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。
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.