摘要: |
We present a tokenized money model of Central Bank Digital Currency (CBDC) where it serves both
as a payment instrument and a safe asset. In the model, CBDC derives its value from its status as a
legal means of payment. To overcome limited commitment frictions, productive agents borrow against a collateral portfolio composed of risky and safe assets. More safe assets lower the information sensitivity of the collateral portfolio, mitigate information frictions, and increase the pledgeability of risky assets, thereby acting as a collateral multiplier that enhances collateralizable funding for productive investments. This multiplier role boosts the value of CBDC, enabling it to be exchanged for more consumption, which further increases its value, forming a feedback loop. CBDC complements existing safe assets like reserves (accessible solely to banks) and sovereign bonds (which lack payment instrument functionality), thereby breaking the potential “doom loop”between sovereign bonds and banking crises and averting disruptions caused by “dash for cash” phenomena.
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主讲人简介:
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袁志超,伦敦政治经济学院金融学教授。在麻省理工学院获得经济学博士学位之前,她曾就职于J.P.摩根公司新兴市场交易中心。袁教授的主要研究领域是在非一致性信息和市场摩擦条件下的新的资产定价理论的发展与经验启示。她的多篇论文已发表在Journal of Finance, Review of Financial Studies, and Review of Economic Studies等核心期刊。作为伦敦政治经济学院的Financial Markets Group(FMG)和经济政治研究中心(CEPR)的成员,她曾获得英格兰银行的霍布伦-诺曼研究基金(Houblon -Norman Fellowship)。
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