{"title":"Central bank digital currency and financial inclusion","authors":"Brandon Joel Tan","doi":"10.1016/j.jmacro.2024.103620","DOIUrl":null,"url":null,"abstract":"<div><p>This paper develops a model to incorporate the impact of financial inclusion to study the implications of issuing a CBDC. In a “two-tier” model where banks distribute CBDC, CBDCs have the potential to increase the supply of deposits by incentivizing the unbanked to open bank accounts (offsetting potential flows from deposits to CBDCs), boosting overall lending. This is more likely when CBDC is valuable as a means of payment, provides anonymity in payments, and/or offers remuneration, especially in developing countries where the size and relative wealth of the previously unbanked population is large. CBDC can be optimal for household welfare even when overall lending decreases as households benefit from the value of using CBDC for payments and as an alternative “safe” savings vehicle.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":null,"pages":null},"PeriodicalIF":1.3000,"publicationDate":"2024-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Macroeconomics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0164070424000351","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
This paper develops a model to incorporate the impact of financial inclusion to study the implications of issuing a CBDC. In a “two-tier” model where banks distribute CBDC, CBDCs have the potential to increase the supply of deposits by incentivizing the unbanked to open bank accounts (offsetting potential flows from deposits to CBDCs), boosting overall lending. This is more likely when CBDC is valuable as a means of payment, provides anonymity in payments, and/or offers remuneration, especially in developing countries where the size and relative wealth of the previously unbanked population is large. CBDC can be optimal for household welfare even when overall lending decreases as households benefit from the value of using CBDC for payments and as an alternative “safe” savings vehicle.
期刊介绍：
Since its inception in 1979, the Journal of Macroeconomics has published theoretical and empirical articles that span the entire range of macroeconomics and monetary economics. More specifically, the editors encourage the submission of high quality papers that are concerned with the theoretical or empirical aspects of the following broadly defined topics: economic growth, economic fluctuations, the effects of monetary and fiscal policy, the political aspects of macroeconomics, exchange rate determination and other elements of open economy macroeconomics, the macroeconomics of income inequality, and macroeconomic forecasting.
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