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Stablecoins, Currency Digitalization and Optimal Policy

组织者

高瑞泽 , 韩立岩 , 李振 , 刘瑾 , 龙飞 , 史冬波 , 汤珂 , 万莉 , 张琦

演讲者

肖筱林

时间

2026年04月17日 15:00 至 16:00

地点

A3-2-303

线上

Zoom 435 529 7909 (BIMSA)

摘要

We study how stablecoins and digital payments reshape taxation, seigniorage, and public debt within a two-sector monetary framework (formal/TradFi vs. informal/crypto). Extending a baseline cash economy to incorporate government bonds, fully reserved stablecoins, or a central bank digital currency (CBDC), we establish four main results. First, the economy exhibits a strict Laffer-curve trade-off between extracting inflation seigniorage and preserving the formal tax base. Second, endogenous sector choices generate multiple macroeconomic steady states with profound regulatory implications. Third, private stablecoins create a severe macro-fiscal tension: while tokens cannibalize fiat seigniorage, issuers' massive demand for reserve assets compresses nominal yields, effectively subsidizing government borrowing. Systemically, however, this reserve hoarding starves commercial banks of collateral, crowding out formal trade. Furthermore, a monopolistic issuer restricts token supply, which yields a safer intrinsic reserve ratio and eases bank collateral scarcity, but substantially diminishes the fiscal yield subsidy. We also calibrate the model to the U.S. economy to quantify this macro-fiscal tension and the threshold at which issuers' bond holdings constrain TradFi collateral. Lastly, a parallel CBDC extension highlights how optimal policy and welfare implications diverge across alternative paths of currency digitalization.

演讲者介绍

肖筱林博士是北京大学光华管理学院应用经济学系副教授，博士生导师，“日出东方 - 光华青年人才”研究学者，主要研究领域为货币经济学和宏观经济学。肖博士当前研究聚焦于数字货币、政府风险投资以及相关的产业与宏观经济学课题，并主持国家自然科学基金(2项)、光华思想力和其他多项科研基金。加入北大之前，她先后在美国威斯康星大学麦迪逊分校(UW-Madison)和新西兰奥克兰理工大学(AUT)工作。她的研究成果已发表于Journal of Monetary Economics, International Economic Review, Review of Economic Dynamics, European Economic Review, Journal of Economic Dynamics and Control, 《管理世界》、《经济学（季刊）》和《经济管理学刊》等国内外顶级和权威学术期刊。所获奖项包括：国际金融学年会“杰出论文奖”(2025)，北京大学优秀班主任(2024)，北京大学第二十一届青教赛二等奖、最佳教学演示奖和优秀教案奖 (2021)，Dan Searle Fellowship in Economics(国际奖，美国Donors基金会评选并资助), 等。