講座主題：A Dual-Pronged Approach to Currency Internationalization

主講嘉賓：牛嘉桐，清華大學(xué)

時(shí) 間：2025年11月28日（周五）9:30

地 點(diǎn)：中央財(cái)經(jīng)大學(xué)沙河校區(qū)13號(hào)學(xué)院樓305

主 辦：中央財(cái)經(jīng)大學(xué)國(guó)際經(jīng)濟(jì)與貿(mào)易學(xué)院

講座內(nèi)容：

Policies aimed at promoting currency internationalization often target frictions in both capital and current account transactions. We study this dual-pronged approach using a dynamic general equilibrium model in which an international currency serves as both a store of value and a medium of exchange. Due to the complementarity between different functions of an international currency, a dual-pronged approach is more effective than policies with a single focus. We analytically characterize this policy complementarity and apply the model to China's renminbi internationalization reforms during 2010-2021. We find that (1) these reforms reduced the return wedge on foreign held renminbi bonds by 4.1% and lowered the cost of renminbi-settled international trade by 0.9%; (2) policy complementarity accounted for half of the overall policy effect; (3) a single-focused policy—targeting only capital (current) account frictions—would have raised fiscal costs by a factor of 2.1 (1.8).

嘉賓簡(jiǎn)介：

牛嘉桐，清華大學(xué)經(jīng)濟(jì)管理學(xué)院經(jīng)濟(jì)系博士研究生。研究領(lǐng)域?yàn)閲?guó)際經(jīng)濟(jì)學(xué)、中國(guó)經(jīng)濟(jì)與勞動(dòng)經(jīng)濟(jì)學(xué)。博士論文聚焦于貨幣國(guó)際化的理論機(jī)制與政策設(shè)計(jì)，以及地緣經(jīng)濟(jì)風(fēng)險(xiǎn)背景下人民幣國(guó)際化的作用。目前也關(guān)注勞動(dòng)力市場(chǎng)搜尋匹配相關(guān)的議題。工作論文于期刊Journal of International Economics返修中。

編輯:易彥

審核:段玉婉