This study harnesses the payment investment portfolio model and financial inter-mediary model to examine the influence of central bank digital currency(CBDC)issuance on commercial banks'risk assumption;it further substantiates the analysis by empirical testing using panel data from 344 Chinese banks spanning 2007 to 2020.The study unveils that CBDC issuance amplifies the risk assumption in commercial banks via deposit displacement and operates through mediating mechanisms such as the bank's lending capacity,liquidity level,and profitability.More-over,the level of fintech development exerts an impact on the strength of CBDC issuance's effect on commercial banks'risk assumption,exhibiting a threshold characteristic.Once fintech develop-ment surpasses this threshold,the positive correlation between CBDC and bank risk assumption diminishes.These findings are instrumental in comprehending risk exposure characteristics associ-ated with CBDC issuance and in devising strategies to mitigate the associated risks.
关键词
法定数字货币/银行风险承担/中介效应/金融科技
Key words
central bank digital currency/bank risk assumption/fintech/deposit displace-ment
维普
万方数据