Master Class by Professor Darrell Duffie

 

Advent of Digital Currencies

This class will review central bank digital currencies and potential private-sector stablecoin alternatives, with a focus on useful applications in the payment system.

We consider the ability to substitute for the functionality of digital tokens with faster and more efficient bank-based payment systems. Almost no attention in this course will be given to Bitcoin and other speculative crypto-currencies. Effective general digital currencies and faster payment systems could be disruptive to incumbent bank franchise values. Broad use of private-sector stablecoins could disrupt the implementation of central bank monetary policy. Narrow use of stablecoins in "wholesale" financial settlement systems is a potentially significant application. 


30
May
2019
Thursday
 Location: Siloso 3, Level 1

2:00 pm
2:15 pm
Master Class by Professor Darrell Duffie

Dean Witter Distinguished Professor of Finance at the Graduate School of Business, and Professor by courtesy, Department of Economics, Stanford University and Senior Fellow of ABFER

"Advent of Digital Currencies"

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    Program is subjected to change. Updated on 26 March 2019.

    Speakers

    • Professor Darrell Duffie

      Professor Darrell Duffie

       

      Dean Witter Distinguished Professor of Finance at the Graduate School of Business, and professor by courtesy, Department of Economics, Stanford University

      Professor Darrell Duffie is the Dean Witter Distinguished Professor of Finance at Stanford University's Graduate School of Business. He is also Professor (by courtesy) in the Department of Economics, Senior Fellow of the Stanford Institute for Economic Policy Institute, and Senior Fellow (by courtesy) of the Hoover Institution at Stanford University.

      Duffie is a fellow of the Econometric Society, a research fellow of the National Bureau of Economic Research, and a fellow of the American Academy of Arts and Sciences and a Senior Fellow of Asian Bureau of Finance and Economic Research.

      He was the 2009 president of the American Finance Association. From October 2008 to April 2018 Duffie was a member of the board of directors of Moody’s Corporation. From 2013 to 2017 he chaired the Financial Stability Board’s Market Participants Group on Reference Rate Reform.

      Duffie’s research focuses on the design and regulation of capital markets. His research is published in Econometrica, Journal of Political Economy, and Journal of Finance, among other journals. His books include How Big Banks Fail (Princeton University Press, 2010), Measuring Corporate Default Risk (Oxford University Press, 2011), and Dark Markets (Princeton University Press, 2012).

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