Informal economy and central bank digital currency
研究了非正规经济规模与家庭和企业采用央行数字货币之间的关系，发现非正规经济中现金主导支付会阻碍CBDC普及，而减税和CBDC利率可促进其采用并影响正规与非正规部门间的资源分配。
Abstract This paper explores the association between the informal economy and the adoption of central bank digital currency (CBDC) by end users, namely households and businesses. Our findings suggest that CBDC may not be widely accepted by end users in the presence of a sizable informal economy in which cash is the primary method of payment. CBDC can decrease informality, but this effect becomes weaker in countries with larger informal economies. Tax reduction and CBDC interest rates can be useful tools to promote the adoption and effectiveness of CBDC, leading to a reallocation effect between formal and informal sectors.