摘要
传统的货币搜寻模型单纯从市场的角度考虑国际货币的形成,忽略了一国政治影响力的作用,实际上国际货币地位的形成是市场力量与国家政治影响力共同推动的结果。本文结合货币政治逻辑的内涵,对Pittaluga和Seghezza(2012)的货币搜寻模型进行拓展,探讨政治影响力在国际货币的产生和发展中的作用。研究表明:一国货币要被其他国家接受,需要该国国家权威的支持和提供各种信用机制作为保证;也需要使用国政府的支持;国际货币体现了发行国与使用国之间的一种政治交易。国际货币的这种政治逻辑为国际货币体系演变的历史经验所证实,对分析国际货币竞争、人民币国际化及国际货币体系改革等都具有重要的启示。
The traditional search model of money studies the emergence and development of the international money only from the perspective of the market ,ignoring the role of a country＇s political influence, which we call the political logic of the mon- ey. In fact, a national currency that is also an international currency is jointly promoted by the market forces and the issuing country＇s political influence.After introducing the connotation of the political logic of the money, this paper expands the model developed by Pittaluga and Seghezza（2012）.The model shows that a nation＇s currency can be accepted by other countries only if the issuing country has the authority to generate confidence in it, provide a variety of mechanism to guarantee its credit,and gain the support from the governments of the using countries .The existence of an international currency is actually a political exchange between states.The political logic of the international currency can be proved by some evidence found from the evolu- tion of the international monetary system.It also has important implications for analyzing the issues such as the competition among the international currencies ,the internationalization of the RMB and the reform of the international monetary system.
出处
《投资研究》
北大核心
2013年第2期3-12,共10页
Review of Investment Studies
基金
2012年度教育部哲学社会科学研究重大课题攻关项目"我国外汇储备的科学管理及运用战略问题研究"
项目批准号12JZD027
中央高校基本科研业务费专项资金支助
项目编号:2010221052
关键词
政治逻辑
货币竞争
货币搜寻模型
Political logic
Monetary competition
Search model of money
