Central bank digital currencies(CBDCs),which are legal tenders in digital form,are expected to reduce currency issuance and circulation costs and broaden the scope of monetary policy.In addition,these currencies may a...Central bank digital currencies(CBDCs),which are legal tenders in digital form,are expected to reduce currency issuance and circulation costs and broaden the scope of monetary policy.In addition,these currencies may also reduce consumers’need for conventional demand deposits,which,in turn,increases banks’loan provision costs because deposits require higher rates of return.We use a microeconomic banking model to investigate the effects of introducing an economy-wide,account-type CBDC on a bank’s loan supply and its failure risk.Given that a CBDC is expected to lower the cost of liquidity circulation and become a strong substitute for demand deposits,both the loan supply and the bank failure risk increase.These increases are countered by subsequent increases in the rates of return on term deposits and loans,which,in turn,reduce the loan supply and thus bank failure risk.These offsetting forces lead to no significant change in banking,as long as the rate of return on loans is below a certain threshold.However,once the rate is above the threshold,bank failure risk increases,thereby undermining banking stability.The problem is more pronounced when the degree of pass-through of funding costs to the loan rate is high and the profitability of a successful project is low.Our results imply that central banks wishing to introduce an economy-wide,account-type CBDC should first monitor yields on bank loans and consider policy measures that induce banks to maintain adequate liquidity reserve levels.展开更多
On the basis of the generalized physical model of the riverbank, the experiments were conducted to study the mechanisms of riverbank failure under the coupling effect of seepage flow and river flow. The experimental s...On the basis of the generalized physical model of the riverbank, the experiments were conducted to study the mechanisms of riverbank failure under the coupling effect of seepage flow and river flow. The experimental setup was specially designed, as well as test point location, parameters and procedures, and the main influencing factors were analyzed affecting riverbank failure based on the failure types, the variations of pore water pressure and soil displacement. The results indicated that the coupling effect has different influences on the bank failure in three aspects： the failure type, the process and the extent. In addition, the river flow played a more important role than the seepage flow in the coupling effect on the bank failure.展开更多
基金support from the National Research Foundation of Korea funded by the Ministry of Education(NRF-2020S1A5A8044620).
文摘Central bank digital currencies(CBDCs),which are legal tenders in digital form,are expected to reduce currency issuance and circulation costs and broaden the scope of monetary policy.In addition,these currencies may also reduce consumers’need for conventional demand deposits,which,in turn,increases banks’loan provision costs because deposits require higher rates of return.We use a microeconomic banking model to investigate the effects of introducing an economy-wide,account-type CBDC on a bank’s loan supply and its failure risk.Given that a CBDC is expected to lower the cost of liquidity circulation and become a strong substitute for demand deposits,both the loan supply and the bank failure risk increase.These increases are countered by subsequent increases in the rates of return on term deposits and loans,which,in turn,reduce the loan supply and thus bank failure risk.These offsetting forces lead to no significant change in banking,as long as the rate of return on loans is below a certain threshold.However,once the rate is above the threshold,bank failure risk increases,thereby undermining banking stability.The problem is more pronounced when the degree of pass-through of funding costs to the loan rate is high and the profitability of a successful project is low.Our results imply that central banks wishing to introduce an economy-wide,account-type CBDC should first monitor yields on bank loans and consider policy measures that induce banks to maintain adequate liquidity reserve levels.
基金supported by the Chinese Key Technology R and D Program of the Eleventh Five-year Plan (Grant No.2008BAB29B04)the Non-Profit Industry Financial Program of Ministry of Water Resources (Grant Nos. 200801030,S111001)supported by the Nanjing Hydraulic Research Institute Science Fund Program (Grant No. Y110001)
文摘On the basis of the generalized physical model of the riverbank, the experiments were conducted to study the mechanisms of riverbank failure under the coupling effect of seepage flow and river flow. The experimental setup was specially designed, as well as test point location, parameters and procedures, and the main influencing factors were analyzed affecting riverbank failure based on the failure types, the variations of pore water pressure and soil displacement. The results indicated that the coupling effect has different influences on the bank failure in three aspects： the failure type, the process and the extent. In addition, the river flow played a more important role than the seepage flow in the coupling effect on the bank failure.
