央行数字货币对金融稳定优化研究  

Optimization Research of Central Bank Digital Currencies to the Financial Stability

作　　者：吕秀梅[1] 罗婧 LYU Xiumei;LUO Jing(School of Finance,Chongqing Technology and Business University,Chongqing 400067,China)

机构地区：[1]重庆工商大学金融学院,重庆400067

出　　处：《金融教育研究》2023年第5期3-10,共8页Research of Finance and Education

基　　金：国家社会科学基金项目“平衡效率和风险的金融科技与监管科技协同创新机制研究”(19XYJ022)。

摘　　要：各国中央银行纷纷加入数字货币研发大军,央行数字货币带来的潜在风险不容小觑。央行数字货币可能对银行业、货币政策、金融监管造成不稳定性,从而导致金融不稳定性。研究发现,央行数字货币会通过导致银行脱媒、挤压中间业务来影响银行业不稳定性;也会通过削弱负利率政策、引发过度信用创造、影响货币政策传导效率及效果三条路径影响货币政策不稳定性;还可能由于概念界定模糊、底层技术漏洞、用户信息泄露、地区推广时滞等因素,造成金融监管的不稳定性。研究从整体和局部分别给出相应的金融稳定优化建议。Central banks from all over the world have joined digital currency's research and development army in succession,and the potential risks brought by Central Bank Digital Currencies(CBDC)should not be underesti-mated.CBDC may cause instability to banking industry,monetary policy,and financial supervision,which will lead to financial instability.Although the existing literature suggests that CBDC has a negative impact on financial stabili-ty,it does not give a specific impact path.It is found that CBDC will affect the instability of the banking industry by causing the disintermediation of banks and squeezing the intermediate business.It will also affect the instability of monetary policy through weakening the negative interest rate policy,triggering excessive credit creation,and affect-ing the transmission efficiency and effect of monetary policy.It may also be due to vague concept definition,techni-cal loopholes at the bottom,user information leakage,regional promotion delay and other factors,resulting in insta-bility of financial supervision.The corresponding financial stability optimization suggestions are given from the whole and the part respectively.

关 键 词：央行数字货币 金融稳定 银行业 货币政策 金融监管 

分 类 号：F832.21[经济管理—金融学]