A study of the economic impact of central bank digital currency under global competition
Bibliographic Data
| ID | 12918052 |
|---|---|
| Authors | Wu Tong (0000-0003-3931-3277, Central University of Finance and Economics), Chen Jiayou (corresponding author) |
| Year | 2021 |
| Volume | 14 |
| Issue | 1 |
| Pages | 78-101 |
| Publication date | 2021-01-02 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | China Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 1753-8963 • E-ISSN: 1753-8971 |
| Publisher | Routledge (PUBLISHER • GB) |
| DOI | 10.1080/17538963.2020.1870282 |
| OpenAlex | W3126512186 |
| Language | EN |
| Citations received | 6 |
| References cited | 3 |
From both theoretical and practical perspectives, we examine the global development and competition of digital currencies, and investigate the design of China’s central bank digital currency (CBDC). Moreover, on the basis of correcting shortcomings in the existing literature, we undertake a quantitative analysis of the economic impact of the issuance of DC/EP based on a four-sector DSGE model. The results demonstrate that the substitution effect of DC/EP on bank deposits is limited, while the unit impact can enhance the economic growth rate by 0.15% and the overall economic effect is positive, at the same time it reduces the leverage ratio to a certain degree, which is conducive to reducing systemic financial risk. Therefore, we contend that China should accelerate the research and development of DC/EP and launch pilot schemes to promote DC/EP. Moreover, China should actively participate in the drafting of international regulations for digital currencies, selectively liberalize the jurisdiction of overseas nodes, jointly establish an integrated digital infrastructure for future generations
Business · China · Competition (biology · Currency · Digital currency · Dynamic stochastic general equilibrium · Economics · Financial system · Industrial organization · International economics · Jurisdiction · Leverage (statistics · Monetary economics · Monetary policy · Banking stability, regulation, efficiency · Blockchain Technology Applications and Security · Complex Systems and Time Series Analysis · Computer Science
Do CBDCs promote financial inclusion and strengthen the monetary regulations
The impact of artificial intelligence on consumers’ willingness to use CBDCs
Drivers of digital currency adoption and their configurational impact assessment in tourism and hospitality
The Effects of Central Bank Digital Currencies News on Financial Markets
Central bank digital money (CBDM) uses among patrons in hospitality and tourism
Negotiating currency internationalization
| Unique citing works | 6 |
|---|---|
| Citations per year | 1,5 |
| Citation span | 2022 - 2026 (5) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 6 |