主题：Idle Liquidity, CBDC and Banking

主讲：肖筱林 助理教授

时间：2023年10月24日 13:30-15:00

地点：半岛·体育bob官方网站714会议室

内容简介: We build models with an interest-bearing central bank digital currency (CBDC) to investigate whether the interest-bearing CBDC can lead to financial disintermediation. Our model of CBDC and banking captures a key feature of an intermediated CBDC system that idle CBDC can be converted into deposits. Higher interest rates on CBDC could increase bank lending and investment in a CBDC-only economy, because in the presence of idle liquidity, CBDC and bank deposits are complements. The higher return on CBDC encourages entrepreneurs to accumulate more CBDC and then deposit more. The interest rate on reserves and the reserve requirement ratio can be effective policy tools that affect bank lending and investment. Our quantitative analysis shows that a higher CBDC interest rate always promotes investment and its effect on lending depends on the type of banking equilibrium. We consider extensions where cash and interest-bearing CBDC can coexist. The coexistence may require the central bank to adjust

the CBDC interest rate or the interest rate on reserves. Our results suggest that the design of CBDC and banking are crucial for understanding the effects of CBDC on banking and the macroeconomy.

嘉宾简介： 肖筱林博士现为北京大学光华管理学院应用经济系助理教授，“日出东方 - 光华青年人才”研究学者，主要研究领域为货币经济学和宏观金融。加入光华之前，她先后在美国威斯康星大学麦迪逊分校和新西兰奥克兰理工大学工作。她的研究成果已发表于Journal of Monetary Economics, International Economic Review, Review of Economic Dynamics等国外顶级和权威学术期刊. 肖博士目前的研究聚焦于数字货币、金融科技和货币政策等方面，目前主持国家自然科学基金面上项目，“我国央行数字货币发行对批发金融端和零售金融端的影响研究"。