摘要
央行数字货币是数字技术和数字经济不断发展的必然结果。本文系统梳理了欧元区、美国、日本、中国等世界主要经济体关于央行数字货币的研究与试验进展。总体来说,欧洲央行、日本银行、英格兰银行、中国人民银行等已经开展了试验或试点工作,而美联储等处在论证阶段。本文还就央行数字货币对经济系统可能产生的影响,从支付体系与货币供求、货币政策及金融稳定与监管、社会总产出、国际经济金融体系等多个方面进行全面的总结与分析。本文的研究既为未来从经济理论层面进一步分析央行数字货币的运行机制及其经济影响提供了一个参照点,也针对中国发行数字人民币提出了多方面的政策建议。
Central bank digital currency(CBDC)is one of the inevitable results of the continuous development of digital technology and digital economy,and an increasing number of countries began to carry out CBDC research and development work.This paper systematically reviews existing research and pilot projects of CBDC in the major economies of the world,such as the Euro area,the United States,Japan and China.Overall,central banks like European Central Bank,Bank of Japan,Bank of England and People’s Bank of China have already conducted experiments or pilot programs,while central banks such as the Federal Reserve are still in the demonstration stage.At the designing stage,most economics choose to pay no interest at the beginning of the issuance of CBDC.While European Central Bank and Bank of Japan focus more on wholesale CBDC,some central banks such as People’s Bank of China are more concerned with retail CBDC.This paper also summarizes and analyzes the possible impacts of CBDC on the payment system,money demand and money creation,monetary policy,financial stability and financial supervision,aggregate output,and international economic and financial systems.In general,a well-designed CBDC can help improve the efficiency of the payment system and enhance the scope and effect of monetary policy implementation,but the financial risks and other problems that may be caused by CBDC cannot be ignored.The research of this paper not only provides reference for further theoretical analysis of the operation mechanism of CBDC and its economic influences in the future,but also puts forward a series of policy suggestions for China’s issuance of e-CNY.The paper suggests that People’s Bank of China should improve the design of e-CNY,comprehensively evaluate the risks and challenges that may be brought about by e-CNY,actively carry out international cooperation with other countries and strive to give full play to the first-mover advantage in the world.
作者
刘凯
李育
郭明旭
Liu Kai;Li Yu;Guo Mingxu(School of Economics,Renmin University of China;Chinese Academy of International Trade and Economic Cooperation;School of International Studies,Renmin University of China)
出处
《国际金融研究》
CSSCI
北大核心
2021年第6期13-22,共10页
Studies of International Finance
基金
国家社会科学基金重大项目“货币政策分配效应与缩小收入和财富差距的有效路径研究”(208ZD105)
教育部哲学社会科学研究重大课题攻关项目“亚太自贸区建设与中国国际战略研究”(15JZD037)
中国人民大学“统筹推进世界一流大学和一流学科建设”重大规划项目“国际关系与政治学博弈论及大数据方法研究”(16XNLG11)资助
关键词
央行数字货币
支付系统
货币政策
金融稳定
Central Bank Digital Currency
Payment System
Monetary Policy
Financial Stability
