货币国际化问题研究

发布时间：2018-03-29 10:28

本文选题：货币　切入点：货币性质　出处：《西南财经大学》2012年博士论文

【摘要】：长期以来,黄金作为一般等价物,执行国际货币的职能,成为各国对外经济交往的媒介。当经济社会发展到资本主义的高速增长阶段,黄金生产的增长速度远远跟不上世界经济的增长速度的矛盾逐渐显现出来。19世纪20年代,英国确立了金本位,英镑成为了最主要的国际货币,并主导了国际金本位制的建立,由此掀开了一段将近两百年的各国货币争夺国际地位角逐货币霸权的历史。在各国货币地位的起伏与货币霸权的更迭中,国际货币体系也经历了几次更替：从国际金本位制到国际金汇兑本位制,从布雷顿森林体系到牙买加体系。如今,国际货币体系进入“无体系”的牙买加体系已经三十余年。在这一时期,国际金融危机甚至经济危机频频爆发,20世纪90年代的墨西哥金融危机和亚洲金融危机,2007年美国爆发次贷危机并最终演化为波及全球的金融海啸,一再证明当前的国际货币体系存在着种种弊端。面对这种局面,理论界与各国政府开始探讨国际货币体系的改革方向,建立一个更加稳定更加公平的国际货币体系是世界各国特别是发展中国家的共同诉求。在此背景下,笔者认为有必要对货币国际化的相关问题进行系统地研究。货币国际化是国际货币领域中一个非常重要的现象,同时也是一个复杂的过程。货币国际化是市场选择的结果,它要求货币发行国在政治上强大且稳定、经济实力雄厚、国际贸易和投资有较大的市场份额、金融市场发达、货币币值稳定等。正是由于以上原因,绝大多数货币无法完成国际化之旅,只有少数几种货币能同时在国内和国际上执行货币的职能。本文旨在通过对国际货币的性质进行考察,研究货币国际化的相关理论问题。论文根据研究问题的需要,综合运用了规范分析与实证分析相结合、归纳与演绎相结合、历史分析与比较分析相结合等方法。首先,以货币的性质为出发点,分析国际货币的职能与性质的特殊性,指出国家货币成为国际货币(这一过程就是货币国际化)的内在动力；其次,研究货币国际化所需要具备的条件以及货币国际化给发行国带来的收益与成本,并对主要国际货币的国际化进程进行梳理和总结；再次,分析国际货币与国际货币体系的关系,指出国际货币体系中的主导货币决定了国际货币体系的性质,货币霸权的更替导致了国际货币体系的更迭；最后,对人民国际化相关问题进行探讨。从内容安排上,全文共分为六章,其主要安排如下：第一章,相关理论与文献综述。对货币替代理论与最优货币区理论进行了梳理和评述；从国际货币的产生机制、国际货币体系以及人民币国际化三个方面的相关文献进行归纳总结。第二章,货币的性质与国际货币。本章首先从货币的本质出发,指出当前各国货币均为国家权力担保下的信用货币,研究得出一国货币兼具内生性与外生性,短期非中性与长期中性的性质。在此基础上,分析了国际货币的职能与性质的变化,指出国际货币无论短期还是长期都是非中性的,并创新性地提出国际货币基本矛盾的观点。第三章,货币国际化的一般理论分析。本章研究货币国际化所需要具备的条件以及货币国际化给发行国带来的收益与成本。具体而言,货币国际化需要具备以下条件：强大的经济实力、完善的金融体系、稳定的币值以及历史与政治方面的因素；货币国际化的收益为：国际铸币税收入、贸易条件的改善、影响它国经济政策的能力、完善本国金融体系以及政治方面的收益；货币国际化的成本为：“特里芬难题”对国际货币地位的自我削弱、增大宏观调控的难度、金融稳定成本增加以及汇率调整方面的非对称性。第四章,主要货币国际化演变的历史考察。