摘要
法定数字货币的研发是央行数字货币小组最近工作的重心,新型数字货币问世后将对现有的以数量调控为主的货币政策工具产生颠覆性的影响。在货币政策框架内部,从货币政策三大基本工具入手,探析法定数字货币推出带来的变化;在政策传导机制方面,着重分析货币供给量变化对基础货币以及货币层次的影响。在货币政策框架外部,选择第三方支付以及互联网理财产品作为互联网金融新业态的代表,分析数字货币通过对其影响进而对现行货币制度体系带来的挑战。数字货币的出现将促进货币政策框架向利率(价格)调控型框架转变。虽然数字货币的发展还会遇到不小的挑战,但在可以预见的未来,法定数字货币的出现将成为央行货币政策调控体系中崭新的一份子。
The research and development of legal digital currency is the focus of the recent work of the central bank’s digital currency group. The introduction of new currency will create new challenges to the traditional quantitative control monetary policy framework and transmission mechanism. Within the framework of monetary policy, this paper starts with the three basic tools of monetary policy, and analyzes the changes brought about by the introduction of legal digital currency. With regard to policy transmission mechanism, it focuses on the impact of changes in money supply on the base currency and monetary level.Outside the monetary policy framework, third-party payment and Internet wealth management products are selected as representatives of the new Internet finance format to analyze the challenges that digital currency poses to the current monetary system. The emergence of digital currency will promote the transition of the monetary policy framework to the interest rate(price) regulatory framework. Although development of digital currency will encounter no small challenges, in the foreseeable future, the emergence of legal digital currency will become the central bank’s monetary policy——a new part of the regulatory system.
作者
张怡超
Zhang Yichao(School of Finance,Nanjing Audit University, Nanjing 211815, China)
出处
《金融理论探索》
2019年第4期9-16,共8页
Exploration of Financial Theory
关键词
法定数字货币
加密货币
货币制度体系
货币政策
利率调控
statutory digital currency
encrypted currency
monetary policy system
monetary policy
interest rate regulation
