empirical papers and eight are review articles.
However, some topics appear in the database under different names. For instance, the database shows Central Banking Digital
Currency or CBDC, and Cryptocurrency or Cryptocurrencies as different topics. Thus, we clean the data by replacing similar kinds of
terms with a universal term to avoid discrepancies in the dataset. Similarly, to ensure the reliability of bibliographic meta-data for our
analysis we also clean the data and counter the discrepancies. Fig. 2.
The bibliometric analysis examines the bibliographic meta-data scientifically (Zupic and Čater, 2015). Bibliometric analysis has
two phases7: (1) descriptive and (2) network analysis. While the descriptive study provides the citation pattern, average citations, and
publication pattern, the network study explores the connections between authors, institutions, and countries and highlights the in­
stitutions and countries that contribute the most. Additionally, network analysis discovers research themes to build networks and
clusters of co-citation, coupling, and word co-occurrence in the literature. Since science mapping can be done using a thorough and
dependable approach provided by R studio (Aria and Cuccurullo, 2017). Concomitantly, the VOS viewer is efficient and advanced in
visualization analysis (van Eck and Waltman, 2010) and makes it easy to interpret. In addition, Gephi has convenient and editable
features for visualizing network and page rank analysis (Kumar et al., 2020). We use Gephi, R Studio, and VOS Viewer collectively in
the study to analyze data and present findings.

3. Results and discussion

3.1. Descriptive analysis

The descriptive analysis of CBDC literature evidences the publication of 174 articles between 2018 and 2022. Among 174 articles,
166 are empirical articles and eight review articles. Therefore, 174 published publications are considered for the analysis, and as per
the Scopus database, the CBDC literature received 598 citations between 2018 and 2022, showing an increase in citations trend (3.44
citations per document).

3.1.1. Citation and Publication

With four articles in 2018, the publications grew to 20 in 2019, and this growth pattern has persisted throughout time. The
publishing and citation trends of CBDC literature are compiled in Table 2, and the publication trends are visually depicted in Fig. 3. We
observe 400% (20) growth in CBDC literature from 2018 to 2019. In the following year (2020), despite the massive impact of COVID-
19, maintain the growth rate (7%) in publication. In 2021, the pace of CBDC literature accelerated at a 135% growth rate and pub­
lished 80 articles. We find 36 articles published within five months of 2022. Table 2 also shows the impressive citation trend of CBDC
literature. The number of citations for CBDC literature has steadily increased from 37 in 2018 to 171, 169, 205, and 16 in 2019, 2020,
2021, and 2022, respectively. The citation trend of CBDC literature shows impressive growth statistics of 8.37 citations per year in
2018 and 50, 69.83, 144.37, and 38.09 citations per year in 2019, 2020, 2021, and 2022, respectively. Furthermore, from 2018 to
2022, 108 publications received citations, which equals 62% of the total publication. About 59.78% (104) publications received at
least ten citations, and 54% (94) received at least 15 citations. The citation and publication trend shows CBDC as a growing trend in
research and its contribution to academics, particularly in economics and finance.

3.1.2. Prolific authors and their countries

The essential bibliographic information for the topic area includes the most influential researchers and their affiliations. The top 20

7
Fig. 2 presents a better visualization.

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Fig. 1. Flow chart of retrieving final sample articles.

researchers are included in Table 3, along with their publications, citations, and several significant indexes. With 41 citations on four
publications within two years, Alonso SLN has received the most citations of any author. With an h-index of 4, the average number of
citations per publication is 11.25, indicating that at least four of Alonso SLN’s publications have received at least four citations. Alonso
SLN also has a g-index of 4, indicating that four articles have collectively been cited at least 16 times. In addition, Alonso SLN has an m-
index of 1.33, which represents the ratio of the h-index to the number of years an author has been actively publishing. Lee J is second
with four articles with seven citations and h, g, and m-indices of 2, 2, and 1, respectively.
Table 4 represents the top 20 countries affiliated with the CBDC authors. With 28 publications and 80 citations, the United States
tops the list, followed by the United Kingdom (17 publications and 47 citations). Italian publications receive an average of 11 citations
each, placing it at the top of the list. Switzerland comes in second place with 7.5 citations per article. The CBDC requires a robust cyber
security governance mechanism. According to the International Telecommunication Union (ITU), the United States is top in cyber
security, followed by the United Kingdom. The affiliation results show the high cyber-secure country leading research zone on CBDC.
However, the analysis sheds light on the less secured countries and suggests exploring their challenges and solutions for CBDC.

