美联储-零售央行数字货币：对银行业和金融稳定的影响（英）-2023.11-34页_415kb

This paper examines the potential effects of introducing a retail central bank digital currency (CBDC) in an advanced economy on the banking sector and financial stability, drawing from academic literature. Retail CBDC is defined as a digital, general-purpose central bank liability used by households and businesses for payment, store of value, or both.

Key benefits include reducing financial frictions in deposit and loan markets, enhancing payment system efficiency, and potentially stimulating private-sector technological innovation. However, risks such as bank disintermediation, credit contraction, and increased financial stability concerns are prominent.

The effects depend critically on CBDC design features, with remuneration being a major factor. A remunerated CBDC may compete with deposits, leading to substitutions, while nonremunerated CBDC may have minimal impact. Central bank recycling policies, such as asset purchases or direct lending, also play a significant role in mitigating or exacerbating these effects.

Other factors include banking sector competition, bank funding sources, and user limits on CBDC accounts or transactions. Overall, outcomes are ambiguous and depend on various elements, underscoring the need for careful design and research due to the evolving nature of CBDC studies. No definitive conclusions are reached, as factors like remuneration and central bank operations heavily influence potential impacts.