央行数字货币：影响及其挑战

黄双双; 黄志刚; 王姗

央行数字货币：影响及其挑战

1.
福州大学经济与管理学院，福建福州 350108
2.
中国银行福建省分行，福建福州 350003

基金项目: 中宣部干部局(四个一批人才项目)“金融安全与区块链金融研究”

详细信息

作者简介:
黄双双(1992-)，女，福建莆田人，福州大学经济与管理学院博士研究生

王姗(1980-)，女，山东海阳人，中国银行福建省分行职员

通讯作者:
黄志刚(1963-)(通讯作者)，男，江西余干人，福州大学经济与管理学院教授，博士生导师

中图分类号: F820.2
计量
- 文章访问数: 1390
- HTML全文浏览量: 838
- PDF下载量: 85
- 被引次数: 0
出版历程
- 收稿日期: 2021-06-23
- 网络出版日期: 2021-11-11
- 刊出日期: 2021-09-28

Central Bank Digital Currency: Impacts and Challenges

1.
School of Economics and Management, Fuzhou University, Fuzhou 350108
2.
Bank of China Fujian Branch, Fuzhou 350003, China

摘要

摘要: 央行发行数字货币是现代货币金融体制的重大变革，但央行数字货币研究涉及的内容和体系十分庞杂。对央行数字货币的基础概念、内涵以及其对经济金融的影响进行梳理，探讨央行数字货币对优化支付体系、丰富货币政策的贡献，以及给金融稳定带来的挑战。研究发现，央行数字货币的产生与发展依托于信息技术的兴起，其带来的经济效益将高于传统法定货币带来的经济效益。央行数字货币的出现是改善支付问题的重要突破，发行央行数字货币对零售、批发和跨境支付具有优化作用，其能够重塑支付体系，实现代币化交易和安全的信息共享，未来有可能成为主要的支付工具之一。由于央行数字货币对货币政策的影响较大，且相关研究尚处于探索之中，因此很难得出明确或定量的稳健性结论。央行数字货币的设计将影响到金融结构和经济的各个方面，本研究对于我国央行数字货币的理论与实践发展具有重要启示。
- 央行数字货币 /
- 数字货币 /
- 支付工具 /
- 支付体系 /
- 货币政策 /
- 货币经济 /
- 金融稳定 /
- 金融监管
Abstract: The issuance of digital currency by The People's Bank of China (Central Bank) is an important reform of the modern monetary and financial system, but the research on Central Bank digital currency involves a very complex content and system. The basic concept and connotation of Central Bank digital currency as well as its impact on economy and finance are sorted out, and the contribution of Central Bank digital currency to optimizing payment system and enriching monetary policy is discussed, as well as the challenges brought to financial stability. The research finds that the emergence and development of Central Bank digital currency depends on the rise of information technology, and its economic benefits will be higher than those of traditional legal tender; the emergence of Central Bank digital currency is an important breakthrough to improve payment issues; issuing Central Bank digital currency has an optimizing effect on retail, wholesale and cross-border payments; it can reshape the payment system, realize tokenized transactions and secure information sharing. The digital currency is possible in the future to become one of the main payment tools. Since the Central Bank digital currency has a greater impact on monetary policy, and relevant research still under exploration, it is difficult to draw clear or quantitative robust conclusions. The design of the Central Bank digital currency will affect all aspects of the financial structure and economy. This research has important enlightenment for the theoretical and practical development of China's Central Bank digital currency.
- Central Bank digital currency /
- digital currency /
- payment instrument /
- payment system /
- monetary policy /
- monetary economy /
- financial stability /
- financial regulation

HTML全文

参考文献(56)

