报告题目：Quantifying the Economic Benefits of Payments Modernization: The Case of The Large Value Payment System

报 告 人：李富春

报告时间：2021年11月14日（周日）9:00-11:00

报告地点：腾讯会议

主办单位：经济学院

【报告人简介】

李富春，1982年毕业于南开大学数学系，获学士学位；1987年毕业于东华大学基础科学系，获硕士学位；1994年毕业于圭尔夫大学经济系  (University of Guelph), 获经济学硕士学位；2000年毕业于西安大略大学经济系（The  University of Western Ontario）获经济学博士学位。现为东北财经大学经济学院特聘教授，加拿大中央银行高级经济学家(Senior  Economist at Bank of Canada)，并兼任加拿大支付系统高级研究顾问  (Senior Research Advisor at Payments Canada)，同时在卡尔顿大学  (Carleton University)，渥太华大学  (University of Ottawa) 等多个大学担任客作教授，还担任Journal  of Econometrics，Econometric Theory，Journal  of Nonparametric Statistics，Journal  of Financial Econometrics，Journal  of Financial Stability，Econometric Reviews, Economic Letter 等十余个国际期刊审稿人。

【内容摘要】

In this paper, we develop a discrete choice framework to quantify economic benefits of payment modernization in Canada. Focusing on the modernization of Canadian Large-Value Transfer System (LVTS), we first estimate participants' preference on liquidity cost, payment safety as well as network effect by exploiting intraday variations in the relative choice probabilities of the two substitutable sub-systems in the LVTS. Then, we use the estimated preference to calculate participants' welfare change when the LVTS is replaced by the new system, Lynx, by counterfactual simulations. The results show that there is an overall welfare gain when over 90 per cent of current LVTS payments migrate to the Lynx. Among other things, adopting liquidity saving mechanism and reducing risks in the new system can help achieve this improvement.

【参会方式】

线上腾讯会议，会议ID：226 941 396。

撰稿：班伟       审核：齐鹰飞      单位：经济学院