央行数字货币供给初探

A Preliminary Study on the Supply of Central Bank Digital Currency

当前,各国央行正在加紧法定数字货币研究,但是,一方面担忧技术本身的风险隐患,另一方面担忧其对现有货币体系产生的冲击,在推出时间上非常谨慎。本文基于审慎稳健理念,从央行数字货币补充、替代流通中现金假设出发,对其供需情况进行分析,提出了"两户两库一钱包"发行模式。并从货币供给层次、货币乘数的变化,探究其对现有货币体系的影响,提出了政策建议。

At present, central banks are stepping up their research on legal digital currency. However, on the one hand, they are worried about the risks of technology itself. On the one hand, they are worried about the impact on the existing monetary system and endangering financial stability. Based on the prudent and prudent concept, this paper starts from the central bank＇s digital currency temporarily supplementing and replacing the cash assumptions in circulation, and analyzes the supply and demand situation, and proposes the distribution model of ＂two households, two banks and one wallet＂ and from the changes of the monetary level and currency multiplier. Explore its impact on the existing money supply system, and put forward policy recommendations.