外国数字货币对宏观金融的影响

IF 1.8 4区经济学 Q2 ECONOMICS

Economics Letters Pub Date : 2025-07-16 DOI:10.1016/j.econlet.2025.112458

Anh H. Le , Alexander Copestake , Brandon Tan , Evan Papageorgiou , S. Jay Peiris , Umang Rawat

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引用次数: 0

摘要

我们开发了一个包含内生货币替代和金融摩擦的两国新凯恩斯模型，以检验在大型外国经济体发行稳定币对小型发展中经济体的影响。稳定币为国内经济中的家庭提供流动性服务，并为国内通胀提供额外的对冲。它的引入放大了货币替代，减少了银行中介作用，削弱了货币政策传导，从而加剧了衰退冲击的影响，增加了银行业的压力。

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Macro-financial impacts of foreign digital money

We develop a two-country New Keynesian model with endogenous currency substitution and financial frictions to examine the impact on a small developing economy of a stablecoin issued in a large foreign economy. The stablecoin provides households in the domestic economy with liquidity services and an additional hedge against domestic inflation. Its introduction amplifies currency substitution, reducing bank intermediation and weakening monetary policy transmission, which exacerbates the impacts of recessionary shocks and increases banking sector stress.

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来源期刊

Economics Letters ECONOMICS-

CiteScore

3.20

自引率

5.00%

发文量

348

审稿时长

30 days

期刊介绍： Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.