论坛活动

时 间

2026年4月27日（周一）上午10:00-11:30

地 点

中国人民大学中关村校区 明德主楼801

主办单位

国家金融研究院、中国人民大学财政金融学院

主讲嘉宾简介

崔巍，2008年本科毕业于清华大学经管学院经济系，2013年从普林斯顿大学取得经济学博士学位。毕业后一直任职于伦敦大学学院(UCL)经济系，现为该校经济学副教授，兼任英国经济学杂志 EconomicJournal副编辑。他的研究兴趣集中在宏观经济和金融的交叉领域，特别强调在不完美的金融市场下宏观政策对生产效率，经济波动和财富分配的影响。其研究论文发表在Journal ofPolitical Economy, Journalof Monetary Economics, Journal of European Economic Association, QuantitativeEconomics,American Economic Review: Papers and Proceedings等众多顶级学术刊物上。

沙龙内容摘要

This paper develops a general-equilibrium model to analyze the fiscal tradeoffsintroduced by digital money (stablecoins). We find that stablecoins provide liquidity servicesthat enhance transaction efficiency while simultaneously acting as a vehicle for sovereigndebt demand; because stablecoins are backed by short-term government securities, theyreduce sovereign borrowing costs and mitigate distortionary taxation. Converselystablecoins may disintermediate the traditional banking sector, potentially elevating fundinocosts and contracting the credit supply necessary for real economic activity. Our modeidentifies an interior optimal level of stablecoins adoption, A calibration exercise suggeststhat optimal liquidity management supported by $252-5358 billion in stablecoins-canincrease output by 0.94% or welfare by 0.37%.