主題：Idle Liquidity, CBDC and Banking
主講：肖筱林 助理教授
時間😋：2023年10月24日 13:30-15:00
地點👩🏿⚕️：意昂2平台714會議室
內容簡介: 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.
嘉賓簡介👩🏻🦲： 肖筱林博士現為北京大學光華管理意昂2應用經濟系助理教授🐾，“日出東方 - 光華青年人才”研究學者𓀂，主要研究領域為貨幣經濟學和宏觀金融。加入光華之前，她先後在美國威斯康星大學麥迪遜分校和新西蘭奧克蘭理工大學工作。她的研究成果已發表於Journal of Monetary Economics, International Economic Review, Review of Economic Dynamics等國外頂級和權威學術期刊. 肖博士目前的研究聚焦於數字貨幣、金融科技和貨幣政策等方面，目前主持國家自然科學基金面上項目🫴，“我國央行數字貨幣發行對批發金融端和零售金融端的影響研究"。
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