Chenmiao Li
Ph.D. Candidate in Economics, University of Tokyo
Ph.D. Candidate in Economics, University of Tokyo
I am a Ph.D. candidate in Economics at the University of Tokyo, advised by Professor Kosuke Aoki. My research lies at the intersection of monetary economics, macroeconomics, and international finance. I study how digital currency and payment infrastructures shape currency competition, international transactions, household consumption, and monetary policy transmission.
My current research examines stablecoin entry and monetary sovereignty, the role of payment speed in currency invoicing, and the effects of digital financial inclusion on household consumption in China.
Monetary Economics; Macroeconomics; Digital Currency; Financial Inclusion; Currency Competition; Household Consumption.
Stablecoins, Sovereignty, and Currency Competition
This paper studies how fiat-pegged stablecoins reshape currency competition,
seigniorage, and welfare in a Lagos–Wright economy.
When Time is Money: Payment Speed and Optimal Currency of Invoicing
This paper studies how payment speed affects firms’ currency invoicing decisions
in international transactions.
Digital Financial Inclusion and Household Consumption: Evidence from Chinese City-Level Panel Data
This paper examines how digital financial inclusion affects household consumption
and its composition using Chinese city-level panel data.
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CV last updated: May 2026