主讲人：王亮 副教授（夏威夷大学经济系）

主持人：杨程 助理教授（辽宁大学李安民经济研究院）

嘉宾介绍：侯尚迪 助理教授（辽宁大学中国经济研究院）

时间：2024年6月24日（周一） 10：00-11：30（北京时间）

地点：辽宁大学崇山校区五洲园一楼会议室

线上地址：腾讯会议350-910-459

语言：中文/英文

摘要：There have been two competing views on the structure of the international monetary system. One sees it as a unipolar system with a dominant currency, such as the U.S. dollar, while the other argues that multiple international currencies can coexist. Aiming to provide a unified theoretical framework to reconcile these two views, we develop a micro-founded monetary model to examine the interactions of two essential roles played by international currencies, the medium of exchange and the store of value, and highlight the importance of abundant safe asset supplies. When the two roles of international currencies reinforce each other, a unipolar equilibrium exists. However, when one currency is unable to serve as sufficient safe assets for international trade transactions, the two roles work against each other. Agents have the incentive to diversify their portfolio and we have a multipolar system. The effects of monetary policy, fiscal policy, and their combinations crucially depend on the total supply of safe assets and the relative importance of the two functions of international currencies. The structure of the international monetary system could be influenced by various policies such as monetary policy, fiscal policy, and financial sanctions. We also discuss welfare under different equilibria and the effect of financial sanctions on the dominant currency in a unipolar world.

主讲人简介：

王亮，宾夕法尼亚大学经济学博士，夏威夷大学马诺阿分校经济系副教授兼研究生主任。主要研究领域为货币经济学、宏观经济学、劳动经济学以及搜索与匹配理论。在研究中应用具有微观基础的动态随机一般均衡模型来研究通货膨胀、价格离散、利率、银行和资产定价。目前，他正在从事与国际货币体系、CBDC 和 OTC 市场相关的项目。他的研究成果已在许多国际会议上发表，并发表在Journal of Economic Theory、 Journal of Economic Dynamics and Control、International Economic Review、European Economic Review等领先经济学期刊。王博士担任多家经济学期刊的匿名审稿人，曾是多家大学和央行的访问学者，包括埃默里大学、澳大利亚国立大学、联邦储备银行和加拿大银行。