一、主題：E-money:from Zero to One and Beyond

二、主講人：何超，華東師範大學助理教授。2012年獲得威斯康辛大學麥迪遜分校經濟學博士學位，曾在中國人民大學和上海财經大學任教。研究方向為宏觀經濟學，尤其是貨币、銀行、失業、房地産等方向。他的論文發表在Review of Economic Dynamics，Journal ofMoney, Credit, and Banking 以及Journal of Economics等學術期刊上。

三、時間：2019年11月20日（周三），中午12:30-13:30

四、地點：bevictor伟德官网沙河校區丁香園1号樓301會議室

五、主持人：黃志剛，bevictor伟德官网教授

Abstract: This paper studies theR&D incentives for developing privately issued e-money and its dynamicadoption and upgrades. We characterize conditions for co-circulation. The modelidentifies three channels through which the incentives for developing e-moneyis socially inefficient. First, the value of new tokens issued is in generaldifferent from the liquidity service that it provides. Second, the developersdo not consider how e-money affect trades that only involves fiat money whenthe two cocirculate. Third, neither do they take into account how futureadoption of e-money affect monetary trade before it is actually adopted. Wealso find that the threat of future generations of e-money makes it less likelyfor the first generation of e-money to be adopted.