The Optimal Quantity of CBDC in a Bank-Based EconomyIndian Rupee

• 成果类型: Article
• 署名作者: Burlon, Lorenzo; Munoz, Manuel a.; Smets, Frank
• 署名单位: European Central Bank; Ghent University; Centre for Economic Policy Research - UK
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20220152
• 发表日期: 2024
• 页码: -
• 关键词: Digital currency; monetary; credit; EQUIVALENCE; deposits; returns; utility; prices; POLICY; MODEL

摘要

We show that the estimated effect of digital euro news on bank stock valuations and lending depends on the bank's deposit reliance and the central bank digital currency ( CBDC ) design features. Using a quantitative DSGE model calibrated to the euro area economy that replicates such evidence, we find that CBDC issuance yields nontrivial welfare trade-offs between, on one side, the positive expansion of liquidity services and the improved stabilization of deposit funding and lending and, on the other side, a negative bank disintermediation effect. The optimal amount of CBDC lies between 15 and 45 percent of quarterly GDP. ( JEL E23, E42, E58, F33, G14, G21)