CBDC 도입이 지준시장 및 중앙은행 대차대조표에 미치는 영향
CBDC and its Implications for Reserve Markets and Central Bank Balance Sheets
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최근 전 세계 중앙은행을 중심으로 중앙은행 디지털화폐(Central Bank Digital Currency)도입관련논의가활발하다. CBDC도입은금융시장과금융산업,민간보유단기자산구성등에광범위한변화를줄것으로예상되며, 특히 기존의 통화정책 운영체계와 파급경로에도 중요한 영향을 초래할 수 있다. 이에 본고는 CBDC 도입이 지준시장, 중앙은행 대차대조표 및 시뇨리지등에 미치는 영향을 분석함으로써 통화정책 파급경로의 정상적 작동과 안정적 운용에 기여하고자 한다. 본 연구에서는 CBDC 수요를 구조적으로 반영하는 일반균형 모형을 새로이 구축하기보다는, 이에 대한 직관적인 시나리오분석이가능하도록간단한통화승수모형을현실성있게확장함으로써CBDC 도입 효과를 시나리오별로 시산·검토하였다.
Abstract
The introduction of CBDC is expected to make extensive changes to the financial markets, the financial industries, and the composition of shortterm assets held by the private sector, thereby affecting the implementation and the transmission mechanism of monetary policy. In this regard, this paper analyzes the impact of CBDC introduction on the reserve market, central bank balance sheet, and seigniorage, with the aim to contribute to stable and secure policy operations. Rather than building a new general equilibrium model that structurally reflects CBDC demand, we evaluate and investigate the effects of the introduction by realistically expanding a simple money multiplier model to enable intuitive scenario-based analyses.
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