简介

        理悦CEMA•玉衡系列讲座第四讲将于10月9日（周五）下午14：00-15：30在学术会堂712会议室举行，由人民大学副教授朱萸报告“On the Optimal Level of Stablecoins（稳定币的最优水平）”欢迎广大师生（尤其科研有兴趣和追求的本科生、硕士生和博士生）参加。讲座对所有人开放，不需要提前预约。

题目

On the Optimal Level of Stablecoins

（稳定币的最优水平）

报告人

朱萸

        中国人民大学经济学院副教授。主要研究领域为货币经济学和计量经济学，目前重点关注数字货币的设计及其宏观经济影响。研究成果发表于 Journal of Political Economy、Management Science、The Economic Journal、Journal of Econometrics、Quantitative Economics、Review of Economic Dynamics 等国际知名学术期刊。

摘要

        This paper develops a general-equilibrium model to analyze the fiscal tradeoffs introduced by digital money (stablecoins). We find that stablecoins provide liquidity services that enhance transaction efficiency while simultaneously acting as a vehicle for sovereign debt demand; because stablecoins are backed by short-term government securities, they reduce sovereign borrowing costs and mitigate distortionary taxation. Conversely, stablecoins may disintermediate the traditional banking sector, potentially elevating funding costs and contracting the credit supply necessary for real economic activity. Our model identifies an interior optimal level of stablecoins adoption. A calibration exercise suggests that optimal liquidity management—supported by $252–$358 billion in stablecoins—can increase output by 0.94% or welfare by 0.37%.

时间

10月9日14:00-15:30

地点

学术会堂712

活动对象

创新发展学院师生

主办单位

创新发展学院

中国经济与管理研究院

来源 / 理悦CEMA

编辑 / 柴新凯

审核 / 赵扶扬