중앙은행의 디지털 화폐 발행과 시중은행의 수익성
Copyright 2011 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
This study analyzes the impact of changes in central bank digital currency (CBDC) issuance and interest rates on commercial bank profitability, considering the interaction of individuals (savers and borrowers), commercial banks, and the government (central bank). We show that the profitability of commercial banks in the deposit sector decreases when interest rates higher than deposit rates are imposed on CBDC or liquidity constraint policies are enforced. On the other hand, if the interest rate on CBDC is lower than the deposit rate, the effect on the profitability of commercial banks is minimal, and the profitability of the loan sector is not affected by the CBDC issuance. We also suggest implications for the method of operating CBDC. If the CBDC is not operated directly by a central bank, but indirectly by commercial banks, the government's costs may decrease and the profits of the commercial banks may increase due to the business connectivity and effects of the economy of scale.
Keywords:
Bank profitability, Central banks, Commercial banks, Digital currency, Indirect CBDCAcknowledgments
We appreciate helpful comments and discussions from Ohik Kwon (Bank of Korea), Jabong Kim (Korea Institute of Finance), Sunjin Kim (KEEI), Jeeman Jung (Sangmyung Univ.), and all participants from 2022 Korea’s Allied Economic Associations Annual Meeting.
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∙ The author Jaemin Son is a graduating senior at Sungkyunkwan University, with a triple major in Economics, Statistics, and Eastern Philosophy. His current research interests include the CBDC, financial econometrics, financial engineering, financial management, and machine learning.
∙ The author Doojin Ryu is a full/tenured professor of economics at Sungkyunkwan University. He graduated from Seoul National University (School of Electrical Engineering) and has got a Ph.D. degree at KAIST. He was a research fellow at the National Pension Service, an assistant professor at Hankuk University of Foreign Studies, and a full/tenured professor at Chung-Ang University. Prof. Ryu is currently an editor of Investment Analysts Journal (SSCI) and a subject editor of Emerging Markets Review (SSCI), Journal of Multinational Financial Management (SSCI), and Emerging Markets Finance & Trade (SSCI). He is an editorial board member of the Journal of Futures Markets (SSCI) and Asian Business & Management (SSCI)