央行数字货币的发行与交易机制分析——基于中央银行和商业银行资产负债表实例的研究  

The Analysis of Issuance andTransaction Mechanism of Central Bank Digital Currency——Cases Study Based on Balance Sheets of Central Bank and Commercial Banks

作　　者：陆前进[1] 武磊 Lu Qianjin;Wu Lei

机构地区：[1]复旦大学经济学院,上海200433

出　　处：《西南金融》2022年第7期42-55,共14页Southwest Finance

基　　金：国家自然科学基金“人民币实际有效汇率和参考一篮子货币最优权重的选取”(编号:71173042);“生育率、政府健康支出和实际汇率——微观基础的理论和实证研究”(编号:71773023)。

摘　　要：数字货币是一种新的货币形式,依据四种重要的货币政策工具,本文建立了六种不同的发行方式对央行数字货币进行情景分析,以简化的中央银行、商业银行和私人部门的资产负债表为基础研究数字货币的发行与交易机理,以及对相关资产负债表的影响。考虑到现代支付体系的变革和金融创新的演变,进一步融入微信或支付宝等支付机构的资产负债表、影子银行的资产负债表来探究数字货币的发行与交易对基础货币和货币乘数的影响,以及进一步对货币供应总量的影响。Digital currency is a new form of currency. Based on four important monetary policy tools, this paper establishes six different issuance methods for scenario analysis of central bank digital currency. Based on the simplified balance sheets of central banks, commercial banks and the private sector, this paper studies the issuance and transaction mechanisms of digital currencies, and its impact on related balance sheets. Considering the transformation of the modern payment system and the evolution of financial innovation, this paper further integrates the balance sheets of payment institutions such as WeChat or Alipay and the balance sheets of shadow banks to explore the impact of the issuance and trading of digital currency on the base currency and currency multipliers, and also explores its effects on the total money supply.

关 键 词：央行数字货币 数字人民币 货币发行 货币政策工具 资产负债表 货币乘数 第三方支付 影子银行 

分 类 号：F822.2[经济管理—财政学]