Comparative Analysis of CBDC Institutional Design Models and Their Impact on Financial Intermediation Mechanisms

Abstract

The purpose of the study is to provide a systematic synthesis and comparative analysis of institutional design models of central bank digital currencies (CBDC) and to determine their impact on the transformation of financial intermediation mechanisms in the context of the digitalization of the global economy. Attention is devoted to assessing the effectiveness of different architectural approaches to CBDC implementation, considering their ability to ensure financial stability, inclusion, and the competitiveness of payment systems. Methods. The research employs a set of general scientific and specialized methods, including comparative analysis, a systems approach, institutional analysis, and the method of empirical data generalization. The information base consists of analytical reports of central banks, international financial organizations, and statistical data on CBDC implementation across various countries. The application of a comparative approach made it possible to identify key differences between direct, intermediated, and hybrid models of digital currencies. Results. The study establishes that the intermediated CBDC model is the most widespread and practically implemented, as it preserves the role of financial intermediaries and minimizes the risks of disintermediation in the banking sector. It is determined that the direct model is predominantly theoretical and has limited practical applicability due to significant risks to financial stability. It is substantiated that hybrid approaches, including the concept of synthetic CBDC, create new opportunities for integrating public and private financial instruments. The research demonstrates that the level of CBDC adoption among the population remains limited even in countries with fully launched digital currencies, which is driven by both institutional and behavioral factors. It is also found that technological solutions (DLT or centralized systems) are not a decisive factor for successful implementation without adequate institutional arrangements. Conclusions. The generalization of the research results indicates that the effectiveness of central bank digital currencies is determined not only by technological parameters but primarily by the characteristics of their institutional design. The most promising direction of development is the use of balanced models that combine innovation with the preservation of financial system stability. The practical implementation of CBDC requires phased deployment, adaptation of the regulatory environment, and consideration of user behavioral aspects. The findings can be used to develop effective policies for CBDC implementation and to improve financial intermediation mechanisms in the context of digital transformation.