央行数字货币：动机、经济影响与研究前沿
Central Bank Digital Currencies: Motives, Economic Implications, and the Research Frontier
Annual Review of Economics · 2022 · [{"name": "Raphael Auer", "affiliation": ["Bank for International Settlements"]}, {"name": "Jon Frost", "affiliation": ["Bank for International Settlements"]}, {"name": "Leonardo Gambacorta", "affiliation": ["Bank for International Settlements"]}, {"name": "Cyril Monnet", "affiliation": ["University of Bern"]}, {"name": "Tara Rice", "affiliation": ["Bank for International Settlements"]}, {"name": "Hyun Song Shin", "affiliation": ["Bank for International Settlements"]}]
中文摘要
短短几年间，各国央行迅速加大了对中央银行数字货币（CBDC）的研究与开发力度。日益增长的经济学研究为这些活动提供了依据，这些研究通常聚焦于零售用途 CBDC 的“人人可持有准备金”这一方面。然而，CBDC 应置于数字经济以及数据核心地位这一完整背景下加以考察，这引发了有关竞争、支付系统完整性和隐私的担忧。本文综述对日益增多的 CBDC 文献进行导览式梳理，内容涵盖与运行架构、技术和隐私相关的微观经济考量，以及其对金融体系、金融稳定和货币政策的宏观经济影响。仍有一系列问题尚未解决，特别是 CBDC 的跨境维度问题，需要进一步研究以拓展研究前沿。
Abstract
In just a few years, central banks have rapidly ramped up their research and development efforts on central bank digital currencies (CBDCs). A growing body of economic research informs these activities, often focusing on the “reserves for all” aspect of CBDCs for retail use. However, CBDCs should be considered in the full context of the digital economy and the centrality of data, which raises concerns around competition, payment system integrity, and privacy. This review gives a guided tour of the growing CBDC literature on the microeconomic considerations related to operation architectures, technologies, and privacy as well as the macroeconomic implications for the financial system, financial stability, and monetary policy. A set of questions, particularly on the cross-border dimensions of CBDCs, remains unresolved and calls for further work to expand the research frontier.