[1]	BOAR C, WEHRLI A. Ready, steady, go?—results of the third BIS survey on central bank digital currency[G]. Basel: BIS Papers, 2021, No. 114.
[2]	BROADBENT B. Central banks and digital currencies[R]. London: Bank of England, London School of Economics, 2016.
[3]	BIS. Central bank digital currencies[G]. Basel: Committee on Payments and Market Infrastructures, Bank for International Settlements, 2018.
[4]	BECH M, GARRATT R. Central bank cryptocurrencies[G]. Basel: BIS Quarterly Review, 2017.
[5]	SHOAIB M, ILYAS M, KHIYAL M S H. Official digital currency[C]. Eighth International Conference on Digital Information Management. IEEE, 2013: 346-352.
[6]	ITU. Focus group on digital currency including digital fiat currency[G]. New York: International Telecommunication Union, 2017.
[7]	MANCINI-GRIFFOLI T, PERIA M S M, AGUR I, et al. Casting light on central bank digital currency[C]. Washington: IMF Staff Discussion Notes, 2018 (18-08).
[8]	SVERIGES RIKSBANK. The Riksbank's e-krona project-report 1[R]. E-krona Reports, 2017.
[9]	YANAGAWA N, YAMAOKA H. Digital innovation, data revolution and central bank digital currency[G]. Tokyo Met. : Bank of Japan Working Paper Series, 2019, No. E-2.
[10]	ENGERT W, FUNG B S C. Central bank digital currency: motivations and implications[G]. Toronto: Bank of Canada Staff Discussion Paper, 2017, No. 16.
[11]	MEANING J, DYSON B, BARKER J, et al. Broadening narrow money: monetary policy with a central bank digital currency[G]. London: Bank of England Working Paper Series, 2018, No. 724.
[12]	KIM Y S, KWON O. Central bank digital currency and financial stability[G]. Seoul: Bank of Korea Working Paper Series, 2019, No. 6.
[13]	JUSKAITE A, SIAUDINIS S, REICHENBACHAS T. CBDC-in a whirlpool of discussion[G]. Lithuania: Bank of Lithuania Occasional Paper Series, 2019, No. 29.
[14]	PFISTER C. Monetary policy and digital currencies: much ado about nothing?[G]. Paris: Banque de France Working Paper Series, 2017, No. 642.
[15]	MURRAY J. Central banks and the future of money[G]. CD Howe Institute Commentary, 2019, 540.
[16]	SHIRAI S. Money and central bank digital currency[G]. ADBI Working Paper Series, 2019.
[17]	BRUNNERMEIER M K, JAMES H, LANDAU J P. The digitalization of money[G]. NBER Working Paper, 2019, No. 26300.
[18]	SVERIGES RIKSBANK. The Riksbank's e-krona project-report 2[R]. E-krona Reports, 2018.
[19]	周小川. 专访周小川——央行行长周小川谈人民币汇率改革, 宏观审慎政策框架和数字货币[J]. 财新周刊, 2016(6): 52-61. http://www.cqvip.com/QK/89327A/201606/667901263.html
[20]	姚前. 中国版数字货币设计考量[J]. 中国金融, 2016(12): 26-27. https://www.cnki.com.cn/Article/CJFDTOTAL-ZGJR201612012.htm
[21]	KIFF J, ALWAZIR J, DAVIDOVIC S, et al. A survey of research on retail central bank digital currency[G]. Washington: IMF Working Paper Series, 2020, No. 104.
[22]	PICHLER P, SCHIERLINGER-BRANDMAYR A, SUMMER M. Digital money[J]. Monetary Policy & the Economy, 2018, 18: 23-35.
[23]	DOW S. Monetary reform, central banks, and digital currencies[J]. International Journal of Political Economy, 2019, 48(2): 153-173. doi: 10.1080/08911916.2019.1624317
[24]	DEMIRGÜÇ-KUNT A, KLAPPER L, SINGER D, et al. The global findex database 2017: measuring financial inclusion and the fintech revolution[G]. Washington: The World Bank, 2018.
[25]	BELKE A, BERETTA E. From cash to central bank digital currencies and cryptocurrencies: a balancing act between modernity and monetary stability[J]. Journal of Economic Studies, 2020, ahead-of-print.
[26]	HUYNH K P, MOLNÁR J, SHCHERBAKOV O, et al. Demand for payment services and consumer welfare: the introduction of a central bank digital currency[G]. Toronto: Bank of Canada, Staff Working Paper, 2020, No. 7.
[27]	FUJIKI H. Attributes needed for Japan's central bank digital currency[G]. Tokyo: Tokyo Center for Economic Research Working Paper, 2020, No. E-151.
[28]	BECH M L, HANCOCK J, RICE T, et al. On the future of securities settlement[G]. Basel: BIS Quarterly Review, March, 2020.
[29]	RAGHUVEERA N, BRAY D. Design choices of central bank digital currencies will transform digital payments and geopolitics[G]. Atlantic Council GeoTech Center, 2020.
