Reflections on welfare and political economy aspects of a central bank digital currency

Cukierman Alex

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Reflections on welfare and political economy aspects of a central bank digital currency

机译：关于股票数字货币福利与政治经济方面的思考

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The point of departure of this short paper is that, in order to preserve the effectiveness of monetary policy in a world increasingly flooded by private digital currencies, central banks (CBs) will eventually have to issue their own digital currencies. The paper presents two proposals for the implementation of such a currency: A moderate proposal in which only the banking sector continues to have access to deposits at the CB and a radical one in which the entire private sector is allowed to hold digital currency deposits at the CB. The paper contrasts the implications of those two polar paths to a CBDC for the funding of banks, the allocation of credit to the economy, for welfare and for political feasibility. One section of the paper shows that the radical implementation may pave the way toward a narrow banking system and dramatically reduce the need for deposit insurance in the long run. The paper evaluates the relative merits of issuing a currency on a blockchain using a permissionless distributed ledger technology in comparison to a centralized (permissioned) blockchain ledger operated by the CB and concludes that the latter dominates the former in more than one dimension.

机译：这篇短文的出发点是，为了保留私人数码货币越来越多地淹没的世界中货币政策的有效性，中央银行（CBS）最终将不得不发出自己的数字货币。本文提出了实施此类货币的两项建议：采取适度的提案，其中只有银行业才能在CB的存款和一个激进的内容，其中允许整个私营部门持有数字货币存款CB。本文对福利和政治可行性进行了对银行的资助，为银行提供资金，对经济的资金，对经济的资金分配的影响。本文的一部分表明，激进的实施可能会对狭窄的银行系统铺平道路，从而大大减少了长期存款保险的需求。本文使用允许的分布式分类账分类账来评估在区块链中发出货币的相对优点，与CB操作的集中（许可）区块链条进行比较，并结束后，后者在多个维度中主导前者。

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《The Manchester school》 |2020年第1期|114-125|共12页
作者
Cukierman Alex;
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作者单位

Tel Aviv Univ Interdisciplinary Ctr CEPR Tel Aviv Israel;

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原文格式 PDF
正文语种 eng
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关键词
blockchain technology; central bank digital currency; centralized versus decentralized currencies; narrow banking; permissioned; permissionless;

机译：区间技术;中央银行数字货币;集中与分散货币;窄银行业务;许可;许可;

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1. The Digital Currency of China’s Central Bank:Digital Currency Electronic Payment(DCEP) [J] . Chen Gengxuan, Jia Qinmin, Ling Hao, 当代社会科学（英文） . 2021,第004期

机译：The Digital Currency of China’s Central Bank:Digital Currency Electronic Payment(DCEP)
2. Central Bank Money, Private Sector Money and Central Bank Digital Currency [J] . Sayuri Shirai Banking & Financial Services Policy Report . 2019,第4期

机译：中央银行货币，私人部门货币和中央银行数字货币
3. ASSESSING THE IMPACT OF CENTRAL BANK DIGITAL CURRENCY ON PRIVATE BANKS [J] . Andolfatto David The economic journal . 2021,第634期

机译：评估中央银行数字货币对私人银行的影响
4. Central Banks Digital Currency: Issuing and Integration Scenarios in the Monetary and Payment System [C] . Dmitry Kochergin, Victor Dostov International Conference on Business Information Systems . 2020

机译：中央银行数字货币：货币和支付系统中的发行和集成方案
5. Design Considerations for Central Bank Digital Currencies [D] . Peracchio, William. 2021

机译：央行数字货币的设计考虑因素
6. From Intelligent Energy Management to Value Economy through a Digital Energy Currency: Bahrain City Case Study [O] . Vangelis Marinakis, Haris Doukas, Konstantinos Koasidis, 2020

机译：从智能能源管理到通过数字能源货币的价值经济：巴林市案例研究
7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Reflections on welfare and political economy aspects of a central bank digital currency

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