全球智库信息集成服务系统(G2TT): DP14337 Central Bank Digital Currency: Central Banking For All?

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP14337
	DP14337 Central Bank Digital Currency: Central Banking For All?
	Jesus Fernandez-Villaverde; Daniel Sanches; Linda Schilling; Harald Uhlig
发表日期	2020-01-21
出版年	2020
语种	英语
摘要	The introduction of a central bank digital currency (CBDC) allows the central bank to engage in large-scale intermediation by competing with private financial intermediaries for deposits. Yet, since a central bank is not an investment expert, it cannot invest in long-term projects itself, but relies on investment banks to do so. We derive an equivalence result that shows that absent a banking panic, the set of allocations achieved with private financial intermediation will also be achieved with a CBDC. During a panic, however, we show that the rigidity of the central bank's contract with the investment banks has the capacity to deter runs. Thus, the central bank is more stable than the commercial banking sector. Depositors internalize this feature ex-ante, and the central bank arises as a deposit monopolist, attracting all deposits away from the commercial banking sector. This monopoly might endangered maturity transformation.
主题	Central Banking
关键词	Central bank digital currency Central banking Intermediation Maturity transformation Bank runs Lender of last resort
URL	https://cepr.org/publications/dp14337
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/543229
推荐引用方式 GB/T 7714	Jesus Fernandez-Villaverde,Daniel Sanches,Linda Schilling,et al. DP14337 Central Bank Digital Currency: Central Banking For All?. 2020.