The Impact of Issuing Central Bank Digital Currency on Banks
Models with an interest-bearing central bank digital currency(CBDC)are built to investi-gate the impact of issuing CBDC on banking and macro-economy.When CBDC is the only asset,it is feasi-ble to conduct the negative-interest-rate policy,and a higher CBDC interest rate does not necessarily lead to financial disintermediation.It tends to promote bank lending and investment because CBDC and bank deposits are complements.In the extension,cash and interest-bearing CBDC can coexist when the reserve constraint is binding.The results suggest that the design of CBDC and banking matters for understanding how CBDC affects the macro-economy.
万方数据
维普
