The chart shows a clear upsurge in property prices up to 2010. Again the real total loan also shows a tremendous increase along with the working-age population ratio and the property price index. What lessons can we learn from this rather cursory examination of the recent history of two advanced economies and the present situation of one emerging economy?
Therefore, I believe it is not really appropriate to issue CBDC for the purpose of promoting competition in the retail payments market. Fundamental Functions of Currency and a Two-Tiered System To explore the rationale for issuing CBDC, we can simply get back to the fundamental roles of currency.