Libra的货币性质、潜在影响与演变方向  

The Monetary Nature, Potential Impact and Evolutional Direction of Libra

作　　者：孙国峰[1] SUN Guofeng(The People s Bank of China,Beijing,China)

机构地区：[1]中国人民银行货币政策司

出　　处：《经济学动态》2019年第12期15-26,共12页Economic Perspectives

摘　　要：美国Facebook牵头发起的Libra计划,引发了各界广泛的热议。准确研判Libra的潜在影响,关键在于把握其最本质特征,深刻理解其货币性质。观察Libra货币性质有两个维度,分别是货币创造主体维度和支付流通维度,后者具有促进前者演化的能力。从第一个维度看,Libra以一篮子经济体的银行信用货币为支撑,本质体现的仍是银行信用,并不创造货币;从第二个维度看,Libra作为数字钱包,其核心优势是解决了跨境支付缺乏全球性央行提供服务的问题,这在现代银行信用货币体系下是具有商业可持续性的。未来Libra可能会向私人信用货币或虚拟货币方向演变,发展出货币创造功能,届时对全球经济金融体系的影响将进一步显现。同时,要关注以零售业务为主的跨国公司发行类似Libra数字货币的影响。The Libra program initiated by the US Facebook has aroused wide discussion from all walks of life.To accurately study and judge the potential impact of Libra,the key is to grasp the most essential characteristics and deeply understand its monetary nature.Libra can be observed from these two perspectives:money creator as well as payment and circulation.From the first perspective,Libra is supported by the bank credit currency of a basket of economies,which essentially reflects the bank credit,but does not create money;from the second perspective,as a kind of digital currency,Libra has the core advantage of having solved the problem that cross-border payment lacks services provided by a global central bank,which is commercially sustainable under the modern bank credit currency system.In the future,Libra may evolve towards private credit currency or virtual currency,and thus develop its function of money creation.At that time,its impact on the global economic and financial system will become more evident.Meanwhile,we should also pay close attention to the impact of issuing currency similar to Libra by multinational companies focusing on retail business.

关 键 词：LIBRA 货币性质 货币创造 银行信用 跨境支付 

分 类 号：F83[经济管理—金融学]