Liquidity Creation,Central Bank Digital Currency and Bank Risk-taking
This paper introduces CBDC into the DLM model,providing insights into the mechanisms by which CBDC influences banks'risk-taking and liquidity creation,and then conducts an econometric analysis based on the unbalanced panel data of 171 commercial banks in China.The results reveal that liquidity creation and bank risk-taking exhibit a U-shaped nonlinear relationship;CBDC reduces bank risk-taking in general and moderates this U-shaped relationship,with a stronger impact when used as a financial regulatory tool than as a financial infrastructure tool;and the more uncertain the economic policy,the stronger the bank liquidity creation ability,and the higher the level of bank digitization,the more pronounced is the moderation effect of CBDC.These findings will provide an important reference for China's central bank in the future regarding how to further optimize the design and operation of CBDC,regulate and control bank liquidity creation,and reduce bank risk-taking.
central bank digital currency(CBDC)liquidity creationbank risk-takingDLM model
万方数据
维普