3.1.3. Citations and citation network analysis

The citation number indicates how many times a given document has been cited over time. Documents cited more frequently are
thought to be more effective and productive than those cited less often. The most effective way to assess the significance of a research
paper is through citation analysis (Aksnes, 2003). We used VOS Viewer and Gephi to analyze a citation network of 174 articles to find
the most influential articles on CBDCs. The citations from the 174 articles on CBDC in Fig. 4 represent the network. The size of the
nodes is proportional to their citation, and the line between nodes is proportional to the link strength of the citation between articles.
The citation analysis of these articles revealed that 76 of them referenced other studies in the network.
Table 6 shows the 20 most frequently cited articles on CBDCs between 2018 and 2022, both locally and globally. The number of
times other works have cited an article in all databases, including other fields and research areas, is a global citation. Local citations
indicate the number of times other papers within sample studies have cited a paper. Based on global citations, (Brunnermeier and
Niepelt, 2019) topped the list with 28 citations, followed by (Yao, 2018) with 15 citations and (Alonso et al., 2020b) with 13 citations.
Coming to local citations, Brunnermeier and Niepelt (2019) with 17 citations, Alonso et al. (2020b) with eight citations, and

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Fig. 2. Flow chart of the bibliometric review.

Table 2
Publication and citation trend.
Year Publications Cited Publication Citation

2018 4 4 37
2019 20 18 171
2020 34 24 169
2021 80 52 205
2022 36 10 16
Total 174 108 598

Notes: The table shows the yearly publication trend of CBDC. This table also contains total publication (TP), total citations
(TC), and Total cited publication (TCP).

Fig. 3. Publication and citation trend. Notes: Publication and citation trend on CBDC from 2018 to 2022 (up to May) taken from Scopus database.

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Table 3
Top contributing authors.
Author h_index g_index m_index TC NP PY_start

ALONSO SLN 4 4 1.333 41 4 2020

LEE J 2 2 1 7 4 2021
BELKE A 2 3 0.667 9 3 2020
BERETTA E 2 3 0.667 9 3 2020
FORRADELLAS RFR 3 3 1 28 3 2020
KOCHERGIN DA 1 2 0.25 7 3 2019
MILKAU U 1 2 0.2 6 3 2018
BIRCH DGW 1 1 0.333 1 2 2020
BOSSONE B 1 1 0.333 2 2 2020
BUCKLEY RP 1 1 0.5 3 2 2021
CHORZEMPA M 1 2 0.5 4 2 2021
DIDENKO AN 1 1 0.5 3 2 2021
ECHARTE FERNÁNDEZ MÁ 1 2 0.5 6 2 2021
JANG H 2 2 1 7 2 2021
JORGE-VAZQUEZ J 2 2 0.667 22 2 2020
LEE Y 2 2 1 7 2 2021
MASCIANDARO D 1 2 0.2 11 2 2018
NÁÑEZ ALONSO SL 1 2 0.5 6 2 2021
NIEPELT D 2 2 0.5 36 2 2019
SHELEPOV A 1 1 0.5 1 2 2021

Notes: This table shows the top 20 most contributing authors in terms of the number of publications (NP). This table contains publications, total
citations (TC), and authors’ h-index, g-index, and m-index.

Table 4
Top affiliated contributing countries.
Country Documents Citations

United States 28 80
United Kingdom 17 47
China 16 75
Germany 16 68
Russian Federation 12 40
South Korea 11 16
Spain 10 68
France 8 17
Italy 8 88
Canada 6 14
Switzerland 6 45
Austria 5 17
Netherlands 5 2
Australia 4 5
Luxembourg 4 11
Hong Kong 3 12
Japan 3 7
Portugal 3 5
Belgium 2 4
Croatia 2 0

Notes: This table presents the top twenty countries of the author’s affiliation. It also presents
the total published documents and total citations.

Fernández-Villaverde et al. (2021) with eight citations, are the most significant articles pioneering future research on CBDCs. The
natural difference between global and local citations shows that the CBDC domain has implications for other disciplines. When global
and local citations are taken together, (Brunnermeier and Niepelt, 2019), (Alonso et al., 2020b), and (Fernández-Villaverde et al.,
2021) are the most prominent articles in the CBDC literature.
Brunnermeier and Niepelt (2019) study the equilibrium position on swaps between public and private money without affecting the
price system and find that CBDCs are not causing financial instability and credit crunch. They find that private equity of public money
combined with pass-through funding by central banks does not infer a credit crunch or threaten financial stability. Concomitantly,
(Alonso et al., 2020b) review the reasons for promoting or discouraging the implementation of CBDCs. Citation analysis reflects the
development stage of CBDCs, and the literature explores supporting evidence for CBDCs, indicating the need for a more comprehensive
investigation.

3.1.4. Publication outlet

The 174 publications analyzed in this study have appeared across 98 different journals. We present a list of the most significant

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Fig. 4. Citation Network Diagram on CBDCs. Notes: This figure shows the CBDC citation networks using Gephi based on citations with at least one
citation threshold.

