Central Bank Digital Currency and Bank Risk-Taking—From the Perspective of Monetary Structure Reconstruction

Abstract

Abstract: Based on the perspective of monetary structure reconstructing, we introduce central bank digital currency into the DLM model and theoretically prove that central bank digital currency leads to monetary structure reconstructing effect by crowding out bank deposits. Further empirically investigating the impact of monetary structure reconstructing on bank risk-taking, we find that monetary structure reconstructing inhibits bank risk-taking and there is bank property rights heterogeneity in the extent of the impact. The results of the mechanism test show that monetary structure reconstructing inhibits bank risk-taking by increasing the share of interbank liabilities and competition, and the transmission channels of "monetary structure reconstructing-liability structure/bank competition-bank risk-taking" are effective. The financial digitization enhances the impact of monetary structure reconstructing on bank risk-taking, while bank income diversification weakens the impact of monetary structure reconstructing on bank risk-taking.

Key words: central bank digital currency, bank competition, liability structure, financial digitalization, income diversification

CLC Number:

F821

CHEN Tianxin, LIU Mengxin. Central Bank Digital Currency and Bank Risk-Taking—From the Perspective of Monetary Structure Reconstruction[J]. Journal of Guizhou University of Finance and Economics, 2023(05): 52-63.

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