2024-04-22-欧洲央行-央行数字货币与货币政策实施（英）_53页_1mb

Summary of Central Bank Digital Currency and Monetary Policy Implementation

Introduction to CBDC

A central bank digital currency (CBDC) is a digital form of central bank money, akin to physical cash, offering instant settlement for payments. It can be retail (available to the public) or wholesale (for institutions). Most central banks are exploring or developing CBDCs, which could impact monetary policy, particularly if they alter the demand for bank deposits and reserves.

Key Findings on CBDC Impacts

• Effect on bank deposits: A retail CBDC might reduce or increase demand for commercial bank deposits, depending on features like remuneration (e.g., zero or negative rates) and convenience (e.g., easy conversion mechanisms). Uncertainty about conversions could prompt banks to hold larger precautionary buffers, reducing reserves.
• Balance sheet mechanics: Deposit outflows from a CBDC could decrease reserves if the central bank does not provide additional liquidity. Central banks must adjust reserve supply to maintain monetary policy effectiveness.
• Monetary policy implementation: Both floor and corridor systems may be affected. A CBDC could require higher reserve levels due to increased liquidity buffers or shifts in deposit holdings, complicating interest rate steering.

Monetary Policy Systems Analysis

• Floor system: A CBDC might necessitate additional central bank asset purchases or credit provision to maintain monetary policy stability, as banks could hold more reserves due to CBDC uncertainty.
• Corridor system: CBDC-induced reserve shocks could be managed through strategies like more frequent monetary operations or tighter reserve requirements, though effects vary based on system design.

Role of Design Features

• Features like reverse waterfall and holding limits (e.g., for digital euro) can mitigate risks. For instance, zero remuneration and limits reduce the incentive for mass conversions, minimizing potential negative effects on monetary policy.

Conclusion

A CBDC introduces new challenges to monetary policy implementation by altering bank deposits and reserves, but carefully designed features can reduce risks. The ECB's digital euro, with planned holding limits and balance-simplifying mechanisms, is expected to minimize negative consequences, ensuring smoother policy execution.