摘要
当前,世界主要经济体的央行纷纷开展法定数字货币研究和试点工作。我国也先后在多地试行数字人民币“红包”实验,各界围绕法定数字货币的发行模式、信用基础及潜在影响展开了广泛讨论。在中央银行—商业银行双层发行模式下,法定数字货币本质上是一种数字形式的基础货币,其信用基础为主权信用。法定数字货币的发行将改变基础货币结构,并影响货币创造体系。在此背景下,货币政策传导效率有望进一步提升:一是数字货币利率可成为重要的政策利率,强化对存款市场利率的影响;二是付息数字货币可能挤占存款准备金在基础货币中的份额,商业银行对准备金率的敏感性将随之上升;三是央行可借用数字货币的可编程、可追踪特性,进一步提升对专项资金用途的把控能力。应稳步推进数字货币发行体系建设,通过开展宣传工作、完善交易机制、探索跨境数字货币交易等方式完善货币发行体系。
At present,the central banks of the world’s major economies have carried out research and pilot work on legal digital currency.China has also experimented with Central Bank Digital Currency “Red Packet”in many places.The issue model,credit basis and potential impact of legal digital currency have been widely discussed.Under the dual issuing mode of“Central bank-Commercial bank”,legal digital currency is essentially a digital form of basic currency,and its credit basis is sovereign credit.The issuance of legal digital currency will change the currency base structure and affect the money creation system.In this context,the conduction efficiency of monetary policy is expected to be further improved.Digital currency interest rates can become an important policy interest rate,strengthening its impact on deposit market interest rates.Interest-paying digital currencies may squeeze the share of deposit reserves in the base currency,and the sensitivity of commercial banks to the reserve ratio will increase accordingly.And the central bank can use the programmable and traceable features of digital currency to further enhance its control over the use of special funds.It is suggested that the construction of the digital currency issuance system should be steadily promoted,and the currency issuance system should be improved by carrying out publicity work,improving the transaction mechanism,and exploring cross-border digital currency transactions.
作者
马克
张泽栋
Ma Ke;Zhang Ze-dong(Institute of World Economics,Shanghai Academy of Social Sciences,Shanghai WTO Affairs Consultation Center,Shanghai 200120;School of Business,University of Chinese Academy of Social Sciences,Beijing 100005)
出处
《经济纵横》
CSSCI
北大核心
2022年第1期110-119,共10页
Economic Review Journal
关键词
法定数字货币
货币理论
信用创造
货币政策传导机制
Legal Digital Currency
Monetary Theory
Credit Creation
Monetary Policy Conduction Mechanism
