| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15521 |
| DP15521 Central Bank Money: Liability, Asset, or Equity of the Nation? | |
| Michael Kumhof; Jason Allen; Will Bateman; Rosa Lastra; Simon Gleeson; Saule Omarova | |
| 发表日期 | 2020-12-06 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Based on legal arguments, we advocate a conceptual and normative shift in our understanding of the economic character of central bank money (CBM). The widespread treatment of CBM as a central bank liability goes back to the gold standard, and uses analogies with commercial bank balance sheets. However, CBM is sui generis and legally not comparable to commercial bank money. Furthermore, in modern economies, CBM holders cannot demand repayment of CBM in anything other than CBM. CBM is not an asset of central banks either, and it is not central bank shareholder equity because it does not confer the same ownership rights as regular shareholder equity. Based on comparisons across a number of legal characteristics of financial instruments, we suggest that an appropriate characterization of CBM is as ‘social equity’ that confers rights of participation in the economy’s payment system and thereby its economy. This interpretation is important for macroeconomic policy in light of quantitative easing and potential future issuance of central bank digital currency (CBDC). It suggests that in robust economies with credible monetary institutions, and where demand for CBM is sufficiently and sustainably high, large-scale issuance such as under CBDC is not inflationary, and it does not weaken public sector finances. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Central bank money Currency Central bank reserves Central bank digital currency Quantitative easing Central bank balance sheet Liabilities Assets Equity Government debt |
| URL | https://cepr.org/publications/dp15521 |
| 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/544523 |
| 推荐引用方式 GB/T 7714 | Michael Kumhof,Jason Allen,Will Bateman,et al. DP15521 Central Bank Money: Liability, Asset, or Equity of the Nation?. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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