讲座主题：A Dual-Pronged Approach to Currency Internationalization

主讲嘉宾：牛嘉桐，清华大学

时 间：2025年11月28日（周五）9:30

地 点：中央财经大学沙河校区13号学院楼305

主 办：中央财经大学国际经济与贸易学院

讲座内容：

Policies aimed at promoting currency internationalization often target frictions in both capital and current account transactions. We study this dual-pronged approach using a dynamic general equilibrium model in which an international currency serves as both a store of value and a medium of exchange. Due to the complementarity between different functions of an international currency, a dual-pronged approach is more effective than policies with a single focus. We analytically characterize this policy complementarity and apply the model to China's renminbi internationalization reforms during 2010-2021. We find that (1) these reforms reduced the return wedge on foreign held renminbi bonds by 4.1% and lowered the cost of renminbi-settled international trade by 0.9%; (2) policy complementarity accounted for half of the overall policy effect; (3) a single-focused policy—targeting only capital (current) account frictions—would have raised fiscal costs by a factor of 2.1 (1.8).

嘉宾简介：

牛嘉桐，清华大学经济管理学院经济系博士研究生。研究领域为国际经济学、中国经济与劳动经济学。博士论文聚焦于货币国际化的理论机制与政策设计，以及地缘经济风险背景下人民币国际化的作用。目前也关注劳动力市场搜寻匹配相关的议题。工作论文于期刊Journal of International Economics返修中。

编辑:易彦

审核:段玉婉