(top-20) journals publishing CBDC studies in Table 5. The top 20 journals published 47.12% (82) of the sample articles. With 21
articles, the Journal of Payments Strategy and Systems is the most significant contributing platform, followed by Cato Journal with
eight articles. CBDC’s economic and financial standing justifies its inclusion in these journals. However, Table 5 also shows that among
the top contributing journals, 13 journals (46 documents) are in the first and second quartiles of Scimago Journal Ranking (SJR), and
only six journals (17 documents) are ranked B and above in the ABDC Journal Quality List, indicating the lack of CBDC literature in
other indexed outlets. Of 174 sample documents, 25 and 44 are published in journals ranked ’A and above’ and ’B and above,’
respectively. Fig. 5 shows that the subject matter of CBDCs is not only related to economics, econometrics, and finance but also in areas
such as social science, computer science, environmental science, engineering, and psychology. It shows that the subject is
multidisciplinary.
Interestingly, there is a paucity of research in other fields, particularly psychology, energy, arts and humanities, and Earth and
planetary sciences. There is extensive research about the economic importance of CBDCs and more related to digital currency and
networks. The relevance of CBDCs in the effective functioning of monetary policy of the economy, in general, is much highlighted.
However, the lack of behavioral studies on CBDCs may be a reasonable argument for the lack of studies in psychology. We find scant
CBDC literature in Psychology, Energy, Arts and Humanities, and Earth and Planetary Sciences. Research on CBDCs in developing
countries is thought-provoking due to vast socio-economic asymmetries, less governed financial systems, and basic literacy levels.

3.1.5. Page rank analysis

Citations measure an article’s popularity, and Page Rank analysis measures its reputation. Page Rank shows how many times highly
cited articles have cited an article. Citations alone cannot establish that a highly referenced paper is also reputable. (Brin and Page,
1998) first introduced PageRank as a combined standard of eminence and prestige. PageRank is used to prioritize web pages when

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Table 5
List of top 20 most contributing journals.
Journal Name Document Citations SJR (Quartile) ABDC Ranking

Journal of Payments Strategy and Systems 21 27 Q3 N/A

Cato Journal 8 4 Q2 N/A
China Economic Journal 6 29 Q1 N/A
IEEE Access 4 24 Q1 N/A
Journal of Banking Regulation 4 8 Q3 C
Journal of Monetary Economics 4 34 Q1 A*
Sustainability (Switzerland) 4 23 Q1 N/A
Accounting, Economics and Law: A Convivium 3 9 Q2 B
Finance: Theory and Practice 3 9 Q3 N/A
Future Internet 3 4 Q2 N/A
Journal of Central Banking Theory and Practice 3 21 Q3 N/A
Journal of Economic Dynamics and Control 3 20 Q1 A*
Journal of Financial Stability 3 2 Q1 A
Wirtschaftsdienst 3 2 Q3 N/A
Applied Sciences (Switzerland) 2 2 Q2 N/A
EC Tax Review 2 1 Q2 B
Electronic Commerce Research and Applications 2 13 Q1 C
Ikonomicheski Izsledvania 2 2 Q3 N/A
International Journal of Central Banking 2 9 Q1 A

Notes: This table lists the top 20 journals which frequently cite and publish CBDC literature consisting of a total citation, total publication, Quartiles
based on Scimago Journal Rank (SJR), and ABDC ranking.

Fig. 5. Number of articles published across discipline.

searching on Google. It can also be used to measure engagement in citation networks in bibliometric research. For example, paper X is
referenced by another paper Y1, Yn, and paper Y references C(Yi). The page rank of paper X is represented by PgR(X) in a network of N
number of papers (Goyal and Kumar, 2021), whose mathematical form is in Eq. (1).
( )
1 − df PgR(Y1 ) PgR(Yn )
PgR(X) = + df + …+ (1)
N C(Yn ) C(Yn )

where ’df,’ the damping factor, takes values between 0 and 1. It shows the proportion of arbitrary iterations being broadcast with
citations. However, the value of ’df’ is established in the Google algorithm based on the assumption that "a web surfer follows six
hyperlinks before starting a new search." According to the probability distribution, the sum of all the papers’ page ranks equals 1.
Table 6 shows the top papers based on PageRank. Comparing papers in terms of citation count and PageRank, we find contrasting
results. When comparing the top 20 articles, we find that only five articles (Alonso et al., 2020a), (Lee, Yan, and Wang, 2021),
(Dashkevich, Counsell, and Destefanis, 2020), and (Yao, 2018) out of 20 highly cited articles are among the top 20 articles based on
PageRank. The top 5 articles in terms of PageRank are (Wang et al., 2022), (Agur, Ari, and Dell’Ariccia, 2022), (Allen, Gu, and Jagtiani,
2022), (Nelaturu, Du, and Le, 2022), and (Alonso et al., 2021). We discover that the highest contributing literature, based on page rank
and citation analysis, is investigating the impact of CBDC on economies and their structures, such as ’Fintech, Cryptocurrencies, and
CBDC: Financial Structural Transformation in China", "A digital currency architecture for privacy and owner-custodianship," "On the
equivalence of private and public money."

