BIS:数字货币对新兴市场和发展中经济体意味着什么?-26正式版.docx

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1、BANKFORINTERNATIONALSETTLEMENTSBISWorkingPapersNo973Whatdoesdigitalmoneymeanforemergingmarketanddevelopingeconomies?byErikFeyen,JonFrost,HarishNatarajanandTaraRiceMonetaryandEconomicDepartmentOctober2021JELclassification:E42,E51,E58lF31,G28,033.Keywords:fintech,stablecoins,crypto-assets,e-money,cent

2、ralbankdigitalcurrencies,emergingmarketanddevelopingeconomies,financialinclusion,remittances,payments.BISWorkingPapersarewrittenbymembersoftheMonetaryandEconomicDepartmentoftheBankforInternationalSettlements,andfromtimetotimebyothereconomists,andarepublishedbytheBank.Thepapersareonsubjectsoftopicali

3、nterestandaretechnicalincharacter.TheviewsexpressedinthemarethoseoftheirauthorsandnotnecessarilytheviewsoftheBIS.ThispublicationisavailableontheBISwebsite(www.bis.org).BankforInternationalSettlements2021.Allrightsreserved.Briefexcerptsmaybereproducedortranslatedprovidedthesourceisstated.ISSN1020-095

4、9(print)ISSN1682-7678(online)Whatdoesdigitalmoneymeanforemergingmarketanddevelopingeconomies?1ErikFeyen,JonFrost,HarishNatarajanandTaraRiceAbstractProposalsforglobalstablecoinshaveputamuch-neededspotlightondeficienciesinfinancialinclusion,andincross-borderpaymentsandremittancesinemergingmarketanddev

5、elopingeconomies(EMDEs).Yetstablecoininitiativesarenopanacea.WhiletheymayachieveadoptionincertainEMDEs,theymayalsoposeparticulardevelopment,macroeconomicandcross-borderchallengesforthesecountriesandhavenotbeentestedatscale.SeveralEMDEauthoritiesareweighingthepotentialcostsandbenefitsofcentralbankdig

6、italcurrencies(CBDCs).Wearguethatthedistinctionbetweentokenbasedandaccount-basedmoneymatterslessthanthedistinctionbetweencentralbankandnon-centralbankmoney.Fast-movingfintechinnovationsthatarebuilton,orimprovetheexistingfinancialplumbingmayaddressmanyoftheissuesinEMDEsthatbothprivatestablecoinsandCB

7、DCsaimtotackle.Keywords:fintech,stablecoins,crypto-assets,e-money,centralbankdigitalcurrencies,emergingmarketanddevelopingeconomies,financialinclusion,remittances,payments.JELcodes:E42,E51fE58,F31,G28,033.WewouldliketothankWphaelAuer1StijnClaessens,SebastianDoerr,MateiDohotaru,AlfonsoGarciaMora,Leon

8、ardoGambacorta1KeithHart,MarcHollanders,YiraMascaro,LeandroMedina,FritzSchneider,HyunSongShinandMaheshUttamchandaniforhelpfulcommentsandsuggestions.WethankHaiweiCao1GiulioCornelliandAlexandraEndforexcellentresearchassistance.ThisCh叩terisbasedonFeyenetal(2020),andispublishedinRRau,RWardropandLZingale

9、s(2021),ThePalgraveHandbookofTechnologicalFinance,London:PalgraveMacmillan.TheviewsinthischapterarethoseoftheauthorsonlyanddonotnecessarilyreflectthoseoftheWorldBankGrouportheBankforInternationalSettlements.EFeyen,WorldBankGroup,Washington,D.C,UnitedStates,e-mail:efeijenworldbank.orgJFrost,BankforIn

10、ternationalSettlements,Basel,Switzerland,andCambridgeCentreforAlternativeFinance,Cambridge,UK,e-mail:jon.frostbis.orgHNatarajan,WorldBankGroup,Washington,D.C,UnitedStates,e-mail:hnatarajanworldbank.orgTRice,BankforInternationalSettlements,Basel,Switzerland,e-mail:tara.ricebis.orgIntroductionFromthea

11、ncientIndianrupya,tocacaobeansintheAztecempire,tothefirstpapermoneyinChina,moneyandpaymentshavebeenevolvingforcenturies.Thecountriesthataretodaycalledemergingmarketanddevelopingeconomies(EMDEs),whichcollectivelymakeup84%oftheworldspopulationbutonly37%ofGDPatcurrentprices,arenoexception.Inrecentdecad

12、es,physicalcashandclaimsoncommercialbanks(i.e.deposits)havebecomethemainvehiclesforretailpaymentsaroundtheworld(Bechetal.,2018).Comparedtophysicalcash,commercialbankmoneyprovidesmoresafety,enablesremotetransactions,andallowsbankstoextendotherusefulfinancialservices;thismayultimatelybenefiteconomicef

13、ficiencyandenhanceeconomicpolicyoversight(ListfieldandMontes-Negretf1994).Yetforretailusers,especiallyinEMDEs,commercialbankmoneyposesatleastthreekeychallenges.First,itrequiresabankaccount-accesstowhichisrising(Graph1,left-handpanel)butisstillfarfromuniversal.Thepooroftenlacktheproperdocumentationto

14、complywithbankscustomerduediligence(CDD)requirements.Insomecases,theylivetoofarfromabankbranch,orfindthemaintenancecostsorminimumbalancestooonerous.E-money,whichcanbeseenasavariantofcommercialbankmoney,seekstoaddressthesechallenges.2TogetherwithsimplifiedCDDandnetworksofagents,e-moneyhasimprovedacce

15、sstotransactionservices.Stillincountrieswherebankaccountsande-moneyhavenotreacheduniversallevels,thepoorrelyheavilyoncash.Thisrelianceoncashhelpsperpetuateinformality,alsoknownas“theshadoweconomy”-economicactivitieshiddenfromauthoritiesformonetary,regulatoryandinstitutionalreasons(MedinaandSchneider

16、,2019).3Indeed,informalityishigherincountrieswithloweruseofdigitalpaymentslikebankaccountsande-money(Graph1,right-handpanel).E-moneyrefersheretomonetaryvaluethatisstoredelectronicallyonreceiptoffunds,andwhichisusedformakingpaymenttransactions.Inalmostallcountries,e-moneybalancesareheldincommercialbanks.AnotableexceptionisChinawherefundsareheldwiththecentralbank.Foraseminalworkoninformality,seeHart(1973).Hartdescribedtheeconomicac

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