法定数字货币的宏观经济效应研究  

Study of the Macroeconomic Effect of Central Bank Digital Currency

作　　者：谢星 张勇 封思贤[3] XIE Xing;ZHANG Yong;FENG Sixian(Nanjing Normal University, 210023;Nanjing Audit University, 211815)

机构地区：[1]南京师范大学商学院,210023 [2]南京审计大学金融学院,211815 [3]南京师范大学金融学,210023

出　　处：《财贸经济》2020年第10期147-F0003,共15页Finance & Trade Economics

基　　金：国家自然科学基金面上项目“跨国资本流动影响国际金融周期的新机制——基于‘二元悖论’和风险加速器的DSGE分析”(71873069);教育部人文社会科学研究基金青年项目“企业部门融资约束与金融发展对货币和财政政策的影响”(17YJC790202)。

摘　　要：以比特币为代表的私人数字货币以及金融科技快速发展带来的影响和冲击,正倒逼各国央行加快法定数字货币的研发进程。中国央行的法定数字货币已完成了初步的研发试验,推出时机日趋成熟。本文引入交易摩擦和信贷摩擦重新构建了一个动态随机一般均衡(DSGE)模型,研究中国央行按照目前的构想推出法定数字货币将如何影响我国的宏观经济等问题。分析结果表明:法定数字货币只是取代现金M0,将导致家庭部门实际货币余额的需求降低,但不会对宏观经济产生明显影响;当法定数字货币的数据智能处理等技术被广泛应用并成为我国的重要金融基础设施后,法定数字货币的实施会提升货币政策传导效率,降低货币冲击对宏观经济的不利影响;央行的反通胀目标越强,法定数字货币作为金融基础设施降低货币冲击对宏观经济不利影响的效果越明显。The impacts and shocks caused by the rapid development of fintech and private digital currencies represented by Bitcoin are forcing central banks to accelerate the development of their own digital currencies,namely central bank digital currency(CBDC).The People's Bank of China(PBC),as China's central bank,has completed preliminary research on and development trials for its own CBDC,basically ready for a launch.This paper studies the macroeconomic effect of such a CBDC based on current expectations for it.This study is done by reconstructing a dynamic stochastic general equilibrium(DSGE)model which includes indicators such as transactional friction and credit friction.The result shows that if the CBDC only replaces cash M0,it will not have a significant impact on the macro economy though it may bring down households'demand for balance of real currencies;when the technology of digital currencies,for example intelligent data processing is widely used and becomes important financial infrastructure in China,the implementation of CBDC will improve the transmission efficiency of monetary policy and reduce the adverse impact of financial shocks to the macro economy.The higher the central bank's anti-inflation target,the more significant the effect of the CBDC as financial infrastructure to reduce the adverse impact of currency shocks on the macro economy.

关 键 词：法定数字货币 交易摩擦 信贷摩擦 宏观经济 反通胀目标 

分 类 号：F820.2[经济管理—财政学] F821.1