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英国央行首席经济学家安迪•霍尔丹表示CBDC可能会削弱银行的支付角色

2020-11-23 17:24

 

英国央行(Bank of England)首席经济学家安迪•霍尔丹(Andy Haldane)曾表示,不能因为关注数字货币的风险而忽视其破坏性好处。他在TheCityUK会议上发表讲话。有人担心,如果央行数字货币(CBDC)或稳定货币得到广泛使用,商业银行将难以吸引同等水平的存款,这将影响它们的放贷能力。霍尔丹指出,对这一风险的关注意味着,将支出和贷款分拆给不同机构的潜在好处尚未得到评估。


首要标准是,数字货币对金融和货币稳定“无害”。但霍尔丹指出,这并不意味着现有企业不会被颠覆,因为这是创新的本质。


稳定货币由银行余额和高流动性、低风险的证券支撑。与更广泛、风险更高的商业银行相比,这种资产配置被归为“狭义银行”。因此,人们担心,如果稳定蛋白被广泛采用,“狭义银行”可能会挤出对更广泛商业银行部门的融资。


他强调了狭义银行在区分低风险支付和高风险贷款方面的一个可能优势。此外,存款人可以集体提取短期存款,但银行贷款的期限往往较长。


霍尔丹认识到,通过分离贷款和支付功能,风险和期限错配可以减少金融系统不稳定的一个关键来源。


霍尔丹说:“然而,至少需要评估和权衡一种功能迥异的中介模式所带来的长期潜在稳定好处。”“而且,至少到目前为止,在讨论数字货币的理由时,它们在很大程度上被忽视了。”


这显然是对当前商业银行模式的颠覆,但霍尔丹一开始就指出这是创新的本质。


谈到货币政策和负利率时代,霍尔丹指出,不可能对实物现金征收利息,但对数字货币征收利息。


他强调了英格兰银行在这些领域正在进行的研究,该银行在今年早些时候发布了其中央银行数字货币报告,并与其他六个中央银行一起参与了BIS CBDC报告。

 

Bank of England Chief Economist Andy Haldane has said that digital currencies’ disruptive benefits must not be overlooked by focusing on the risks. He was speaking at TheCityUK Conference. There are concerns that if central bank digital currencies (CBDC) or stablecoins become widely used, commercial banks will struggle to attract the same level of deposits, which will impact their ability to lend. Haldane noted that a focus on this risk has meant the potential benefits of splitting payments and lending into different institutions has not been assessed.

The primary criterion is that digital currencies “do no harm” to financial and monetary stability. But Haldane noted that doesn’t mean there won’t be disruption to incumbents as that’s the nature of innovation.

Stablecoins are backed by bank balances and highly liquid, low-risk securities. This asset profile is classed as “narrow banking” compared to commercial banking with its broader and riskier lending profile. Hence there’s a concern that if stablecoins are widely adopted, “narrow banking” might crowd out funding for the broader commercial banking sector.

He highlighted a possible advantage of narrow banking in segregating low-risk payments from higher-risk lending. There’s also the duration mismatch where bank depositors could withdraw short-term deposits en masse, but bank lending tends to be longer term.

Haldane recognized that by separating the lending and payments functionality, the risk and duration mismatch could reduce a key source of instability within the financial system.

“At the very least, however, these longer-term potential stability benefits of a very different functional model of intermediation need to be evaluated and weighed,” said Haldane. “And, so far at least, they have largely been ignored in discussion of the case for digital currencies.”

This clearly is a disruption of the current commercial banking model, but Haldane started by stating that’s the nature of innovation.

Moving on to monetary policy and an era of negative interest rates, Haldane noted that it’s impossible to levy interest on physical cash, but it is on digital currency.

He highlighted the ongoing research in these areas by the Bank of England, which published its central bank digital currency report earlier this year and also participated in the BIS CBDC report with six other central banks.

 

来自: Ledger Insights