Theoretical economics Theoretical economics Теоретическая экономика 2221-3260 104265 10.52957/2221-3260-2025-8-39-55 АКТУАЛЬНЫЕ ПРОБЛЕМЫ ТЕОРЕТИЧЕСКОЙ ЭКОНОМИИ ACTUAL PROBLEMS OF THEORETICAL ECONOMY АКТУАЛЬНЫЕ ПРОБЛЕМЫ ТЕОРЕТИЧЕСКОЙ ЭКОНОМИИ Choosing a Central Bank Digital Currency Model: Institutional and Behavioural Aspects Выбор модели цифровых валют центральных банков: институциональные и поведенческие аспекты Диденко Валентина Юрьевна Didenko Valentina Yur'evna vydidenko@fa.ru

доктор экономических наук;

doctor of economic sciences;

 Финансовый университет при Правительстве Российской Федерации Moscow Россия Federal State Budgetary Educational Institution of Higher Education "Financial University under the Government of the Russian Federation" Vladikavkaz Branch Moscow Russian Federation 31 08 2025 31 08 2025 8 39 55 30 07 2025 21 08 2025 https://theoreticaleconomy.ru/en/nauka/article/104265/view

Контекст: Глобальный тренд на цифровизацию финансовой системы актуализировал вопрос выбора архитектурной модели цифровой валюты центрального банка (ЦВЦБ). Доминирующий дискурс сфокусирован на технико-экономических аспектах, оставляя вне системного анализа комплексное взаимодействие институциональных ограничений и поведенческих реакций экономических агентов, формирующее данный выбор. Этот концептуальный пробел определяет необходимость разработки целостного подхода. Цель и задачи: Целью исследования является выявление ключевых институциональных и поведенческих детерминант выбора модели ЦВЦБ и разработка принципов стратегического выбора для центробанков. Задачи включают анализ доминирующих моделей, изучение влияния поведенческих паттернов пользователей и регуляторов, оценку макроэкономических и социально-философских последствий. Методы: Исследование основано на качественном анализе и синтезе релевантных академических и прикладных работ (включая рабочие документы ЕЦБ, BIS, Банка международных расчетов), а также на сравнительном анализе практик ключевых юрисдикций (ЕЦБ, НБК, Банк Японии, Банк Англии, Банк Таиланда). Используются методы институционального анализа, теория формирования отношения (EAFT) и теория запланированного поведения. Результаты и выводы: Установлено, что выбор модели ЦВЦБ является не технической, а стратегической ценностно-нагруженной дилеммой, уровнем институционального доверия и когнитивными ограничениями субъектов. Доминирование двухуровневых и гибридных моделей отражает поиск Парето-оптимального баланса между суверенитетом, стабильностью и эффективностью. Ключевым фактором успеха выступает «социальный лицензиат», основанный на доверии, восприятии справедливости и конфиденциальности. Область применения: Результаты предназначены для центральных банков, финансовых регуляторов и разработчиков политик, участвующих в проектировании и внедрении ЦВЦБ. Направления будущих исследований: Эмпирическая верификация поведенческих гипотез, разработка метрик социального лицензиата, изучение этических импликаций программируемости денег.

Context: The global trend of digitalization of financial systems is actualized in the issue of choosing wireless models of central bank digital currency (CBDC). The dominant discourse is focused on the technical and economic aspects, on the inclusion of an extra-systemic analysis of the complex interaction of institutional constraints and behavioral factors of economic agents that shape this choice. This conceptual gap requires the development of a holistic nutrition. Objective and tasks: The aim of the study is to identify the key institutional and behavioral determinants of the choice of a CBDC model and to develop a transitional choice for central banks. The tasks include the analysis of comprehensive models, the study of common behavioral models of users and regulators, and observation of macroeconomic and socio-philosophical consequences. Methods: The study is based on a qualitative analysis and combination of relevant and applied works (including working papers of the ECB, BIS, Bank for International Settlements), as well as a comparative analysis of the practices of academic jurisdictions (ECB, PBOC, Bank of Japan, Bank of England, Bank of Thailand). Methods of institutional analysis, theory of relations (EAFT) and theory of planned behavior formation are used. Results and conclusions: It is established that the choice of the CBDC model is not a technical, strategic value-laden dilemma, the level of institutional trust and cognitive limitations of subjects. The dominance of two-level and hybrid models reflects the search for a Pareto-optimal balance between sovereignty, stability and efficiency. The key success factor is the "social license" based on trust, fairness and confidentiality. Scope: Results for central banks, financial regulators and policymakers involved in the CBDC project and implementation. Follow-up research management: Empirical testing of behavioral hypotheses, development of metric analytical licenses, study of ethical implications of money programmability.

 цифровая валюта центрального банка (ЦВЦБ) институциональная экономика поведенческая экономика монетарный суверенитет финансовая стабильность central bank digital currency (CBDC) institutional economics behavioral monetary sovereignty financial stability. Статья подготовлена по результатам исследований, выполненных за счет бюджетных средств по государственному заданию Финуниверситету The article was prepared based on the results of research carried out at the expense of budgetary funds under a state assignment to the Financial University

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