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Table 6
Top publications based on citations and page rank.
Document Year Local Global Document PageRank
Citations Citations

(Brunnermeier and Niepelt, 2019) 2019 17 28 (Wang et al., 2022) 0.186447

(Yao, 2018) 2018 5 15 (Agur, Ari, and Dell’Ariccia, 2022) 0.036942
(Alonso et al., 2020a) 2020 8 13 (Allen, Gu, and Jagtiani, 2022) 0.030102
(Fernández-Villaverde et al., 2021) 2021 8 13 (Nelaturu, Du, and Le, 2022) 0.026096
(Alonso, Jorge-Vazquez, and Forradellas, 2021 7 11 (Alonso, Jorge-Vazquez, and Forradellas, 0.022656
2021) 2021)
(Alonso et al., 2020a) 2020 6 11 (Radic et al., 2022) 0.022331
(Barrdear and Kumhof, 2021) 2021 6 10 (Zhang et al., 2021) 0.021376
(Bindseil, 2019) 2019 4 10 (Huibers, 2021) 0.020254
(Dashkevich, Counsell, and Destefanis, 2020) 2020 3 9 (Lee, Yan, and Wang, 2021) 0.018026
(Lee, Yan, and Wang, 2021) 2021 5 8 (Luo et al., 2021) 0.016945
(Qian, 2019) 2019 3 8 (Zhang and Huang, 2021) 0.016904
(Nabilou, 2020) 2020 2 8 (Ozili, 2022) 0.016592
(Niepelt, 2020) 2020 2 8 (Dashkevich, Counsell, and Destefanis, 2020) 0.015805
(Davoodalhosseini, 2021) 2021 4 7 (Cunha, Melo, and Sebastião, 2021) 0.012331
(Kochergin and Yangirova, 2019) 2019 2 6 (Milkau, 2021) 0.011741
(Náñez Alonso et al., 2021) 2021 2 6 (Cunha, Melo, and Sebastião, 2021) 0.011516
(Fernández-Villaverde et al., 2021) 2021 2 6 (Solberg Söilen and Benhayoun, 2022) 0.011516
(Khiaonarong and Humphrey, 2019) 2019 4 5 (Yao, 2018) 0.011292
(Opare and Kim, 2020) 2020 2 5 (Larina and Akimov, 2020) 0.011292
(Tong and Jiayou, 2021) 2021 2 5 (Kochergin and Yangirova, 2019) 0.011292

Notes: This table presents the publishing year and the local and global citations. The table shows the top article on the CBDCs published from 2018 to
2022 (up to May). The table also presents the page ranks.

3.2. Bibliometric, network, and content analysis

3.2.1. Keyword analysis

According to Prashar and Sunder (2020), the author’s keywords epitomize the theme of the research articles. We use the VOS
Viewer and Gephi to analyze the keywords and filter the most prominent themes in the CBDC. The analysis identifies 35 keywords with
at least three occurrences in 174 papers. Table 7 shows the top keywords used in CBDC research based on occurrences and page rank.
With 90 occurrences, the keyword ’CBDC’ is the most frequently used, indicating that CBDC alone is used in the literature as a concept.
The occurrence pattern is followed by "Cryptocurrency," "Digital Currency," "Blockchain," and "Central Bank," with 36, 31, 23, and 19
occurrences, respectively. After comparing the result of occurrences with page rank, we find similar differences encountered in section
3.5. The page rank analysis shows privacy is the most concerned keyword in CBDC research, with a 0.09003 rank score. The other most
concerning keywords in CBDC research are "Stablecoins," Smart Contract," and "Monetary Policy." The page rank analysis indicates the
hotspot of CBDC research and shows that the researchers are focused on structural and economic stability in the digital coins era.
Fig. 6 shows an illustrated orientation of the most prominent keywords used in the CBDC literature based on occurrences. Nodes are

