The difficulty of SME financing is a global problem. A government guarantee system could alleviate the asymmetric information between banks and SMEs, driving financial resources to them. A unique dataset from Zhejiang provincial guarantee group has been used in this article to verify the...

This study examines how the issuance of a central bank digital currency (CBDC) affects both the payment instrument choice and asset allocation decisions of consumers, as well as the profitability of financial intermediaries. Specifically, we suggest a theoretical model where introducing a CBDC...