[30]	CLAEYS G, DEMERTZIS M. The next generation of digital currencies-in search of stability[Z]. Bruegel-Policy Contributions, 2019.
[31]	KAHN C M, RIVADENEYRA F, WONG T N. Should the central bank issue e-money?[J]. Money, 2019, 1: 01-18. http://econpapers.repec.org/paper/fipfedlwp/2019-003.htm
[32]	ROGOFF K. The curse of cash[M]. Princeton: Princeton University Press, 2016.
[33]	BUITER W H, PANIGIRTZOGLOU N. Overcoming the zero bound on nominal interest rates with negative interest on currency: Gesell's solution[J]. The Economic Journal, 2003, 113(490): 723-746. doi: 10.1111/1468-0297.t01-1-00162
[34]	GOODFRIEND M. The case for unencumbered interest rate policy at the zero bound[J]. Designing Resilient Monetary Policy Frameworks for the Future, 2016: 127-160.
[35]	WILLIAMS J C. Monetary policy in a low R-star world[J]. FRBSF Economic Letter, 2016, 23: 1-23. doi: 10.1080/13504851.2015.1044640
[36]	RASKIN M, YERMACK D. Digital currencies, decentralized ledgers and the future of central banking[M]//Research Handbook on Central Banking. Edward Elgar Publishing, 2018.
[37]	HAMPL M, HAVRÁNEK T. Central bank equity as an instrument of monetary policy[J]. Comparative Economic Studies, 2020, 62(1): 49-68. doi: 10.1057/s41294-019-00092-1
[38]	GABAIX X. A behavioral new keynesian model[J]. American Economic Review, 2020, 110(8): 2271-2327. doi: 10.1257/aer.20162005
[39]	ENGLISH W B, ERCEG C J, LOPEZ-SALIDO D. Money-financed fiscal programs: a cautionary tale[G]. Washington: Board of Governors of the Federal Reserve System, Finance and Economics Discussion Series, 2017, No. 060.
[40]	ANDOLFATTO D. Assessing the impact of central bank digital currency on private banks[J]. The Economic Journal, 2021, 131(634): 525-540. doi: 10.1093/ej/ueaa073
[41]	BENIAK P. Central bank digital currency and monetary policy: a literature review[G]. MPRA Paper, 2019, No. 96663.
[42]	BARRDEAR J, KUMHOF M. The macroeconomics of central bank issued digital currencies[J]. Journal of Economic Dynamics and Control, 2021, 10: 41-48. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2811208
[43]	DAVOODALHOSSEINI S M. Central bank digital currency and monetary policy[J]. Journal of Economic Dynamics and Control, 2021, Forthcoming.
[44]	姚前. 法定数字货币的经济效应分析: 理论与实证[J]. 国际金融研究, 2019(1): 16-27. https://www.cnki.com.cn/Article/CJFDTOTAL-GJJR201901012.htm
[45]	WU T, CHEN J. A study of the economic impact of central bank digital currency under global competition[J]. China Economic Journal, 2021, 12: 1-24. doi: 10.1080/17538963.2020.1870282
[46]	BRUNNERMEIER M K, NIEPELT D. On the equivalence of private and public money[J]. Journal of Monetary Economics, 2019, 106: 27-41. doi: 10.1016/j.jmoneco.2019.07.004
[47]	KEISTER T, SANCHES D R. Should central banks issue digital currency?[G]. Philadelphia: Federal Reserve Bank of Philadelphia Working Paper Series, 2019, No. 26.
[48]	PARLOURY C A, RAJAN U, WALDEN J. Payment system externalities and the role of central bank digital currency[J]. Journal of Finance, 2021, Forthcoming.
[49]	GREY R, DHARMAPALAN J. The macroeconomic policy implications of digital fiat currency[G]//The Case for Digital Legal Tender' Paper Series. eCurrency Mint, Ltd., 2017.
[50]	TOBIN J. Financial innovation and deregulation in perspective[G]. Cowles Foundation Papers, 1985.
[51]	FEGATELLI P. Central bank digital currencies: the case of universal central bank reserves[G]. Luxembourg: Central Bank of Luxembourg Working Paper Series, 2019, No. 130.
[52]	KUMHOF M, NOONE C. Central bank digital currencies-design principles and balance sheet implications[G]. London: Bank of England Staff Working Paper Series, 2018, No. 725.
[53]	ECB. Exploring anonymity in central bank digital currencies[G]. Frankfurt: European Central Bank Working Paper Series, 2019, No. 4.
[54]	BOE. Central bank digital currency opportunities, challenges and design[G]. London: Bank of England Discussion Paper, March, 2020.
[55]	BINDSEIL U. Tiered CBDC and the financial system[G]. Frankfurt: European Central Bank Working Paper Series, 2020, No. 2351.
[56]	BOFINGER P, HAAS T. CBDC: a systemic perspective[G]. W.E.P. -Würzburg Economic Paper, 2020, No. 101.