National innovation capability enablers and outcomes, corruption, and progression to higher stages of CBDC adoption

This dissertation examines the global adoption of central bank digital currencies (CBDCs) and the economic, institutional, and sociopolitical factors influencing a country’s progression through different stages of CBDC development. Using a quantitative, cross-country research design, the study analyzes relationships among market sophistication, economic development, technological innovation, governance quality, and corruption. Drawing on international datasets and statistical correlation analysis, the research finds that while market sophistication is positively associated with higher stages of CBDC adoption, this relationship is significantly stronger in countries with higher levels of perceived corruption. The findings suggest that CBDC initiatives may serve not only as financial modernization efforts, but also as institutional tools aimed at improving transparency, reducing inefficiencies, and strengthening monetary control in environments with governance challenges. The study contributes to the growing literature on digital currencies by extending CBDC analysis beyond technological feasibility to include institutional trust, governance structures, and development dynamics. The results have implications for policymakers, central banks, financial institutions, and researchers evaluating the motivations, risks, and strategic objectives underlying CBDC implementation across different economic and political contexts. This work was completed in partial fulfillment of the requirements for the Doctor of Business Administration (DBA) degree at Saint Mary’s University of Minnesota and is made publicly available for academic, policy, and research use.