数字人民币和实物现金:央行数字货币下的内外价格均衡  

E-CNY and Cash:An Approach of Price Stabilization with CBDC

作　　者：樊沛然 Fan Peiran(Department of Quantitative and Technical Economics,University of Chinese Academy of Social Sciences)

机构地区：[1]中国社会科学院大学数量经济与技术经济系

出　　处：《金融发展评论》2021年第7期14-26,共13页Financial Development Review

摘　　要：数字货币体系下以数字人民币为代表的央行数字货币将开始履行现金类支付凭证职能。央行数字货币与传统货币怎样共存,数字货币体系下平稳的价格水平是否可行?要回答上述问题须抓住数字货币与传统货币的根本差异,在尽可能少的假设条件下展开探讨。本文通过构造一个博弈论模型,研究发现单一货币形式下各国难以兼顾局部和全局的价格水平稳定;在约束条件较少的古典经济框架下,央行数字货币和实物现金共存的混合货币体系比单币种货币体系更有可能满足国内和国际价格水平稳定的要求:内外价格水平稳定是可行的,数字货币与传统货币并存时,局部均衡与全局均衡有可能并存。CBDC like E-CNY under the digital currency system will begin to perform the M0 function. How do CBDCs and traditional currencies coexist? Can central bank digital currencies replace cash indefinitely, and will central bank digital currencies aggravate the risk of price level instability? To answer those questions, it is necessary to grasp the uniqueness of CBDC from cash. By constructing a concise Game model, we find that neither CBDC nor cash could achieve the price stabilization alone, even under the classical economic framework with few constraints;however, the mixed currency system is more likely to satisfy the equilibrium both domestic and worldwide. Price stability and equilibrium are feasible when digital currency and traditional currencies coexist, local equilibrium and global equilibrium may be reached at the same time.

关 键 词：央行数字货币 价格稳定 数字货币体系 价格水平 数字人民币 

分 类 号：F822[经济管理—财政学] F49