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【11月20日】【貨幣經濟學術沙龍(第2期)】E-money: from Zero to One and Beyond

發布日期:2019-11-15  點擊數:

主題:E-money: from Zero to One and Beyond

主講人:何超,華東師范大學助理教授。2012年獲得威斯康辛大學麥迪遜分校經濟學博士學位,曾在中國人民大學和上海財經大學任教。研究方向為宏觀經濟學,尤其是貨幣、銀行、失業、房地產等方向。他的論文發表在Review of Economic Dynamics,Journal of Money, Credit, and Banking以及Journal of Economics等學術期刊上。

時間:2019年11月20日(周三),中午12:30-13:30

地點:中央財經大學沙河校區丁香園1號樓301會議室

主持人:黃志剛,中央財經大學金融學院教授

Abstract:This paper studies the R&D incentives for developing privately issued e-money and its dynamic adoption and upgrades. We characterize conditions for co-circulation. The model identifies three channels through which the incentives for developing e-money is socially inefficient. First, the value of new tokens issued is in general different from the liquidity service that it provides. Second, the developers do not consider how e-money affect trades that only involves fiat money when the two cocirculate. Third, neither do they take into account how future adoption of e-money affect monetary trade before it is actually adopted. We also find that the threat of future generations of e-money makes it less likely for the first generation of e-money to be adopted.

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