ASSESSING THE IMPACT OF CENTRAL BANK DIGITAL CURRENCY ON PRIVATE BANKS
成果类型：
Article
署名作者：
Andolfatto, David
署名单位：
Federal Reserve System - USA; Federal Reserve Bank - St. Louis
刊物名称：
ECONOMIC JOURNAL
ISSN/ISSBN：
0013-0133
DOI：
10.1093/ej/ueaa073
发表日期：
2021
页码：
525-540
关键词：
摘要：
This paper investigates how a central bank digital currency can be expected to impact a monopolistic banking sector. The paper's framework of analysis combines the Diamond (1965) model of government debt with the Klein (1971) and Monti (1972) model of a monopoly bank. The paper finds that the introduction of a central bank digital currency has no detrimental effect on batik lending activity and may, in some circumstances, even serve to promote it. Competitive pressure leads to a higher monopoly deposit rate which reduces profit but expands deposit funding through greater financial inclusion and desired saving. An appeal to available theory and evidence suggests that a properly designed central bank digital currency is not likely to threaten financial stability.