可兑换平台货币

REDEEMABLE PLATFORM CURRENCIES

作者：

杨友（Yang You）

肯尼斯·罗格夫（Kenneth S. Rogoff）

Can massive online retailers such as Amazon and Alibaba issue digital tokens that potentiallycompete with bank debit accounts? We explore whether a large platform’s ability to guaranteevalue and liquidity by issuing prototype digital tokens for in-platform purchases constitutes asignificant advantage that could potentially be leveraged into wider use. Our central finding isthat unless introducing tradability creates a significant convenience yield, platforms canpotentially earn higher revenues by making tokens non-tradable. The analysis suggests that ifplatforms have any comparative advantage in issuing tradable tokens, it comes from other factors.
亚马逊和阿里巴巴等大型在线零售商能否发行可能与银行借记账户竞争的数字代币？我们探讨了大型平台通过发行用于平台内购买的原型数字代币来保证价值和流动性的能力是否构成了可以被广泛利用的显着优势。我们的主要发现是，除非引入可交易性，否则通过使令牌不可交易，平台可以潜在地获得更高的收入。分析表明，如果平台在发行可交易代币方面具有任何比较优势，则它来自其他因素。