Speaker: Professor Liu Yuan (School of Economics and Management, South China Normal University)
Host: Assistant Professor Lan Lan (Li Anmin Institute of Economic Research, Liaoning University)
Guest Introduction: Assistant Professor Lan Lan (Li Anmin Institute of Economic Research, Liaoning University)
Date and Time: December 12, 2025 (Friday), 14:00–15:30 (Beijing Time)
Location: Conference Room, First Floor, Wuzhou Yuan, Chongshan Campus, Liaoning University
Online Access: Tencent Meeting ID 730-281-8924
Language: Chinese/English
Abstract:
Nobel laureate Friedrich Hayek proposed the theory of denationalization of money in 1976, arguing for the feasibility of currency competition from the perspective of a thought experiment. However, systematic micro-level empirical evidence has been lacking. In this lecture, Professor Liu Yuan will present his new book, *Currency Competition: An Analysis of Economic History*, which examines currency competition across different forms of money, including coinage, redeemable currency, and credit money. The discussion will span historical cases, from private minting in the Han Dynasty and multi-bank issuance during the Republic of China era to the competition between the Border Currency (Bianbi) and the Legal Tender (Fabi) in the Shaanxi-Gansu-Ningxia Border Region during the Anti-Japanese War. In the context of the digital economy, the issuance of stablecoins represents a new practical application of Hayek's theory of denationalization of money. Currency competition is poised to bring about a revolution in macroeconomics.
Speaker Profile:
Liu Yuan earned his Ph.D. in Economics from Peking University in 2008. He is currently a professor at the School of Economics and Management, South China Normal University, and serves as the Deputy Director of the South China Market Economy Research Center (a provincial-level key research base for humanities and social sciences). His research interests focus on political economy, the Chinese economy, and economic history. He has led four major research projects, including a key project of the National Social Science Fund, a general project of the National Natural Science Foundation of China, a youth project of the National Social Science Fund, and a youth project of the Humanities and Social Sciences Research Fund of the Ministry of Education. He has published over 30 academic papers in journals such as Management World, China Economic Quarterly, World Economy, Finance Research, Economic Science, Academic Monthly, as well as in international journals like China Economic Review, Asia-Pacific Economic History Review, and China Agricultural Economy Review. His paper, "What Do Farmers Gain from Land Shareholding? A Case Study of the Nanhai Land Shareholding System" (Management World, 2008, No. 1), received a nomination for the Fourth China Rural Development Research Award. Another paper, "Compensating for Lost Youth: An Intergenerational Compensation Study of Educated Youth on Their Children's Education" (World Economy, 2016, No. 5), won the Third Prize of the Seventh Guangdong Province Outstanding Achievement Award in Philosophy and Social Sciences. His co-authored book with Professor Guan Hanhui, Currency Competition: An Analysis of Economic History, was published by Shanghai People's Publishing House in July 2025 and has been translated into English.
