A Theory of International Currency: Competition and Discipline
2006/10/17
研討會日期 : 2006-10-17
時間 : 15:00
主講人 : Prof. Yiting Li
地點 : B棟110會議室
演講者簡介 : Prof. Yiting Li 為賓夕法尼亞大學經濟學博士。現為台灣大學經濟系教授。其主要研究領域為貨幣理論及總體理論。
現為台灣大學經濟系教授。
其主要研究領域為貨幣理論及總體理論。
演講摘要 : We explicitly consider strategic interaction between governments to study currency competition and its effects on the circulation of currencies and welfare in a two-country two-currency search theoretic model. Each government finances public goods by means of seigniorage. Compared with a regime with two local currencies, a regime with one international currency allows the issuer of the international currency to reduce the inflation tax while collecting more seigniorage, and forces the other issuer to raise the rate to compensate for a diminished tax base. However, the country with a local currency is sometimes constrained by an inflation discipline: the more open a country is, the stronger is the discipline. Strategic selection of equilibrium gives rise to a further inflation discipline: the larger country tries to have its currency circulate abroad, while the smaller country tries to prevent the circulation of foreign currency.
