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。
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.