主题：Asset Shortage and the Digital Economy
主讲人：Vincenzo Quadrini，南加州大学马歇尔商德州扑克大小
教授
时间：3月16日（周一）下午2:00-4:00
地点：4-101教室
语言：英文
摘要：
A prominent body of literature in international finance and macroeconomics emphasizes the possibility of a limited availability of financial assets that can be reliably and safely used for the allocation of savings. This stems from financial frictions that constrain the credible repayment of financial liabilities. The emergence and potential growth of the digital economy could improve the conditions that guarantee the credibility of new liabilities, thereby reducing the shortage of financial assets.
The goal of this lecture is to examine the functioning of Decentralized Finance, with special attention to the creation and usage of stablecoins. In this context, I will emphasize the potential role of stablecoins as a store of value (i.e., saving instruments) and the possible impact of their expansion on the demand for traditional reserve assets such as the US dollar. On the one hand, the expansion of stablecoins may increase the demand for dollar-denominated assets, reinforcing the international role of the US dollar. In this case, stablecoins are complementary to the US dollar. On the other hand, new instruments could be used to back stablecoins, reducing the demand for US dollars. In this case, stablecoins would act as substitutes for US dollars. We will discuss these two contrasting forces, as well as how the issuance of stablecoins pegged to other currencies could compete with those pegged to the US dollar.
