摘要
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随着区块链、云计算、人工智能等新一代信息技术在金融领域的运用，货币
形态发生较大变化，数字货币应运而生。以比特币为代表的私人数字货币虽本质
上不具备货币职能，但已对现行的货币与金融体系构成了巨大挑战。为应对这一
挑战，并进一步完善现代支付体系，各国央行积极探索发行以国家主权信用为基
础的法定数字货币，以提高支付效率与支付安全性，保障公众在数字经济时代直
接获取法定货币的权利。中国央行正稳妥有序地推进法定数字货币研发与试点。
法定数字货币相较于现金、电子货币在支付属性上有哪些改善，是否会对宏观经
济产生影响，以及通过何种方式影响宏观经济，这些都是亟待研究的问题。准确
把握法定数字货币的特征与宏观经济影响，对于央行在全面推广法定数字货币前
更好地评估其实施效果以论证发行数字人民币的必要性与作用，具有重要意义。
基于以上现实和理论背景，本文围绕我国法定数字货币的宏观经济效应这一
核心问题展开研究。首先通过文献综述的方法，梳理了关于法定数字货币的概念、
研发动因、功能和对宏观经济的影响等主题的研究重点。接着，剖析我国法定数
字货币的本质与内涵，归纳其设计特征与功能定位，阐述其相较于纸币、电子货
币的支付普惠优势，以及对非正规经济的监管治理作用，基于支付普惠视角和监
管视角分析法定数字货币影响宏观经济的作用机理。最后，构建引入交易摩擦和
监管效率的动态随机一般均衡模型，运用数值模拟的方法分析不同冲击下法定数
字货币发行后交易摩擦减少、监管效率提高对宏观经济的影响，并对关键参数取
不同值进行敏感度分析，以检验动态模拟结果的可靠性。
根据动态模拟结果，本文认为法定数字货币通过支付普惠渠道与监管渠道对
宏观经济产生影响。作为支付工具法定数字货币发挥支付普惠作用，可提高数字
支付服务可及性、降低交易成本，从而减少交易摩擦，对宏观经济基本面主要变
量有增长作用；作为监管工具法定数字货币能够提高监管部门对非正规经济的监
管效率，促进经济规范健康发展，并且能够提高政策传导效率，强化政策冲击对
宏观经济的积极效果，平缓政策冲击对宏观经济的不利影响；此外，经济活动中
交易摩擦越大、监管效率越低，法定数字货币发行对宏观经济的影响越显著。基
于上述结论，本文从完善法定数字货币相关制度规则、建立健全新型数字支付体
系、构建多部门多层级协同的监管体系等角度提出了若干对策建议。
关键词：法定数字货币；宏观经济效应；DSGE；交易摩擦；监管效率
I
Abstract
Abstract
With the application of blockchain,cloud computing,artificial intelligence and
other new generation information technologies in the financial field,the form of
currency has changed greatly,and digital money came into being.Although private
digital currencies represented by Bitcoin have no monetary functions in nature,they
have greatly challenged the current currency and financial system.To tackle this
challenge and improve the modern payment system,central banks are actively
developing or implementing the Central Bank Digital Currency(CBDC)so as to
improve payment efficiency and payment security,ensure the public's right to directly
obtain legal currency in the era of digital economy.The People's Bank of China is
steadily promoting the research and pilot of CBDCpared with cash and electronic
money,whether CBDC will improve payment attributes and have an impact on macro-
economy,and in what way it will affect the macro-economy are urgent problems to be
studied.An accurate understanding of the characteristics and macroeconomic effect of
CBDC is of great significance for the PBoC to evaluate its implementation effect and
demonstrate the necessity of issuing digital RMB before comprehensively promoting
it.
Based on the above realistic and theoretical background,this paper focuses on the
macroeconomic effect of CBDC.Firstly,this paper combs the literature on the concept,
motivation,function and macroeconomic effect of CBDC.Then,it analyzes the essence
and connotation of digital RMB,summarizes its design characteristics and functional
positioning,expounds its payment inclusive advantages compared with cash and
electronic money,as well as its regulatory role in the informal economy.From the
perspective of payment universality and supervision,this paper analyzes the
mechanism of CBDC's impact on macroeconomy.Finally,this paper constructs a
dynamic stochastic general equilibrium model with transaction friction and regulatory
efficiency,analyzes the macroeconomic effect of CBDC with reduction of transaction
cost and improvement of regulatory efficiency under different shocks by numerical
simulation,and take different values of key parameters to test the reliability of
simulation results.
Based on the dynamic simulation results,this paper believes that CBDC has an
impact on the macroeconomy through the payment inclusive channel and regulatory
II
Abstract
channel.As a means of payment,CBDC can improve the speed of money circulation,
reduce the balance of money and transaction friction,it has a growth effect on the main
variables of macroeconomic fundamentals;As a regulatory tool,CBDC can improve
the regulatory efficiency of regulatory departments,promote the healthy development
of economic norms through governance on the informal economic activities,also it
improves the efficiency of policy transmission,strengthen the positive effect of policy
impact on macroeconomy,and mitigate the adverse impact of policy impact;In addition,
the macroeconomic effect of CBDC would be much more significant if there were
greater transaction friction and lower regulatory efficiency in the current economic
activities.Based on the above conclusions,this paper puts forward some suggestions
from the perspectives of improving the relevant system and rules of CBDC,establishing
new digital payment system and constructing a multi-department and multi-level
collaborative supervision system.
Keywords:Central Bank Digital Currency;Macroeconomic Effect;DSGE;
Transaction Friction；Regulatory Efficiency
III
目录
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摘要.................................................................................................................................................I
Abstract ...........................................................................................................................................II
第1章绪论...................................................................................................................................1
1.1研究背景与意义.............................................................................................................1
1.1.1研究背景.................................................................................................................1
1.1.2研究意义.................................................................................................................2
1.2研究内容与方法.............................................................................................................3
1.2.1研究内容.................................................................................................................3
1.2.2研究方法.................................................................................................................5
1.3可能的创新与不足.........................................................................................................5
1.3.1可能的创新.............................................................................................................5
1.3.2存在的不足.............................................................................................................6
第2章文献综述...........................................................................................................................7
2.1法定数字货币概念的研究.............................................................................................7
2.2法定数字货币研发动因的研究.....................................................................................8
2.3法定数字货币功能的研究...........................................................................................11
2.4法定数字货币影响宏观经济的研究...........................................................................12
2.5DSGE 在法定数字货币研究中的运用.........................................................................13
2.6文献述评.......................................................................................................................14
第3章法定数字货币影响宏观经济的理论分析.....................................................................15
3.1法定数字货币的内涵与功能.......................................................................................15
3.1.1法定数字货币的内涵...........................................................................................15
3.1.2法定数字货币的功能定位...................................................................................18
3.2基于新型支付工具的分析............................................................................................20
3.2.1法定数字货币的支付普惠作用...........................................................................21
3.2.2支付普惠视角下对宏观经济的影响...................................................................24
3.3基于智能监管工具的分析............................................................................................27
3.3.1法定数字货币的监管作用...................................................................................27
3.3.2监管视角下对宏观经济的影响...........................................................................31
3.4本章小结.......................................................................................................................33
第4章法定数字货币影响宏观经济的模拟分析.....................................................................35
4.1DSGE 模型的选择依据.................................................................................................35
IV