Consumer choices under new payment methods  

作　　者：Jaemin Son Mehmet Huseyin Bilgin Doojin Ryu 

机构地区：[1]College of Confucian Studies and Eastern Philosophy,Sungkyunkwan University,Seoul,Republic of Korea [2]Faculty of Political Sciences,Istanbul Medeniyet University,Istanbul,Turkey [3]Department of Economics,Sungkyunkwan University,Seoul 03063,Republic of Korea

出　　处：《Financial Innovation》2022年第1期2238-2259,共22页金融创新（英文）

基　　金：supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea(NRF-2022R1A2C1010596).

摘　　要：This study suggests a payment portfolio model that includes new payment methods that have emerged from the development of cryptocurrency markets and central bank digital currencies(CBDCs).Our model analyzes the optimal payment choice for consumers under various macroeconomic conditions.We determine that an individual economic agent chooses payment methods under specific conditions by incorporating policy interest rates on CBDCs and stablecoins used on cryptocurrency exchanges.We analyze the impacts of CBDCs and stablecoins on the choice of whether to use cash or deposits.We also examine how the agent changes her portfolio compositions in response to exogenous macroeconomic policies.If a government replaces cash with a CBDC,the convenience of digital currency would not affect consumer choices.The higher the government’s interest rate on CBDCs,the more consumers will use CBDCs than deposits.

关 键 词：Central bank digital currency Cryptocurrency Payment portfolio model Stablecoin 

分 类 号：F821[经济管理—财政学]