Lecture: ‘New Monetary Theory –from Japan’s First Circulated Coinage to Virtual Currencies’

The School of Economics at Okayama University held a lecture titled “New Monetary Theory –from Japan’s First Circulated Coinage to Virtual Currencies” at the 50th Anniversary Hall on July 3, 2020. It was a great success with roughly 400 people including students of the School of Economics, graduate students and faculty of the Graduate School of Humanities and Social Sciences and participants from outside filling the building’s Konko Hall to capacity. Prior to the lecture, Professor Youichiro Higashi, who chairs the School of Economics, and Professor Zhang Xingyuan, Dean of the School of Economics addressed the audience. The featured lecturer, Makoto Yano, discussed many points such as how we tend to think of money as paper currency or coins, but in fact, data, as represented by savings account passbooks fulfill the role of currencies; and how the characteristics of virtual currencies, which bring down the cost of currency issuance remarkably, affect the economy. He related, “As a result of the development of application of virtual currency technology, we must seriously consider how central banks’ monetary policies will differ in future economies from the present and in what ways public welfare can be expected to improve.” The participants listened with great interest. After the lecture they had a lively question and answer session.

At the lecture

July 3, 2019 （Wed.） Grand Lecture
16:30 to 18:10 50th Anniversary Hall (Konko Hall)
Lecturer: Dr. Makoto Yano (President, Research Institute of Economy, Trade
and Industry, Professor by Appointment at Kyoto University)
Title: New Monetary Theory –from Japan’s First Circulated Coinage to Virtual
Currencies
Target audience: students, faculty, staff and the general public
For inquiries, contact: School of Economics, Okayama University (Tel: 086-251-7552)