全球央行数字货币、金融脱媒与银行挤兑  

Global Central Bank Digital Currency, Financial Disintermediation and Bank Runs

作　　者：杨苌苌 YANG Chang-chang

机构地区：[1]中国人民银行武汉分行

出　　处：《国际经贸探索》2023年第1期68-82,共15页International Economics and Trade Research

摘　　要：文章在回顾全球央行数字货币(CBDC)设计特性并对资产负债表进行分析的基础上,构建一般均衡模型研究CBDC发行对金融脱媒和银行挤兑的影响机制。结果显示:第一,发行CBDC可能产生金融脱媒效应,但若央行对商业银行资金流失进行补偿,则可缓解该效应。补偿比例越大,金融脱媒效应越小;完全补偿时不产生金融脱媒效应。第二,在央行补偿条件下发行CBDC,银行挤兑发生门槛提升、概率下降。补偿比例越大,银行挤兑发生概率越小。第三,在央行全额补偿条件下发行CBDC,外部冲击对于总产出和商业银行资金来源稳定性的负向影响减小,发行CBDC促进了金融稳定。因此,文章建议逐渐放松CBDC发行限制,建立CBDC发行专项补偿机制,适度引入降低CBDC流动性的措施。On the basis of reviewing the design characteristics of global central bank digital currency(CBDC) and analyzing the balance sheet, this paper constructs a general equilibrium model to study the influencing mechanism of CBDC issuance on financial disintermediation and bank runs. The results show that:(1) the issuance of CBDC may cause financial disintermediation effect, but if the central bank compensates for the capital loss of commercial banks, this effect could be alleviated. The larger the compensation proportion is, the smaller financial disintermediation effect will be. There is no financial disintermediation effect when full compensation is made;(2) when CBDC is issued under the compensation of the central bank, the threshold of bank runs increases and the probability of bank runs decreases. The larger the compensation proportion is, the smaller the probability of bank runs will be;(3) when CBDC is issued under the full compensation of the central bank, the negative influence of external shocks on the total output and the capital source stability of commercial banks decreases, and the issuance of CBDC promotes financial stability. Therefore, the paper suggests gradually relaxing the restrictions on CBDC issuance, establishing a special compensation mechanism for CBDC issuance and appropriately introducing the measures to reduce CBDC liquidity.

关 键 词：央行数字货币 金融脱媒 银行挤兑 一般均衡模型 金融稳定 

分 类 号：F830[经济管理—金融学]