数字货币对货币供给和传导的影响研究——基于持币偏好、数字人民币替代的视角

Research on the Influence of Digital Currency on Money Supply and transmission——From the Perspective of Currency Holding Preference and Digital Currency Electronic Payment Substitution

数字人民币作为我国法定数字货币,具有可控匿名、可离线支付、无需提现手续费等优势。随着数字人民币的发行及使用,其将会对目前在支付体系中占据重要地位的电子货币产生替代,并对货币供给和传导产生影响。本文首先使用完全信息下的混合策略均衡模型,构建买卖双方进行交易的博弈模型,就数字人民币对电子货币的替代效应进行分析;其次,研究数字人民币对货币政策传导的影响;最后,利用情景分析法基于数字人民币发展的三个阶段,分析数字人民币对电子货币的替代过程,为我国金融和货币政策改革提供理论参考。

As China’s legal digital currency,Digital Currency Electronic Payment has the advantages of controllable anonymity,offline payment and no handling fee for withdrawal.Therefore,with the issuance and use of Digital Currency Electronic Payment,it will replace the electronic money that currently plays an important role in the payment system and have an impact on the money supply and transmission.This paper first uses the mixed strategy equilibrium model under complete information to construct the game model of the transaction between the buyer and the seller,and analyzes the substitution effect of Digital Currency Electronic Payment to electronic currency.Secondly,the influence of Digital Currency Electronic Payment on monetary policy transmission is analyzed.Finally,based on the three stages of the development of Digital Currency Electronic Payment,the scenario analysis is used to analyze the replacement process of Digital Currency Electronic Payment to electronic currency,providing theoretical reference for China’s financial and monetary policy reform.