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UID:event-13299@www.amse-aixmarseille.fr
DTSTAMP:20261006T231159Z
CREATED:20261006T231159Z
LAST-MODIFIED:20261006T231159Z
STATUS:CONFIRMED
SEQUENCE:0
SUMMARY:Macro and labor market seminar - Daniele Siena
DTSTART:20261008T123000Z
DTEND:20261008T133000Z
DESCRIPTION:This paper studies the international macro-financial implicatio
 ns of U.S. dollar-backed private money\, as payment stablecoins\, in the ab
 sence of adverse risk scenarios. We show that these assets create a new glo
 bal safe asset channel\, through which global demand for dollar payments an
 d stores of value becomes directly linked to U.S. public debt. By reshaping
  the demand for safe assets and the geography of dollar intermediation\, th
 ey alter monetary transmission and international spillovers. Although they 
 widen the dollar’s global footprint and compress U.S. risk-free yields\, 
 they generate non-trivial macro-financial costs. By changing exchange rate 
 adjustment to safe asset markets\, they dampen the ability of U.S. monetary
  policy to affect domestic inflation and output while also enlarging U.S. a
 nd foreign exposure to cross-country shocks. These effects are small at low
  adoption levels but rise non-linearly with stablecoin capitalization\, pot
 entially reshaping the international financial system.\\n\\nContact: Marco 
 Fongoni - marco.fongoni[at]univ-amu.frAlexandros Loukas - alexandros.loukas
 [at]univ-amu.fr\n\nPlus d'informations: https://www.amse-aixmarseille.fr/fr
 /evenements/daniele-siena-0
LOCATION:Îlot Bernard du Bois - Salle 17\, AMU - AMSE\, 5-9 boulevard Maur
 ice Bourdet\, 13001 Marseille
URL;VALUE=URI:https://www.amse-aixmarseille.fr/fr/evenements/daniele-siena-0
CONTACT:Marco Fongoni - marco.fongoni[at]univ-amu.frAlexandros Loukas - ale
 xandros.loukas[at]univ-amu.fr
TRANSP:OPAQUE
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