Table of Content 期刊目录

1.Introduction to the special issue on digital currency

Yang Ji & Yan Shen

Pages: 1-3

2. What can blockchain do and cannot do?

Zhong Xu & Chuanwei Zou

Pages: 4-25

3. Digitalization of cross-border payments

Dong He

Pages: 26-38

4. The potential impacts and risks of global stablecoins

Cangshu Li & Yan Shen

Pages: 39-51

5. A global perspective on central bank digital currency

David Kuo Chuen Lee, Li Yan & Yu Wang

Pages: 52-66

6. The genesis, design and implications of China’s central bank digital currency

Shiyun Li & Yiping Huang

Pages: 67-77

7．A study of the economic impact of central bank digital currency under global competition

Wu Tong & Chen Jiayou

Pages: 78-101

8. China, the United States, and central bank digital currencies: how important is it to be first?

Martin Chorzempa

Pages: 102-115

 

Article Abstract 文章摘要

1. Introduction to the special issue on digital currency

Yang Ji & Yan Shen

Pages: 1-3

Link to the original text:

https://www.tandfonline.com/doi/full/10.1080/17538963.2020.1870283

 

2. What can blockchain do and cannot do?

Zhong Xu & Chuanwei Zou

Pages: 4-25

ABSTRACT：

This paper studies the economic functions of blockchain. First, by explaining blockchain technologies from an economic perspective, it introduces the Token Paradigm to summarize mainstream blockchain systems, discusses the true meanings of consensus and trustlessness in the blockchain field, and analyzes the functions of smart contracts. Next, it categorizes major blockchain applications according to how they use tokens and discusses relevant economic problems such as tokens’ monetary features, tokens’ impacts on blockchain platforms, blockchain’s governance functions, and the efficiency and security of blockchain systems. Finally, it discusses the concept of Blockchain as a Financial Infrastructure (BaaFI), which is represented by central bank digital currencies (CBDC) and global stable coins.

Link to the original text:

https://www.tandfonline.com/doi/abs/10.1080/17538963.2020.1748968

 

3. Digitalization of cross-border payments

Dong He

Pages: 26-38

Link to the original text:

https://www.tandfonline.com/doi/full/10.1080/17538963.2020.1870272

 

4. The potential impacts and risks of global stablecoins

Cangshu Li & Yan Shen

Pages: 39-51

ABSTRACT：

This paper aims to study the implications of the potential large-scale usage of global stablecoins. We start with describing the origin and the evolution of stablecoins, and then analyze the operational mechanism and application scenarios. An analysis on whether global stablecoins will lead to dollarization of a country’s monetary system is then followed, based on the monetary quantity theory and Fisher’s equation. We find that large-scale usage of global stablecoins may have an impact on both large and small open economies, and with a greater impact on the sovereign monetary system of small economies. Further, global stablecoins may affect financial stability through influencing monetary policy, holder confidence and financial system. The potential risks are embodied in technology development, payment security and illegal transactions. To deal with these potential impacts and risks, we propose to strengthen judicial research and plan arrangements for global cooperation and coordination.

Link to the original text:

https://www.tandfonline.com/doi/abs/10.1080/17538963.2021.1872167

 

5. A global perspective on central bank digital currency

David Kuo Chuen Lee, Li Yan & Yu Wang

Pages: 52-66

ABSTRACT：

This paper discusses the key considerations of CBDC design to balance benefits and risks and presents best practices in CBDC design from a global perspective. Using China’s CBDC as an illustration, this paper discusses two-tier or multi-tier ledger design and proposes ten enablers of mass adoption and successful implementation. This proposed design allows central banks to manage the process flow, focus on the monitoring and control, without bearing all the load or exposing to over-centralized risks. It concludes that CBDC will be the primary tool in the future digital economy, and countries that are conversant with the technology will have a competitive advantage. Learning from the implementation, continuously reviewing the existing regulation, and improvising whenever international dynamics change the landscape are vital attributes of a successful implementation.

Link to the original text:

https://www.tandfonline.com/doi/abs/10.1080/17538963.2020.1870279

 

6. The genesis, design and implications of China’s central bank digital currency

Shiyun Li & Yiping Huang

Pages: 67-77

ABSTRACT：

The People’s Bank of China (PBC) was among the first in the world to start exploration of central bank digital currency (CBDC) and will probably be one of the first major central banks releasing its own CBDC. This article intends to explain the construction of the e-CNY and discuss its likely implications. While PBC tried hard to avoid causing disintermediation of commercial banks, it remains to be seen if there will be a shift from commercial banks savings accounts to the new e-CNY wallets. E-CNY’s impacts on existing mobile payment system and the associated collection and analyses of big data in the Fintech sector could be major. In summary, even the modest step of creating e-CNY could significantly transform the financial landscape in China. But this is only the step by PBC in creating its own CBDC.

Link to the original text:

https://www.tandfonline.com/doi/abs/10.1080/17538963.2020.1870273

 

7．A study of the economic impact of central bank digital currency under global competition

Wu Tong & Chen Jiayou

Pages: 78-101

ABSTRACT：

From both theoretical and practical perspectives, we examine the global development and competition of digital currencies, and investigate the design of China’s central bank digital currency (CBDC). Moreover, on the basis of correcting shortcomings in the existing literature, we undertake a quantitative analysis of the economic impact of the issuance of DC/EP based on a four-sector DSGE model. The results demonstrate that the substitution effect of DC/EP on bank deposits is limited, while the unit impact can enhance the economic growth rate by 0.15% and the overall economic effect is positive, at the same time it reduces the leverage ratio to a certain degree, which is conducive to reducing systemic financial risk. Therefore, we contend that China should accelerate the research and development of DC/EP and launch pilot schemes to promote DC/EP. Moreover, China should actively participate in the drafting of international regulations for digital currencies, selectively liberalize the jurisdiction of overseas nodes, jointly establish an integrated digital infrastructure for future generations.

Link to the original text:

https://www.tandfonline.com/doi/abs/10.1080/17538963.2020.1870282

 

8. China, the United States, and central bank digital currencies: how important is it to be first?

Martin Chorzempa

Pages: 102-115

ABSTRACT：

In only a few years, central bank digital currencies (CBDC) have gone from a fringe idea promoted by cryptocurrency bloggers to an idea being seriously explored by 80% of the world’s major central banks, including the People’s Bank of China and the United States Federal Reserve. This paper gives an overview of the drive at the world’s central banks to evaluate CBDCs and examines the reasons behind the world’s two leading economies’ stark divergence in central bank digital currency development. China committed much earlier to launching a CBDC, doing so in early 2016, and has since taken more concrete steps towards piloting and issuing a CBDC than the Fed, which has yet to commit to ever issuing one.

Link to the original text:：

https://www.tandfonline.com/doi/abs/10.1080/17538963.2020.1870278