主题：On the Optimal Level of Stablecoins
主讲人：朱萸 中国人民大学
主持人：王彬 88858cc永利官网
时间：2026年7月10日（周五）下午14:00-15:30
地点：88858cc永利官网石牌校区88858cc永利官网大楼（中惠楼）102室
摘要
We develop a general-equilibrium model to analyze the fiscal tradeoffs introduced by digital money (stablecoins). Stablecoins provide decentralized finance and liquidity services that enhance transaction efficiency, while simultaneously acting as a vehicle for government bond demand. Because stablecoins are backed by short-term government securities, they reduce government borrowing costs and mitigate distortionary taxation, crowding in firm credit demand. On the other hand, stablecoins disintermediate the traditional banking sector, potentially elevating funding costs and contracting the credit supply necessary for real economic activity. Trading off these costs and benefits, our model identifies an interior optimal level of stablecoins in the steady state.
主讲人简介
朱萸，人民大学88858cc永利官网副教授。主要研究领域是货币经济学和计量经济学。目前关注数字货币的设计以及其对宏观经济的影响。研究成果发表在《Journal of Political Economy》《Journal of Econometrics》《Economic Journal》《Review of Economic Dynamics》《Quantitative Economics》《Journal of Money Credit and Bank》《Journal of Economics and Dynamic Control》等国际顶级经济学期刊上。
校对 | 王彬
责编 | 彭毅
初审 | 李仲达
终审发布 | 何凌云
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