大型科技、信贷和数字货币（英）

BIS Working Papers No 1306 Big techs, credit, and digital money by Markus K Brunnermeier and Jonathan Payne Monetary and Economic Department November 2025 JEL classification: E42, E51, G23, L51, O31. Keywords: Ledgers, platform money, CBDC, currency competition, private currencies, industrial organisation of payments, platforms, big tech, trilemma. BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in this publication are those of the authors and do not necessarily reflect the views of the BIS or its member central banks. This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2025. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 (print) ISSN 1682-7678 (online) i Foreword The 24th BIS Annual Conference took place in Basel, Switzerland on 27 June 2025. The event brought together a distinguished group of central bank Governors, leading academics and former public officials to exchange views on the theme “Central banking in times of digitalisation and fragmentation”. The papers presented at the conference are released as BIS Working Papers, nos 1306 and 1307. BIS Paper no 162 contains a speech by Agustín Carstens and remarks from two panel discussions, on “Perspectives on policymaking – a tribute to Agustín Carstens” and “Challenges for central banks in a changing world”. iii Contents Foreword ....................................................................................................................................................... i Big techs, credit, and digital money By Markus Brunnermeier ...................................................................................................................... 1 Discussion by Maryam Farboodi ..................................................................................................... 25 Discussion by Christine Parlour ....................................................................................................... 30 Previous volumes ................................................................................................................................... 33 BigTechs, Credit, and Digital MoneyMarkus K. Brunnermeier and Jonathan Payne∗November 5, 2025AbstractThis paper examines how digital payment ledgers operated by BigTechplatforms and central banks can expand uncollateralized credit. How-ever, policymakers face a trilemma—no system can simultaneously achieveefficient credit enforcement, limit rent extraction, and preserve user pri-vacy. Monopolistic platforms enforce repayment but compromise pri-vacy and extract rents; public or privacy-respecting ledgers protect use