央行数字货币替代现金的经济影响  

The Economic Effects of Introducing Cash-like Central Bank Digital Currencies

作　　者：贾鹏飞 Jia Peng-fei

机构地区：[1]南京大学商学院

出　　处：《经济学家》2023年第9期66-76,共11页Economist

基　　金：国家自然科学基金青年项目“宏观审慎政策的理论依据与最优政策设计”(72104101);中央高校基本科研业务费专项资金项目(The Fundamental Research Funds for the Central Universities)-南京大学“研究阐释党的二十大精神专项课题”(010414370312)。

摘　　要：本文通过构建新货币主义理论模型研究央行数字货币对支付系统和宏观经济的影响。本文在经典的新货币主义基准模型上引入类现金(cash-like)的央行数字货币和私人货币,并重点刻画央行数字货币替代现金所产生的经济影响。本文发现,央行数字货币的引入将增加公共货币的收益率,使得消费者持有更多的公共货币。虽然央行数字货币的使用会挤出私人货币,但经济体中的货币总量会增加。流动性资产的增加将放松消费者的流动性约束并提高交易效率。与此同时,流动性约束的放松将促使消费者购买更多的商品,商品的生产也会增加。鉴于本文模型,央行数字货币的使用将对支付系统和宏观经济产生正面影响。因此,本文认为应积极推动央行数字货币的发行和落地进程。This paper investigates the impact of central bank digital currencies on payment systems and macroeconomics by constructing a New Monetarist model.This paper introduces cash-like central bank digital currencies(CBDC)and private cur⁃rencies on the classical New Monetarist benchmark model and focuses on portraying the economic impact of replacing cash with cash-like CBDC.We find that the issuance of a cash-like CBDC can increase the return of public money,which makes agents demand more public money.While the use of cash-like CBDC will crowd out private money,the total amount of money in the economy will increase.The increase in liquid assets will loosen the liquidity constraint for consumers and increase the efficiency of transactions.At the same time,the easing of the liquidity constraint will induce consumers to buy more goods and the produc⁃tion of goods will increase.Given the model in this paper,the use of cash-like CBDC will have a positive impact on the payment system and macroeconomy.Therefore,this paper argues that the process of issuing and landing cash-like CBDC should be ac⁃tively promoted.

关 键 词：央行数字货币 现金 经济影响 新货币主义模型 类现金 

分 类 号：F015[经济管理—政治经济学] F820