数字货币
盈利能力指数
业务
付款
金融中介
货币
支付服务提供商
中介的
货币经济学
竞赛(生物学)
金融体系
网络效应
付款单
投资(军事)
财务
商业
经济
产业组织
生态学
政治
政治学
法学
生物
作者
Jaemin Son,Doojin Ryu,Robert I. Webb
标识
DOI:10.1016/j.irfa.2023.102874
摘要
This study examines how the issuance of a central bank digital currency (CBDC) affects consumers' payment instrument choices, asset allocation decisions, and the profitability of financial intermediaries. Specifically, we advance a theoretical model in which introducing an interest-bearing CBDC expands market participants' payment and investment options but also poses a potential threat to financial intermediaries if it raises their borrowing costs significantly. The existence of a network externality further complicates the analysis by affecting consumers' choice of payment mechanism. Our results suggest that the issuance of a CBDC is a double-edged sword for an economy. Although it provides additional payment and investment options for market participants, it increases competition and weakens financial intermediaries' margins.
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