数学季刊 ›› 2023, Vol. 38 ›› Issue (4): 415-423.doi: 10.13371/j.cnki.chin.q.j.m.2023.04.009

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从监管视角分析中央银行数字货币与私人加密货币的竞争均衡

  

  1. School of Economics, Fudan University, Shanghai 200433, China
  • 收稿日期:2022-06-08 出版日期:2023-12-30 发布日期:2023-12-30
  • 通讯作者: SUN Xiao-lei (1990-), male, native of Jinan, Shandong, postgraduate of Fudan University, engages in monetary policy. E-mail: sunxiaolei@fudan.edu.cn
  • 作者简介: SUN Xiao-lei (1990-), male, native of Jinan, Shandong, postgraduate of Fudan University, engages in monetary policy.

Competitive Equilibrium of Central Bank Digital Currency and Private Cryptocurrency: A Perspective of Regulatory

  1. School of Economics, Fudan University, Shanghai 200433, China
  • Received:2022-06-08 Online:2023-12-30 Published:2023-12-30
  • Contact: SUN Xiao-lei (1990-), male, native of Jinan, Shandong, postgraduate of Fudan University, engages in monetary policy. E-mail: sunxiaolei@fudan.edu.cn
  • About author: SUN Xiao-lei (1990-), male, native of Jinan, Shandong, postgraduate of Fudan University, engages in monetary policy.

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摘要： This paper constructs a searching model to study the impact of monetary policy, fiscal policy, transaction costs of private cryptocurrency and regulatory uncertainty on the competitive equilibrium between Central Bank Digital Currency and private cryptocurrency. The results show: (1) Central Bank Digital Currency and private cryptocurrency can conditionally coexist. (2) The level of economic welfare is related to monetary policy and fiscal policy but independent from the issuance and transaction of private cryptocurrency. (3) Under complete competition of private cryptocurrency mining, the mining cost becomes deadweight loss for whole society.

关键词:  Central Bank Digital Currency, Private cryptocurrency, Regulatory uncertainty

Abstract: This paper constructs a searching model to study the impact of monetary policy, fiscal policy, transaction costs of private cryptocurrency and regulatory uncertainty on the competitive equilibrium between Central Bank Digital Currency and private cryptocurrency. The results show: (1) Central Bank Digital Currency and private cryptocurrency can conditionally coexist. (2) The level of economic welfare is related to monetary policy and fiscal policy but independent from the issuance and transaction of private cryptocurrency. (3) Under complete competition of private cryptocurrency mining, the mining cost becomes deadweight loss for whole society.

Key words:  Central Bank Digital Currency, Private cryptocurrency, Regulatory uncertainty

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