主讲人：刘韬 副教授

时  间：2024年3月20日（周三）11:30-13:00

地  点：沙河校区学院13号楼321

主  办：国际经济与贸易学院

摘要：This paper examines the announcement effect of the financial policies that aim to promote the international usage of a previously domestic currency. To this end, we propose an open-economy monetary search model with transaction costs and use it to analyze international currency choices. We examine not only steady state changes, but also the transition path between these states. The announcement effect on transition dynamics depends on various factors such as the degree of risk aversion, searching friction and information structure. Our empirical estimation with SWIFT dataset between 2010 and 2018 reveals a significant but asymmetric announcement effect of RMB swap lines (RSL). We find that RSL announcements increase the RMB share in a country's import from China, but not its export to China. Finally, a calibrated model implies that RSL decrease RMB's transaction cost by 54.35%.

主讲人简介：

刘韬，中央财经大学国际经济与贸易学院长聘副教授，加州大学戴维斯分校经济学博士，主要研究领域为国际金融和货币经济学，其研究成果发表在Journal of Economic Behavior & Organization、《经济研究》等国内外期刊，主持国家自然科学青年项目1项。