主讲人Speaker: 游杨   香港大学经管学院

时间Date & Time: 2025年11月4日（周二），上午10:00--11:30

地点Venue:粤海校区汇星楼565会议室

内容简介/ Abstract:

Many currencies are backed by redemption promises---including historical gold-backed currencies, free bank notes, and emerging stablecoins---but little evidence or theory informs currency redemption policy. We study the impact of redemption policy on  steady-state currency acceptance and flows using unique transaction data from a digital platform. We leverage both cross-sectional variation in redemption convenience and unexpected changes in redeemability. We show in a search-theoretic framework that redeemability may induce currency adoption at zero steady-state cost. However, the evidence is more consistent with a heterogeneous-agent model in which redeemability is both costly and necessary for money circulation. An implication is that optimal policy may impose some degree of redemption friction.

主讲人介绍/Biography of the speaker：

游杨博士，香港大学经管学院金融学助理教授。哈佛大学经济学博士学位，清华大学数学与经济学双学士学位。游杨现任香港金融管理局（HKMA）央行数字货币专家组委员，负责香港稳定币与央行数字货币的政策白皮书研究；香港促进Web3发展专责小组生态系统及基建分组委员会成员，同时领导香港大学深圳校区区块链与智能合约实验室。他的研究领域涵盖加密货币与智能合约、去中心化金融、发展经济学，研究成果发表于《Review of Economic Studies》、《Journal of Financial Economics》（2篇）及《NBER Macro Annual》等国际顶级期刊。