中央银行数字货币的推广及经济效应：交易效率与隐私性视角

当代财经 ›› 2025, Vol. 0 ›› Issue (8): 69-83.

中央银行数字货币的推广及经济效应：交易效率与隐私性视角

孙宁华, 晏裕农

南京大学经济学院,江苏南京 210093

收稿日期:2024-08-27 修回日期:2025-06-19 出版日期:2025-08-15 发布日期:2025-09-03
通讯作者: 晏裕农,南京大学博士研究生,主要从事宏观经济学、数字货币研究,联系方式502022020134@smail.nju.edu.cn。
作者简介:孙宁华,南京大学教授,博士生导师,经济学博士,主要从事宏观经济学、金融衍生产品、中国经济发展研究。
基金资助:
国家社会科学基金项目“数字货币的宏观经济效应及货币政策调控机理研究”（21BJL027）

The Promotion and Economic Effects of Central Bank Digital Currency: Transaction Efficiency and Privacy Perspective

Sun Ning-hua, Yan Yu-nong

Nanjing University, Nanjing 210093, China

Received:2024-08-27 Revised:2025-06-19 Online:2025-08-15 Published:2025-09-03

摘要/Abstract

摘要： 随着数字化时代的到来,中央银行数字货币成为政策实践和理论研究关注的重点。基于数字人民币的特性构建包含异质性企业的动态随机一般均衡（DSGE）模型,对中央银行数字货币的推广过程及其可能产生的经济效应进行研究。结果表明：第一,交易效率是影响现金型中央银行数字货币推广及经济效应的主要因素,但不能忽视隐私性的作用。第二,数字货币没有完全替代现金,在经济系统稳态下,数字货币占总货币量的比重约40%。第三,数字货币的推广受到交易效率、税率等因素的影响,不同经济体数字货币的推广效果可能存在很大差异。第四,数字货币有助于增强技术进步效果、货币政策效果以及金融市场稳定性,且在短期内效果更加明显。因此,决策部门要审慎权衡交易效率与隐私性的关系,完善多元化支付服务体系,以适当的交易效率设计配合减税降负来推广数字货币,充分发挥数字货币的潜力以推动经济高质量发展。

关键词: 数字货币, 数字人民币, 交易效率, 隐私性

Abstract: With the advent of the digital age, central bank digital currency (CBDC) has increasingly become the focus of both policy practice and theoretical research. Based on the characteristics of e-CNY, a dynamic stochastic general equilibrium (DSGE) model incorporating heterogeneous firms is constructed to study the promotion process of CBDC and its potential economic effects. The results indicate that: firstly, transaction efficiency is the main factor affecting the promotion and economic effects of cash-like CBDC, but the role of privacy cannot be ignored. Secondly, digital currency has not completely replaced cash, and under the steady state of the economic system, the proportion of digital currency in the total currency volume is about 40%. Thirdly, the promotion of digital currency is influenced by factors such as transaction efficiency and tax rates, and there may be significant differences in the promotion effects of digital currency across different economies. Fourthly, digital currency helps enhance the effects of technological progress, monetary policy, and financial market stability, with more pronounced effects in the short term. Therefore, policymakers should carefully weigh the relationship between transaction efficiency and privacy, improve the diversified payment service system, design and promote digital currency with appropriate transaction efficiency and tax cuts, finally fully leverage the potential of digital currency to drive high-quality economic development.

Key words: digital currency, e-CNY, transaction efficiency, privacy

中图分类号:

孙宁华, 晏裕农. 中央银行数字货币的推广及经济效应：交易效率与隐私性视角[J]. 当代财经, 2025, 0(8): 69-83.

Sun Ning-hua, Yan Yu-nong. The Promotion and Economic Effects of Central Bank Digital Currency: Transaction Efficiency and Privacy Perspective[J]. Contemporary Finance & Economics, 2025, 0(8): 69-83.

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