Central Bank Digital Currency, Credit Supply, and Financial Stability
通过货币一般均衡模型，研究了央行数字货币对信贷供给和金融稳定的影响，发现引入CBDC账户存款会减少银行信贷供给并增加银行恐慌风险，但若央行能将CBDC存款贷给银行，则可增强金融稳定。
Abstract We examine the implications of central bank digital currency (CBDC) for credit supply and financial stability using a monetary general equilibrium model. The introduction of deposits in CBDC account decreases credit supply by banks, raising the nominal interest rate and lowering a bank's reserve‐deposit ratio. This increases the likelihood of bank panic in which banks exhaust cash reserves. However, once the central bank can lend all the deposits in CBDC account to banks, an increase in the quantity of CBDC which does not require reserve holdings can enhance financial stability by increasing credit supply and lowering nominal interest rate.