Can Central Bank Digital Currencies Promote the Internationalization of Currencies?
基于2000-2023年跨国数据，用系统GMM和固定效应模型发现央行数字货币发展能显著促进货币国际化，但政策公告频率过高会产生负面影响，对央行制定差异化策略有参考价值。
ABSTRACT Using multinational data (2000–2023), this study employed system GMM and fixed‐effects models to examine CBDC's impact on currency internationalization through a framework measuring ‘market acceptance’ and ‘policy drive.’ The results indicated that CBDC advancement significantly promotes currency internationalization. Proactive CBDC policies exerted a positive effect, yet high policy announcement frequency triggered negative repercussions. Mechanism tests confirmed CBDC facilitates currency internationalization through ‘market acceptance’ and ‘policy drive’ dimensions across financial and trade domains. Additionally, simultaneous development of retail and wholesale CBDC demonstrated enhanced effects. These findings provide valuable insights for central banks' differentiated CBDC development strategies and precise policy communication.