Table 7
Top keywords.
Keywords Occurrences Keywords PageRank

CBDC 90 Privacy 0.08347

Cryptocurrency 36 Retail Payments 0.083088
Digital Currency 31 Stablecoins 0.076021
Blockchain 23 Smart Contract 0.071923
Monetary Policy 18 Monetary Policy 0.050992
Distributed Ledger Technology 14 Money Demand 0.050039
Stablecoins 12 Payment System 0.047789
Bitcoin 11 Security 0.037855
Fintech 11 Payments 0.03579
Central Bank 10 Money 0.027367
Central Banks 9 Money Creation 0.027035
Payment System 9 Negative Interest Rates 0.022651
Privacy 8 Fintech 0.021549
Digital Euro 7 Digital Currency 0.020044
Money 7 Fiat Currency 0.019473
Banking 6 Cryptocurrency 0.018166
Cash 6 Libra 0.01803
Financial Stability 6 Network Effects 0.016885
Financial Inclusion 5 International Monetary System 0.016499
Monetary System 5 Financial Stability 0.016101

Notes: This table shows the most prominent keywords in the CBDC literature with threshold three based on occurrence and page rank analysis.

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Fig. 6. Network of keyword co-occurrence on CBDCs. Notes: The figure after the keywords indicate the number of times these keywords appeared
with the other keywords in this analysis.

in proportion to the occurrences, and the lines between nodes are proportional to the strength of the link, showing networks between
keywords. Moreover, the font size of the themes is proportionate to the page rank of the themes. CBDC affirms the central theme by
showing its penetration in all 34 themes with 34 links and the most prominent nodes. We find that "Retail Payments" and "Stablecoins,"
"Payment System," "Privacy," "Smart Contract," and "Money Demand" are the most prestigious themes in CBDC research.
Moreover, "Digital Currency," Cryptocurrency," "Central Bank," and "Distributed Ledger Technology" are most connected within the
network. The outcomes of the keyword analysis reveal less explored and connected themes such as "Libra," "Security," "Prototype
System," "Money Creation," and "Negative Interest Rate." Moreover, the network analysis shows that unconnected keywords should be
explored in future research.

3.2.2. Co-occurrence analysis

Co-occurrence refers to the frequency of occurring keywords together by another paper (Callon, Courtial, and Laville, 1991; Small,
1973). We use the co-occurrence analysis to discover the intellectual association between the most influential themes in CBDC
research. The more frequently two keywords co-occur, the more similar they are in the research context (Chen et al., 2016). The study’s
sample size is 174 articles, and the theme CBDC appeared in the research domain in 2018. Hence, following (Patel et al., 2022), we
consider three times keywords occurrence and retrieve 35 keywords that occur together.

3.2.3. Thematic mapping and clustering

According to (van Eck and Waltman, 2010), nodes in a network can be clustered so that the weight of edges between cluster nodes is
greater than that of nodes in other clusters. The keywords in the same cluster share a common theme and differ thematically from those
in other clusters. A thematic analysis of the co-occurrence network is possible through clustering (Callon et al., 1991; Donthu et al.,
2021; Goodell et al., 2021). In social network analysis, the modularity mechanism has been widely used to compare the density of links
within and outside clusters. VOSviewer uses a unified approach (Waltman, van Eck, and Noyons, 2010), as in Eq. (2).

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Table 8
Cluster-wise keyword occurrences in documents.
Cluster 1 Cluster 2 Cluster 3

Keywords Occ. Keywords PR Keywords Occ. Keywords PR Keywords Occ. Keywords PR

Cryptocurrency 36 Stablecoins 0.087 CBDC 90 Privacy 0.090 Digital Currency 31 Negative Interest Rates 0.023
Monetary Policy 18 Payment System 0.067 Blockchain 23 Smart Contract 0.078 Central Bank 19 Digital Currency 0.021
Payment System 14 Retail Payments 0.065 Distributed Ledger Technology 14 Money Demand 0.051 Monetary System 8 Monetary System 0.019
Stablecoins 12 Monetary Policy 0.055 Fintech 11 Security 0.041 Digital Euro 7 Digital Euro 0.017
Bitcoin 11 Money 0.029 Privacy 8 Fintech 0.024 Cash 6 Central Bank 0.016
Money 7 Fiat Currency 0.022 Financial Intermediation 4 Money Creation 0.021 Negative Interest Rates 3 Cash 0.013
Banking 6 Libra 0.020 Security 4 Network Effects 0.019
11

Financial Stability 6 Cryptocurrency 0.019 Anonymity 3 Distributed Ledger Technology 0.017

Financial Inclusion 5 Financial Stability 0.018 Money Creation 3 CBDC 0.016
Cryptoasset 4 Electronic Money 0.017 Money Demand 3 Prototype System 0.015
Digital Money 4 Digital Money 0.016 Network Effects 3 Financial Intermediation 0.014
China 3 Financial Inclusion 0.016 Prototype System 3 Blockchain 0.013
Electronic Money 3 Cryptoasset 0.014 Smart Contract 3 Anonymity 0.011
Fiat Currency 3 Bitcoin 0.012

