本书研究数字货币框架下的货币与信贷。具体而言，本书着力从数字货币体系建构的必要性、央行数字货币的可能性质、数字货币体系下金融结构的可能形式，以及数字货币体系下货币政策的可能发展角度，研究数字货币框架下的货币与信贷。

本书分成三个部分，首先探讨数字货币引入货币体系的必要性，其次研究数字货币体系下的货币需求变化和信贷结构，最后从动态宏观角度探讨货币政策的可能变化。

第一部分研究数字货币体系可能的演进路径，包含第三章和第四章。第三章从历史角度分析历次全球货币改革事件的动力机制，以加密货币的技术与相关产业兴起为条件，分析各国主权货币面临数字货币体系下的“货币竞争”的现实可能性，阐明CBDCs主导的“货币竞争”可能是数字货币体系构建的主要形式。第四章基于数字货币体系下“货币竞争”之可能性，从数理模型角度探讨在央行数字货币与传统货币共存的情形下，兼顾局部均衡与全局均衡的价格水平存在的可能性，初步证明满足内外价格稳定的合意比率是存在的。

第二部分研究数字货币体系下的货币需求和信贷结构，包含第五章和第六章。第五章基于合意的CBDC比率（兼顾局部价格稳定与全局价格稳定）存在的前提条件，以构建稳健数字货币体系为目标，从无套利原则出发，研究数字货币的三大货币需求（凯恩斯货币需求理论），即交易性需求、投机性需求和预防性需求，从货币需求角度展示数字货币面临的可能约束条件。第六章探讨数字货币体系下，在存款合约市场中，商业银行如何与央行展开博弈，这种博弈可能加速金融脱媒，展示了央行直接参与信贷创造的前景。

第三部分研究数字货币体系下的宏观经济管理，包含第七章。第七章使用具有信贷市场的DSGE模型，模拟在新冠疫情下传统货币政策遇到的可能权衡，以及这种权衡如何在央行数字货币介入的情形下发展为新的形式。本章从信贷视角设计基于政策功能的央行数字货币，展现了央行数字货币作为新政策工具解决新问题的潜力：当遵循特定约束条件，数字货币体系下信贷“反脆弱性”得到增强，配合“央行数字货币加息”的“利率宽松”货币政策将是一个重要的货币政策工具，这将有助于改善“刺激产出”与“改善信贷”的两难问题。

关键词：央行数字货币；反脆弱性；信贷；货币需求

Abstract

This book study money and credit under the digital currency framework.Specifically,this book delves into several aspects of currency and credit under the digital currency framework,focusing on the necessity of constructing the Digital Currency System,the potential nature of central bank digital currencies（CBDCs）,possible forms of financial structures within the digital currency framework,and potential developments in monetary policies within this system.

This book is divided into three parts.Firstly,it addresses the necessity of introducing digital currency into the monetary system.Secondly,it examines changes in money demand and credit structures within the Digital Currency System.Thirdly,it explores potential changes in monetary policy from a dynamic macroeconomic perspective.

The first part investigates the possible evolution path of the Digital Currency System,comprising Chapter 3 and Chapter 4.Chapter 3 analyzes historical global currency reform events and presents the realistic possibility of“currency competition”faced by sovereign currencies within the Digital Currency System,elucidating that that the competition between CBDCs may become the most important force in shaping the Digital Currency System.Chapter four,based on the potential of“currency competition”in the Digital Currency System,discusses the possibility of coexistence between CBDCs and traditional currencies,demonstrating the existence of stable price levels considering both local and global equilibrium under certain conditions.It shows that there is a desirable ratio that satisfies internal and external price stability.

The second part focuses on studying money demand and credit structure within the Digital Currency System,comprising Chapter 5 and Chapter 6.Chapter 5 based on the desirable CBDC ratio（balancing local and global price stability）,targets the establishment of a robust digital currency system.It embarks on studying the three major currency demands of digital currencies,based on Keynesian monetary demand theory:transactions demand,speculative demand,and precautionary demand,originating from the no-arbitrage principle.This chapter elucidates potential constraints faced by digital currencies from the perspective of money demand.Chapter 6 examines within the Digital Currency System,the strategic interaction between commercial banks and the central bank in the deposit contract market.This interaction may expedite financial disintermediation,highlighting the prospect of central bank involvement in credit creation directly.

The third part investigates macroeconomic management within the Digital Currency System,comprising Chapter 7.Chapter 7 utilizes a DSGE model with a credit market to simulate the potential trade-offs faced by traditional monetary policies during the COVID-19 pandemic and how these trade-offs evolve into new forms in the scenario of CBDC.This chapter designs a CBDC based on policy functionality from a credit perspective,demonstrating how it endows monetary authorities with novel policy tools to address emerging issues.Under specific constraints,the Digital Currency System enhances anti-fragility in credit.Aligning“CBDC rate hikes”with a“loose monetary policy”becomes a pivotal monetary tool,aiding the conundrum between stimulating output and improving credit.

Key Words:CBDC;Anti-fragility;Credit;Money Demand