央行数字货币与货币供需关系

Central Bank Digital Currency and the Relationship Between Money Supply and Demand

近年来,全球央行数字货币的研发应用驶入快车道,对货币政策、金融体系、居民生活等社会各方面的影响逐步显现。在此背景下,本文聚焦央行数字货币对货币供应量的影响,厘清央行数字货币运营及账户处理过程,重点从内生和外生货币的视角分别构建央行数字货币的需求与供给函数模型,深入研究并预测央行数字货币的推广应用将对货币供应量产生的重要影响。本文研究认为,货币形态的变化将对现有货币格局产生一定冲击,央行数字货币会降低整体货币需求,提高社会货币供给能力,重塑支付市场格局。

Recently, the application of global central bank digital currency has entered the fast lane, and its impacts on monetary policy, financial system, people’s life and other social aspects have gradually emerged. Under this background, this study focuses on the impact of central bank digital currency on money supply, clarifies the central bank’s digital currency operation process and account processing process, proposes the demand and supply function models of central bank digital currency from the perspective of endogenous and exogenous money, and deeply studies and predicts the important impact of the popularization and application of central bank digital currency on money supply. This study concludes that the change of currency form will have a certain impact on the existing currency pattern. The central bank’s digital currency will reduce the overall money demand, improve the social money supply capacity and reshape the payment market pattern.