Research in International Business and Finance 62 (2022) 101737

Libra 3 China 0.012
Retail Payments 3 Banking 0.011

Notes: This table shows the themes of each cluster based on co-occurrences analysis with threshold three-time occurrences. It also presents the keyword occurrences and PageRank in each cluster. Occ.
indicate the number of times the keywords occur in the sample papers, and PR indicates the PageRank.
R. Bhaskar et al. Research in International Business and Finance 62 (2022) 101737

1 ∑ ( )( )
Ĉ(a1 .…….an ) = δ ai , aj sij − γ (2)
2m i<j

where Ĉ(a1 .…….an ) denotes the edge’s weight between i and j; sij denotes the association strength of nodes i and j; γ is the resolution
parameter; ai is a positive integer denoting the cluster to which node i belongs; δ(ai, aj) is equal to 1 if ai =aj and 0 otherwise; and lastly,
m denotes the total number of links, ij denote the nodes.
When we apply the algorithm to 35 keywords, it results in three distinct clusters. Cluster 1 contains 16 keywords, Cluster 2 contains
13 keywords, and Cluster 3 contains six keywords (see Table 8).

3.2.3.1. Cluster 1: Policy implications of digital currencies. There are 16 keywords in cluster 1 that contain topics focusing on Policy
Implications of Digital Currencies. Cluster 1 is the second-largest cluster among the three clusters. In Fig. 6, we report the most frequent
themes of all three clusters in which cluster 1 is represented in blue color. We find that themes such as "Cryptocurrency," "Monetary
Policy," "Payment System," "Stablecoins," and "Bitcoins" are the most frequently occurring themes and are closely connected to the title
of the cluster. Moreover, Table 8 shows the most frequently occurring themes with page rank analysis. Based on PageRank analysis,
"Stablecoins," "Payment System," "Retail Payment," and "Monetary Policy" are the most prestigious themes in cluster 1. (Gronwald,
2019) authored the paper "Is Bitcoin a Commodity? On price jumps, demand shocks, and certainty of supply" as the most cited in
cluster 1 with 37 citations. (Gronwald, 2019) analyzes the likelihood of bitcoin with commodities and finds a more significant
movement in the bitcoin market than in gold and crude markets. However, bitcoin’s exhaustible resource characteristics are similar to
gold and crude, but there is no uncertainty in bitcoin from the supply-side like gold and crude. The other most influential studies are
(Alonso et al., 2020b; Bariviera and Merediz-Solà, 2021; Fabris, 2019; Yao, 2018), which talk about the policy implications of digital
currency, such as the pros and cons of a cashless economy, the prospect of digital currency and their challenges, and the responses of
economic policymaker on digital currency. Thus, in the most prominent cluster, we find that research revolves around the fundamental
question of digital currency. Thus, we conclude that researchers assure society of their concern for a stable and safe cashless setup for
the future.

3.2.3.2. Cluster 2: Systematic framework of CBDCs. There are 13 keywords in cluster 2 containing topics focused on the "Systematic
Framework of CBDCs." Cluster 2 is the largest one among the three clusters. In Fig. 6, we report the most frequent themes of all three
clusters in which the orange color represents cluster 2. We find that themes such as "CBDC," "Blockchain," "Distributed Ledger
Technology," "Fintech," and "Privacy" are the most frequently occurring themes closely connected to the title of the cluster. Moreover,
Table 8 shows the most frequently occurring themes with page rank analysis. Based on PageRank analysis, "Privacy," "Smart Contract,"
"Money Demand," and "Security" are the most prestigious themes in cluster 2. Brunnermeier and Niepelt (2019) authored the paper "On
the equivalence of private and public money" as the most cited in cluster 2 with 28 citations. Brunnermeier and Niepelt (2019) find in
their article that CBDC is not causing a credit crunch but is improving financial stability. The other most influential studies of cluster 2
are (Alonso et al., 2020a; Brunnermeier and Niepelt, 2019; Fabris, 2019; Treiblmaier and Sillaber, 2021; Yao, 2018) look forward to a
solution to the problems that come out in the previous cluster and talk about the stabilization of digital currency. The novel research of
cluster 2 analyses the backing support of digital currency by a central bank and looks forward to enhanced stability, security, data
privacy, robust regularities, and the ease of individual payment systems by implementing CBDC. Thus, we conclude that researchers
provide pieces of evidence in favor of the implementation of CBDCs, and many countries either introduced or announced to introduce
the CBDCs, such as China, Bahamas, Uruguay, and India. However, the implementation of CBDCs is still questionable due to the global
economic and structural diversities and needs more experimental research in different setups on CBDC implementation.

