Bank profitability and central bank digital currency
研究了欧洲央行数字货币对银行盈利能力的潜在影响，使用2007至2021年欧元区银行样本，通过分位数回归估计存款冲击对银行利润分布的影响，发现大规模采用CBDC可能对大型银行和依赖存款的小型银行构成盈利挑战。
This paper analyses the potential effect of a European central bank digital currency (CBDC) on banks’ profitability. We use a large sample of euro area banks that spans the period from 2007 to 2021 to assess the sensitivity of banks’ profits to the deposits. Using quantile regressions, we estimate the conditional profit distribution of a representative bank. We then introduce a shock on the amount of deposits that would be replaced by the CBDC. Our results show that, for a large take-up of CBDC, there might be substantial challenges for the profitability of banks, especially for large banks and for small banks that mostly rely on deposits as a source of funding.