央行数字货币与商业银行——兼论央行数字货币与金融脱媒风险  

Central Bank Digital Currency and Banking:Central Bank Digital Currency and the Risk of Financial Disintermediation

作　　者：贾鹏飞 JIA Pengfei(School of Business, Nanjing University)

机构地区：[1]南京大学商学院

出　　处：《数量经济技术经济研究》2024年第3期25-45,共21页Journal of Quantitative & Technological Economics

基　　金：国家自然科学基金青年项目(72104101)的支持。

摘　　要：随着数字经济蓬勃发展和私人加密货币广泛兴起,央行数字货币备受关注。本文通过构建新货币主义模型研究央行数字货币对金融体系、支付系统以及经济产出的影响,重点关注央行数字货币是否引发金融脱媒问题。研究发现,央行数字货币的引入将规范商业银行的存款行为,迫使银行增加存款利率,使得银行吸收更多存款;在存款准备金约束下,更多的存款意味着更多的银行贷款和信用创造。机制分析表明,由于商业银行具有垄断权力,银行将通过降低贷款利率以匹配更高的贷款需求;存款利率的增加以及贷款利率的减小将挤压银行利润;贷款利率的减小也意味着厂商面临更低的借贷成本,这将鼓励厂商投资进而增加产出。进一步分析表明,央行数字货币的引入可增加流动性。在存在流动性约束的环境下,流动性资产的增加将放松消费者约束,进而鼓励消费者交易更多的商品并提高支付效率,这同时也促进了生产端活动,增加产出。最后,本文认为央行数字货币的发行与使用可对金融体系、支付系统以及经济产出产生正面影响,并且不会导致金融脱媒。With the rapid development of the digital economy and private money,central bank digital currency has received a lot of attention.Most central banks in the world are actively exploring the possibility of issuing their own central bank digital currencies.This study investigates the economic effects of central bank digital currency(CBDC) on the financial sector,payment system,and economic output through the lens of a macroeconomic general equilibrium model.In particular,it investigates whether the introduction of a CBDC results in financial disintermediation,a topic that has been widely discussed by policymakers.It also develops a new monetarist model of banking and payments that includes a CBDC and a monopolistic banking sector.This study investigates a “deposit-like” CBDC that competes with bank deposits as a means of payment.In the model,the issuance of a CBDC disciplines the banking sector.This makes the bank raise the deposit rate and thus attract more deposits.Under a binding reserve requirement,higher deposits imply that loans are also higher.As the bank has a monopoly power,it will lower the lending rate to match the increased loan demand.A higher deposit rate and a lower loan rate imply that bank profits will fall.In the model,a lower loan rate also means that firms are facing lower borrowing costs,which will encourage them to make more investments.This leads to an expansion in economic production.As bank deposits increase after introducing a CBDC,the amount of electronic money increases.In an economy where agents face liquidity constraints,more liquid assets would relax their liquidity constraints.From the perspective of payment efficiency,the introduction of a CBDC is beneficial to the economy as it mitigates trading frictions and facilitates trade.Moreover,as the issuance of a CBDC facilitates transactions,agents will buy more goods and make more trades.Thus,consumers consume more goods,and producers produce more goods.Further,it is demonstrated that introducing a CBDC promotes production.In summary

关 键 词：央行数字货币 商业银行 垄断权力 宏观经济 新货币主义模型 

分 类 号：F820[经济管理—财政学]