3.2.3.3. Cluster 3: Monetary stimulus and emergence of CBDCs. There are six keywords in Cluster 3, including topics focusing on
"Monetary Incentives and Emergence of CBDCs." Cluster 3 is the smallest of the three clusters. In Fig. 6, we report the most frequent
subjects from all three clusters, and the green color represents cluster 3. We find that topics such as "digital currency," "central bank,"
and "monetary system" are the most frequently encountered topics and are closely related to the title of the cluster. In addition, Table 8
shows the most frequently occurring themes with Page Rank analysis. Based on PageRank analysis, "negative interest rate," "digital
currency," and "monetary system" are the most prominent topics in Cluster 3. The question that arose during the Cluster 2 content
analysis about the use of CBDCs in various settings appears to have been examined by the researchers in Cluster 3. (Nabilou, 2020) in
his study "Testing the Waters of the Rubicon: The European Central Bank and Central Bank Digital Currency," has questioned the
implementation of CBDCs in the Eurozone without settling legal challenges. He suggests first solving the euro area legal challenge and
introducing a CBDC. In addition, (Davoodalhosseini, 2021) also studies the costs of using CBDCs concerning cash and addresses the
welfare benefits of eliminating cash from the economy and introducing CBDCs. The other most influential studies from Cluster 3
(Dashkevich et al., 2020; Fernández-Villaverde et al., 2021; Milkau and Bott, 2018) deal with the complexities of introducing CBDCs in
various challenging setups. Optimal monetary policy and exchange rates are significant questions following the introduction of CBDCs
as a support platform for digital currencies. Thus, we conclude that researchers are actively participating in CBDCs, and the digitization
of currency research has answered many complex questions about the framework of stability and privacy. However, there is a need for
a clear agenda for all the different affordable setups for the functionality of digital coins and support with CDBC to present it as a
convenient, cost-effective, and well-being tool.

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R. Bhaskar et al. Research in International Business and Finance 62 (2022) 101737

3.3. Conceptual framework

A comprehensive content analysis of the clusters and a systematic literature review of papers from recent years are epitomized as a
conceptual framework in Fig. 7. The conceptual framework outlines the CBDC’s antecedents, models and methods, implementation
implications, and future agendas. Expanding on the antecedents, this includes plastic payments such as visa, master, maestro, and
credit card payments. Other predecessors are digital payments such as UPI transactions, net banking, NEFT, RTGS, and IMPS.
Furthermore, blockchain technology and other significant antecedents of private digital currencies such as bitcoin and Diem (previ­
ously Libra) show exponential growth and accelerate the demand for CBDCs to be introduced into the monetary system (Cheng, 2022;
Peneder, 2022; Scarcella, 2021). The recent studies mostly use DSGE Model, Structural equation modeling PRINCE method, McCal­
lum’s policy rule, LPPLS model, and Metcalfe’s law, and include banks, households, and corporate in the models (Alabi, 2020; Barrdear
and Kumhof, 2021; Castrén et al., 2022; Davoodalhosseini, 2021; Meaning et al., 2018; Wilkins, 2022). So future studies could use
some more complex models by adding other macroeconomic factors and intensify their applicability. In terms of empirical findings, the
literature argues that CBDCs reduce transaction costs and raise gross domestic product (Barrdear and Kumhof, 2021; Wang and
Hausken, 2021). Furthermore, the literature also suggests that CBDCs can provide a payment media with almost all the properties of
physical cash and is not subject to theft and loss (Bian et al., 2021; Grasselli and Lipton, 2019). The CBDC will also provide a safe,
reliable currency that reduces activities such as fraud, hacking, money laundering, tax evasion, and terrorism financing (Bordo, 2021;
Dupuis et al., 2022; Kwon et al., 2022; Wang and Hausken, 2021), and its low-interest rates can also improve the stability of financial
policy (Chen and Siklos, 2022; Cullen, 2022; Duarte, 2019). In a financial crisis, lowering the digital cash interest rate to zero would
prevent other assets from moving to digital cash (Duarte, 2019; Echarte Fernández et al., 2022; Williamson, 2021). CBDCs have
significant implications for an open economy and can significantly improve cross-border payments (Fantacci and Gobbi, 2021;
Yamaoka, 2019), which are currently expensive and slow. Currently, cross-border transactions are carried out through an elaborate
network of correspondent banks that have evolved over the centuries (Belke and Beretta, 2020; Fantacci and Gobbi, 2021). Chen and
Siklos (2022) found that CBDCs do not have much impact on inflation, but financial stability is an important issue. CBDCs reduce the
international spillover of shock and increase international engagement and domestic well-being (Ferrari Minesso et al., 2022).
Thus, CBDCs have several challenges along with economic and financial benefits, and the current literature based on material and
systematic literature analysis reveals several research gaps. The literature proposes that future work should analyze the competitive
behavior of private digital currencies and CBDCs. Furthermore, the optimal structure of CBDCs and traditional cash is essential and
requires in-depth exploration across all economies. CBDCs have several serious structural, operational, securities, and governance
concerns (Adrian and Mancini-Griffoli, 2021; Keister and Sanches, 2022), such as liquidating public deposits due to zero interest and
dismissing commercial banks as intermediaries. Therefore, CBDCs need extensive research in these competitions. Most studies are
conducted in specific economic and governance systems and may not be universally applicable (Chen and Siklos, 2022; Cheng, 2022;
Wilkins, 2022). Therefore, future actions should expose CBDCs to unexplored economies. Chen and Siklos (2022) only analyzed
time-series historical data from eight countries. Future studies should include some developing countries and perform analyzes on
larger data sets.

