央行数字货币的发行:模式、评估与比较研究  

Central Bank Digital Currency Issuance:Model,Evaluation and Comparative Study

作　　者：陈若愚 李舞岩 张珩 Chen Ruoyu;Li Wuyan;Zhang Heng

机构地区：[1]安徽财经大学金融学院,安徽蚌埠233030 [2]中国社会科学院金融研究所,北京100710

出　　处：《西南金融》2022年第3期46-57,共12页Southwest Finance

基　　金：中国博士后科学基金面上资助项目“中国金融扩大开放情境下宏观审慎监管国际协调的机制与路径研究”(2020M671418);安徽省自然科学基金青年项目“基于国际资产组合平衡理论的外汇市场测算压力及其应用研究”(2008085QG344);安徽省高校自然科学研究基金重点项目“资本账户开放促进经济高质量发展的微观机制及实证研究”(KJ2020A0007)。

摘　　要：本文构建了涵盖发行路径和权责义务配置的央行数字货币发行模式框架,创新性地引入了三种权责义务配置方式,明确了央行数字货币发行过程中各参与主体的权责分配问题。同时,本文从六个维度对发行路径展开评估比较,而后对各权责义务配置下的潜在歧视、经济效应问题进行考察,在综合研判后给出评估建议,以期寻找出央行数字货币发行的较优模式。研究结果表明:“混合型CBDC”发行路径较其他路径而言,在促进竞争、简化央行相关业务职责、降低账户管理复杂性方面优势明显,对第三方的依赖性处于适度范围内,是一个良好的发行路径选择;公众拥有自主决定权能够最大限度确保其自由使用央行数字货币的权利,有效降低潜在歧视发生的可能,同时规避货币供求不平衡所引致的一系列经济问题;在公众拥有自主决定权的前提下实施“混合型CBDC”发行路径,为央行数字货币发行的较优模式。最后,本文结合研究结论,针对尚处于试点阶段的数字人民币提出相关政策建议。This paper constructs a framework of the central bank's digital currency issuance model covering the issuance path and allocation of rights and responsibilities,innovatively introduces three rights and responsibili⁃ties allocation methods,and clarifies the distribution of rights and responsibilities of various participants in the central bank's digital currency issuance process.At the same time,this paper evaluates and compares the issuance paths from six dimensions,investigates the potential discrimination and economic effects under the allocation of rights and responsibilities,and gives evaluation suggestions after comprehensive research and judgment,so as to find a better model for the central bank's digital currency issuance.The research results show that compared with other paths,the"hybrid CBDC"issuance path has obvious advantages in promoting competition,simplifying the relevant business responsibilities of the central bank,and reducing the complexity of account management,and the dependence on third parties is within a moderate range,it is a good distribution path choice.The public has the right to make independent decisions,which can maximize their right to freely use the central bank's digital curren⁃cy,effectively reduce the possibility of potential discrimination,and avoid a series of economic problems caused by the imbalance of currency supply and demand.The implementation of the"hybrid CBDC"issuance path under the premise that the public has the right to make independent decisions is the optimal model for the issuance of the central bank's digital currency.Finally,based on the research conclusions,this paper puts forward relevant policy suggestions for the digital RMB that is still in the pilot stage.

关 键 词：央行数字货币 数字人民币 主权数字货币 数字货币发行 权责分配 货币监管 反洗钱 货币政策传导 

分 类 号：F820[经济管理—财政学]