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【11月20日】【货币经济学术沙龙(第2期)】E-money: from Zero to One and Beyond

发布日期:2019-11-15  点击数:

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

主讲人:何超,华东师范大学助理教授。2012年获得威斯康辛大学麦迪逊分校经济学博士学位,曾在中国人民大学和上海财经大学任教。研究方向为宏观经济学,尤其是货币、银行、失业、房地产等方向。他的论文发表在Review of Economic Dynamics,Journal of Money, Credit, and Banking以及Journal of Economics等学术期刊上。

时间:2019年11月20日(周三),中午12:30-13:30

地点:中央财经大学沙河校区丁香园1号楼301会议室

主持人:黄志刚,中央财经大学金融学院教授

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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