央行数字货币发行对商业银行的影响研究

The Impact of Issuing Central Bank Digital Currency on Banks

本文通过构建付息的央行数字货币(CBDC)的宏观模型,研究其发行对银行业和宏观经济的影响。当CBDC是唯一交易媒介时,实施负利率政策是可行的,利率上升并不必然导致金融脱媒;由于CBDC与银行存款是互补品,企业投资和银行贷款在利率上升时总体上倾向于增加。在现金和CBDC共存时,付息的CBDC和现金在准备金约束收紧时可以共存。本文的研究显示,央行数字货币设计的选择和银行业的市场结构,是理解CBDC发行影响宏观经济的关键性因素。

Models with an interest-bearing central bank digital currency(CBDC)are built to investigate the impact of issuing CBDC on banking and macro-economy.When CBDC is the only asset,it is feasible to conduct the negative-interest-rate policy,and a higher CBDC interest rate does not necessarily lead to financial disintermediation.It tends to promote bank lending and investment because CBDC and bank deposits are complements.In the extension,cash and interest-bearing CBDC can coexist when the reserve constraint is binding.The results suggest that the design of CBDC and banking matters for understanding how CBDC affects the macro-economy.