4. Conclusion and future research agenda

We use the bibliometric and content analysis of 174 documents retrieved from the Scopus database to present the publication
trends in Central Bank Digital Currencies (CBDCs) since 2018 and highlight the top publishing source with the most contributing
authors in their affiliated countries. An upward trend of research (400% growth observed in 2019) is evident in increased publications
since 2018. The major propellants are research interest in the systematic framework, significance, and structural implications of CBDC
as a structural shift in the digitization of the monetary system. We identify the most influential and contributing sources, authors, and
publications. Journal of Payments Strategy and Systems is top on our list, followed by the Cato Journal. Alonso SLN is the top
contributing author, followed by Lee J. and Belke A. based on their h-index, g-index, m-index, publication, and citation. The most
impactful document identified based on local and global citations on CBDC is (Brunnermeier and Niepelt, 2019), followed by (Yao,
2018). The most contributing countries are the ones who either announced the implementation of CBDC or are planning to implement
the CBDC, such as the United States, the United Kingdom, and China. The result suggests that other countries participate in the
structural change of the currency system and contribute toward a stable, secure, and efficient monetary and economic framework. The
study also analyses the page rank of the documents and themes and find the top prestigious document are (Wang et al., 2021),
(Aguret al., 2022), and (Allen et al., 2022), and the top themes are "Privacy," "Stablecoins," Smart Contract," and "Monetary Policy."
The study also conducted thematic mapping and clustering based on co-occurrence analysis and found three clusters, "Policy Impli­
cations of Digital Currencies," "Systematic Framework of CBDC," and "Monetary Stimulus and Emergence of CBDC," of CBDC literature.
After the content analysis of the cluster, we observed that initially, the research evolves around the digital currency, and then it moves
toward stability and security concerns. In the last cluster, the research tries to incorporate world diversities with CBDC.
This study derives valuable insights into CBDCs by thoroughly reviewing the existing literature. CBDCs are becoming increasingly
important in the implementation of macroeconomic decisions. This study reveals that CBDC research still has a long way to go. This
serves as a wake-up call to policymakers to prioritize collaborative infrastructure design to adapt CBDCs as they are introduced.
Researchers are making significant efforts to investigate how CBDCs are linked to international trade and other assets, particularly
cryptocurrencies. There is much room for theoretical development, contextual coverage, and methodology contributions. CBDCs have
far-reaching implications for monetary and payment systems, and their development could pave the way for a global common
currency.

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R. Bhaskar et al. Research in International Business and Finance 62 (2022) 101737
Fig. 7. Conceptual framework of CBDC.
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R. Bhaskar et al. Research in International Business and Finance 62 (2022) 101737

Hence, based on this bibliometric analysis, we can observe that the future research agenda should replace cash with CBDCs and
money supply mechanism. Moreover, future research may also identify the probable impact of digitization of currency on the US dollar
and UK pound leadership role. The other future agenda should be managing the international transaction system and its cost with a
diversified ethical, technological, social, legal, economic, and political environment. Moreover, the CBDC should also explore the
impact of CBDC on other digital currencies, monetary policy responses, and money supply. The upcoming research on discussed future
agendas assists the policymaker, economist, and regularities in tackling the challenges of CBDC and work for ease of life.

CRediT authorship contribution statement

Ratikant Bhaskar: Conceptualization, Formal analysis, Methodology, Data curation, Writing – original draft, Writing – review &
editing. Ahmed Imran Hunjra: Methodology, Conceptualization, Project administration, Writing – review & editing. Shashank
Bansal: Conceptualization, Supervision, Writing – review & editing. Dharen Kumar Pandey: Conceptualization, Data curation,
Formal analysis, Methodology, Writing – original draf, Writing – review & editing.

Data Availability

Data will be made available on request.

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