BOC-央行数字货币和银行业务选择（英）.pdf

StaffWorkingPaper/Documentdetravaildupersonnel—2024-4

Lastupdated:February8,2024

CentralBankDigitalCurrency

andBankingChoices

byJiaqiLi,1AndrewUsher1andYuZhu2

1BankingandPaymentsDepartment

BankofCanada

jiaqili@bankofcanada.ca,AUsher@bankofcanada.ca

2RenminUniversityofChina

zhuyuzlf57@

BankofCanadastaffworkingpapersprovideaforumforstafftopublishwork-in-progressresearchindependently

fromtheBank’sGoverningCouncil.Thisresearchmaysupportorchallengeprevailingpolicyorthodoxy.Therefore,

theviewsexpressedinthispaperaresolelythoseoftheauthorsandmaydifferfromofficialBankofCanadaviews.

NoresponsibilityforthemshouldbeattributedtotheBank.

DOI:/10.34989/swp-2024-4|ISSN1701-9397©2024BankofCanada

Acknowledgements

WethankJasonAllen,MatteoBenetton,JonathanChiu,RobertClark,RodGarratt,CharlesKahn,

AnnekeKosse,MarianaLaverde,YoumingLiu,ChristineParlour,NunoPaixao,NicolaPavanini,

HectorPerez-Saiz,FranciscoRivadeneyra,EnchuanShao,RobertTownsend,Stephen

Williamson,andYufengWufortheinsightfulsuggestions.WethankJeffreyWuforexcellent

researchassistanceinverifyingthebranchlocationandgeocodingvariouslocationdatasets.

Wethankseminarparticipantsatthe2023CentreforEconomicPolicyResearch(CEPR)—

EuropeanCentralBank’sMacroeconomicImplicationsofCentralBankDigitalCurrencies

conference;the2ndConferenceontheEconomicsofCentralBankDigitalCurrencyhostedby

theBankofCanadaandSverigesRiksbank;EconomicsofPaymentsXIIConferencehostedby

theFederalReserveBoard;theEuropeanEconomicAssociation’s2023AnnualConference;the

EuropeanAssociationforResearchinIndustrialEconomics2023AnnualConference;the2023

SummerWorkshoponMoney,Banking,Payments,an