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The optimal quantity of CBDC in a bank-based economy
ECB 2022.08.08 원문보기
We provide evidence on the estimated e§ects of digital euro news on bank valuations and lending and ?nd that they depend on deposit reliance and design features aimed at calibrating the quantity of CBDC. Then, we develop a quantitative DSGE model that replicates such evidence and incorporates key selected mechanisms through which CBDC issuance could a§ect bank intermediation and the economy. Under empirically-relevant assumptions (i.e., central bank collateral requirements and imperfect substitutability across CBDC, cash and deposits), the issuance of CBDC yields non-trivial trade-o§s and e§ects through an expansion of the central bank balance sheet and pro?ts. The issuance of CBDC exerts a smoothing e§ect on lending and real GDP by stabilizing deposit holdings. Such "stabilization e§ect" improves the well-known liquidity services/disintermediation trade-o§ induced by CBDC and permits to rank di§erent types of CBDC rules according to individual and social preferences. Welfaremaximizing CBDC policy rules are e§ective in mitigating the risk of bank disintermediation and induce signi?cant welfare gains.
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