Central Bank Digital Currency: A New Instrument of Monetary Policy

IF 0.4 Q4 BUSINESS, FINANCE
B. Kóczián, A. Kollarik, Lóránt Kiss, P. Simon
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引用次数: 1

Abstract

Central bank digital currency is a claim on the central bank, which is accessible by a wide range of customers, digital, flexible and potentially interest-bearing. The new asset is being researched in many countries, and widening the accessibility of financial services, creating the digitalized form of cash with monetary policy considerations being among its motivations. An interest-bearing central bank digital currency could make the central bank’s monetary transmission direct, which could improve the efficiency of monetary policy. Furthermore, the asset could help to strengthen competition among banks and could support the spread of financial innovations. Risks related to the instrument, such as disintermediation, can be counterbalanced by the increasing deposit volumes due to higher interest rates after the introduction of the instrument, and by limits set on the maximum holdings of the asset. An interest-bearing central bank digital currency can make targeted monetary policy possible, furthermore, the direct transmission of interest rates could enhance the efficiency of monetary transmission.
央行数字货币:一种新的货币政策工具
央行数字货币是对央行的一种债权,它可以被广泛的客户使用,数字化、灵活且可能有息。许多国家正在研究这种新资产,并扩大金融服务的可及性,创造数字形式的现金,其动机之一是货币政策方面的考虑。有息央行数字货币可以使央行的货币传导更加直接,从而提高货币政策的效率。此外,该资产可能有助于加强银行之间的竞争,并可能支持金融创新的传播。与该工具相关的风险,如脱媒,可以通过引入该工具后由于更高的利率而增加的存款量,以及对资产最大持有量的限制来抵消。有息的央行数字货币可以使有针对性的货币政策成为可能,利率的直接传导可以提高货币传导的效率。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
0.90
自引率
40.00%
发文量
30
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