【BOC】央行数字货币和银行业务选择

Central Bank Digital Currency and Banking Choices

The Bank of Canada staff working paper explores the impact of a central bank digital currency (CBDC) on bank deposits and the broader economy, using a structural model with Canadian household and bank data. The paper finds that CBDC adoption depends heavily on design features such as interest rates, service location networks, and limits on holdings.

Key findings include:

• Banks with complementary financial products (e.g., mortgages, credit cards) have an advantage over a non-interest-bearing CBDC.
• A CBDC with extensive service locations (e.g., all bank branches and Canada Post offices) can attract up to 12% of deposit market share, crowding out deposits but reducing bank profitability.
• Imposing a holding limit, such as $25,000, significantly reduces CBDC market share while mitigating its impact on consumer surplus for most households.
• Rural households stand to gain more from broader service networks due to limited access to bank branches.
• Banks' responses to CBDC issuance are heterogeneous, with larger market share banks adjusting deposit rates more.

Overall, the research suggests that CBDC design considerations, particularly on service locations and complementarity, are vital for managing potential disintermediation effects.