IMF-央行数字货币对货币操作的影响（英）

NOTE/2024/007 Implications of Central Bank Digital Currency for Monetary Operations Tansaya Kunaratskul, André Reslow, and Manmohan Singh FINTECH NOTE Implications of Central Bank Digital Currency for Monetary Operations Prepared by Tansaya Kunaratskul, André Reslow, and Manmohan Singh October 2024 ii ©2024 International Monetary Fund Implications of Central Bank Digital Currency for Monetary Operations Note 2024/007 Prepared by Tansaya Kunaratskul, André Reslow, and Manmohan Singh* DISCLAIMER: Fintech Notes offer practical advice from IMF staff members to policymakers on important issues. The views expressed in Fintech Notes are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. RECOMMENDED CITATION: Kunaratskul, Tansaya, André Reslow, and Manmohan Singh. 2024. “Implications of Central Bank Digital Currency for Monetary Operations” IMF Fintech Note 2024/007, International Monetary Fund, Washington, DC. Publication orders may be placed online, by fax, or through the mail: International Monetary Fund, Publications Services P.O. Box 92780, Washington, DC 20090, USA Tel.: (202) 623-7430 Fax: (202) 623-7201 E-mail: publications@imf.org bookstore.IMF.org elibrary.IMF.org * This note was written under the supervision of Dong He and Tommaso Mancini-Griffoli with Tansaya Kunaratskul as the lead author. The report has benefited from contributions of several IMF staff members, especially thanks to Mahmoud Abouelmakarem for data assistance, as well as comments from several IMF member countries. iii iii Contents Acronyms/Glossary ................................................................................................................................... iv Introduction ................................................................................................................................................. 1 A Primer on Monetary Operations ............................................................................................................. 3 Implications of Central Bank Digital Currency for Monetary Operations ............................................. 6 Three Scenarios of Central Bank Digital Currency Substitution ............................................................. 6 Effects on Short-Term Interest Rates ..................................................................................................... 9 Adapting Monetary Operations and Central Bank Digital Currency Designs ....................................... 11 Considerations for Foreign Exchange Rate and Monetary-Targeting Regimes .................................. 19 Conclusions ............................................................................................................................................... 21 References ..................................................