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基于新货币主义的分析范式，研究央行数字货币是否应计息并发挥信用职能。当央行数字货币是现金的完全替代时，总产出不发生变化。当央行数字货币计息且不具备信用职能时，货币政策能打破零利率下限，促进经济增长。当央行数字货币发挥信用职能时，总产出会增加，间接融资将向直接融资逐渐过渡。当央行数字货币与现金共存时，货币政策不能打破零利率下限，总产出是否增加取决于CBDC是否发挥信用职能。只有当央行数字货币发挥信用职能后，才能激励更多居民使用，完成现金向央行数字货币的转化。因此，计息且具有信用职能的央行数字货币能扩大货币政策空间，推动经济增长。
Abstract：Utilizing the analytical paradigm of New Monetarist Economics, this study aimed to determine whether Central Bank Digital Currency(CBDC) should bear interest and perform credit functions.When CBDC served as a perfect substitute for cash, total output remained unchanged.If CBDC bore interest but performed no credit functions, monetary policy could break the zero lower bound(ZLB) and promote economic growth.Moreover, when CBDC performed credit functions, total output increased and indirect financing gradually transitioned toward direct financing.While CBDC coexisted with cash, monetary policy could not break the ZLB and the increase in total output depended on whether CBDC performed credit functions.Only when CBDC performed credit functions could it incentivize more clients to use it, thereby facilitating the transition from cash to CBDC.These findings confirm that interest-bearing CBDC with credit functions could expand monetary policy space and drive economic growth.
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基本信息:
中图分类号:F49;F820
引用信息:
[1]张夏.央行数字货币应计息并发挥信用职能吗——基于新货币主义经济学的分析[J].金融经济学研究,2026,41(04):159-172.
基金信息:
广东省基础与应用基础研究基金青年提升项目(2024A1515030096); 中央高校基本科研业务拔尖青年人才培育重点项目(QNZD2508)
2026-05-12
2026-05-12
2026-05-12