主讲人：Sylvia Xiaolin XIAO（肖筱林），北京大学光华管理学院

题目：Stablecoins, Currency Digitalization and Optimal Policy

参与老师：余昌华、薛思帆

时间：2026年3月17日（周二）上午10:30-12:00（北京时间）

地点：承泽园245教室

摘要：

We study how stablecoins and digital payments reshape taxation, seigniorage, and public debt in a two-sector monetary framework (formal/TradFi vs. informal/crypto). Extending a baseline cash economy to include government bonds, fully reserved stablecoins, or a central bank digital currency (CBDC), four main results emerge. (i) The economy exhibits a strict Laffer-curve trade-off between extracting inflation seigniorage and preserving the formal tax base. (ii) Endogenous sector choices generate multiple macroeconomic steady states. (iii) Private stablecoins create a profound macro-fiscal tension: tokens cannibalize fiat seigniorage, but issuers' massive demand for reserve assets compresses nominal yields, subsidizing Treasury borrowing. Systemically, however, this reserve hoarding starves commercial banks of collateral, crowding out formal trade. Furthermore, a monopolistic issuer restricts token supply, yielding a safer intrinsic reserve ratio and easing bank collateral scarcity, but substantially diminishing the fiscal yield subsidy. (iv) Conversely, a public CBDC preserves seigniorage and eliminates TradFi collateral frictions, but lacks captive safe-asset demand. This exposes the sovereign to a stricter debt volume burden, where high debt necessitates a uniform inflation tax that depresses all trade, risking an inflation-driven sovereign debt spiral.

主讲人介绍：

肖筱林博士是北京大学光华管理学院应用经济学系副教授，博士生导师，“日出东方 - 光华青年人才”研究学者，主要研究领域为货币经济学和宏观经济学。肖博士当前研究聚焦于数字货币、政府风险投资以及相关的产业与宏观经济学课题，并主持国家自然科学基金(2项)、光华思想力和其他多项科研基金。加入北大之前，她先后在美国威斯康星大学麦迪逊分校(UW-Madison)和新西兰奥克兰理工大学(AUT)工作。她的研究成果已发表于Journal of Monetary Economics, International Economic Review, Review of Economic Dynamics, European Economic Review, Journal of Economic Dynamics and Control, 《管理世界》、《经济学（季刊）》和《经济管理学刊》等国内外顶级和权威学术期刊。所获奖项包括：国际金融学年会“杰出论文奖”(2025)，北京大学优秀班主任(2024)，北京大学第二十一届青教赛二等奖、最佳教学演示奖和优秀教案奖 (2021)，Dan Searle Fellowship in Economics(国际奖，美国Donors基金会评选并资助), 等。