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数字金融Workshop：Will Central Bank Digital Currency Disintermediate Banks?
发布日期：2023-05-22 07:33 来源：
2023年5月22日 数字金融Workshop
第十二讲 Will Central Bank Digital Currency Disintermediate Banks?
时间：5月22日 周一 北京时间 上午 10:00-11:30
地点/Venue：
线下：北京大学国家发展研究院承泽园校区131教室（校外人员线下参加，请扫描邮件下方二维码填写信息，申报入院）
线上：Zoom 会议
https://us06web.zoom.us/j/82359576409?pwd=VHBUQzJJTVV5U2ZHU2o1MWlkZlFhQT09
会议号：823 5957 6409
密码：998306
主讲人/Speaker: 肖开荣 Kairong Xiao
主持人/Host：胡佳胤 Jiayin Hu
摘要/Abstract:
We estimate a dynamic banking model to quantify the impact of a central bank digital currency (CBDC) on the banking system. Our counterfactuals show that a one-dollar introduction of CBDC replaces bank deposits by around 80 cents on the margin. Bank lending falls by one-fourth of the drop in deposits because banks partially replace lost deposits with wholesale funding. This substitution raises banks’interest-rate risk exposure and lowers their resilience to negative equity shocks. If CBDC bears interest or is intermediated through banks, it captures a greater deposit market share, amplifying the impact on lending. The effect on lending is amplified for small banks, for which wholesale funding is more expensive.
主讲人介绍/Biography:
Kairong Xiao is an associate professor of finance at Columbia Business School. His research interests span financial intermediation, corporate finance, industrial organization, and political economy. His research papers have been published in top finance and economics journals, including the Journal of Finance, the Review of Financial Studies, Econometrica, the Journal of Monetary Economics, and Management Science. He received numerous awards for research excellence, including the Review of Financial Studies Rising Scholar Award, the Journal of Finance Dimensional Fund Advisors Prize for Distinguished Paper, and the Review of Financial Studies Best Paper Award runner-up.
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数字金融Workshop：Will Central Bank Digital Currency Disintermediate Banks?
发布日期：2023-05-22 07:33 来源：
2023年5月22日 数字金融Workshop
第十二讲 Will Central Bank Digital Currency Disintermediate Banks?
时间：5月22日 周一 北京时间 上午 10:00-11:30
地点/Venue：
线下：北京大学国家发展研究院承泽园校区131教室（校外人员线下参加，请扫描邮件下方二维码填写信息，申报入院）
线上：Zoom 会议
https://us06web.zoom.us/j/82359576409?pwd=VHBUQzJJTVV5U2ZHU2o1MWlkZlFhQT09
会议号：823 5957 6409
密码：998306
主讲人/Speaker: 肖开荣 Kairong Xiao
主持人/Host：胡佳胤 Jiayin Hu
摘要/Abstract:
We estimate a dynamic banking model to quantify the impact of a central bank digital currency (CBDC) on the banking system. Our counterfactuals show that a one-dollar introduction of CBDC replaces bank deposits by around 80 cents on the margin. Bank lending falls by one-fourth of the drop in deposits because banks partially replace lost deposits with wholesale funding. This substitution raises banks’interest-rate risk exposure and lowers their resilience to negative equity shocks. If CBDC bears interest or is intermediated through banks, it captures a greater deposit market share, amplifying the impact on lending. The effect on lending is amplified for small banks, for which wholesale funding is more expensive.
主讲人介绍/Biography:
Kairong Xiao is an associate professor of finance at Columbia Business School. His research interests span financial intermediation, corporate finance, industrial organization, and political economy. His research papers have been published in top finance and economics journals, including the Journal of Finance, the Review of Financial Studies, Econometrica, the Journal of Monetary Economics, and Management Science. He received numerous awards for research excellence, including the Review of Financial Studies Rising Scholar Award, the Journal of Finance Dimensional Fund Advisors Prize for Distinguished Paper, and the Review of Financial Studies Best Paper Award runner-up.
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