Legal restrictions and international currencies: An experimental approach

时间：2020年10月27日（周二）10:30-12:00 am

地点：北京大学国家发展研究院致福轩会议室

主持人：余淼杰，余昌华

主讲人：丁树泽（南开大学金融学院）

摘要: This paper integrates theory and experiments to explore how policy rules related to government interventions can affect economic allocations and the international status of a currency. Using a two-country, two-currency search model, we study two types of government interventions: (1) legal restrictions impacting a seller's ability to accept a foreign currency, and (2) reductions to the cost a seller must pay to accept a foreign currency. The first intervention can be viewed as a way to capture a decrease in capital controls, while the second can be viewed as a way to explore the impact of reducing information costs associated with using a foreign currency. Our results indicate that abolishing legal restrictions that impact a seller's ability to accept a foreign currency can increase both quantities traded and the number of trades involving two types of currencies. Additionally, the international status of currencies is significantly enhanced when sellers face very low foreign currency acceptance costs.

主讲人: 丁树泽老师是南开大学金融学院的助理教授。他在印第安纳大学伯明顿分校（Indiana University Bloomington）取得经济学博士学位。他的学术成果发表在Journal of Economic Behavior & Organization和Journal of International Economics等国际一流学术期刊上。