本章对英镑、美元、欧元和日元的国际化进程进行梳理,研究这四种货币国际化进程中的共性与特性,既是对前面理论分析的一个佐证,也为后面研究主要国际货币与国际货币体系之间的关系做好铺垫。第五章,主要国际货币与国际货币体系。本章主要研究主要国际货币与国际货币体系之间的关系,指出英镑霸权主导了国际金本位制的建立；英镑霸权与美元霸权的对峙形成了国际金汇兑本位制；美元霸权主导了布雷顿森林体系的建立；而美元霸权地位的相对下降导致了布雷顿森林体系的解体并过渡到当前的牙买加体系,并认为未来的国际货币体系将呈现“一超多极”的局面。第六章,人民币国际化相关问题探讨。本章总结了人民币国际化的现状及存在的问题；从正反两方面——人民币国际化的基础条件与制约因素,对人民币国际化的条件进行分析；在收益与成本方面,着重从人民币相比其它货币的国际化的收益与成本的特殊性进行探讨；最后指出人民币国际化必须坚持的原则与应处理好的问题。本文的主要观点包括：第一,在信用货币时代,一国国内流通的货币必须由该国政府发行,而在国际货币领域,理想状况下应当由高于国家的权威发行超主权国际本位货币来扮演国际货币的角色,但由于该货币尚不具备产生的现实条件,所以国际货币职能必须由某种国家货币来执行。由国家货币扮演国际货币的角色决定了国际货币的基本矛盾——国际货币发行国所代表利益的局部性与国际货币服务世界经济整体利益的内在要求之间的矛盾。第二,国际货币是非中性的,国际货币可以利用其在国际货币体系中的特殊地位为货币发行国牟取利益,这导致了两个结果：具备条件的货币发行国将不遗余力地推进本币国际化的进程,提升本国货币的国际地位；不同货币的国际地位是不平等的,国际货币的非中性决定了国际货币体系的非中性,国际货币体系中各个国家的话语权与利益分配是不一样的。第三,货币国际化需要具备一定的条件,货币国际化既会给发行国带来收益,也会产生相应的成本；货币国际化是一个动态的过程,所以货币国际化的条件、成本和收益也是一个动态的过程；货币国际化的收益(成本)会增加(削弱)货币国际化的条件,而货币国际化的收益与成本也具有相对性。第四,特定历史时期的货币霸权国主导了这一时期国际货币体系的形成,而货币霸权的更替导致了国际货币体系的变迁,如果货币霸权发生根本性的更替,那么国际货币体系也将发生根本性的变化,如国际金本位制到布雷顿森林体系；如果旧的货币霸权地位开始衰落而新的货币霸权尚未形成,那么国际货币体系就将进入过渡体系,如国际金汇兑本位制和牙买加体系。此外,国际经济与政治格局随时处在变化的过程中,各种国际货币的地位也必然随之变化,这就决定了国际货币体系也是处于一个不断变迁的过程中,国际货币体系不可能存在一个恒久稳定的制度安排。本文可能的创新主要包括以下几个方面： (1)研究的起点不同。与大多数的研究货币国际化的文献以货币国际化的历史和现状作为研究的起点不同,本文以货币的性质特别是国际货币的性质作为研究的切入点,论述了国际货币性质的特殊性,指出传统货币理论中关于货币性质的分析并不完全适用于国际货币。 (2)提出了国际货币基本矛盾的观点,国际货币基本矛盾是国际货币发行国所代表利益的局部性与国际货币服务世界经济整体利益的内在要求之间的矛盾。国际货币最终都会服务于发行国的利益,这也是各个国家推行本国货币国际化进程的内在动力。 (3)提出“特定历史阶段的货币霸权国主导该时期国际货币体系的建立,货币霸权的更替导致了国际货币体系的变迁”的观点,并根据“英镑霸权——英镑霸权衰落美元霸权崛起——美元霸权——美元霸权地位的相对下降”的货币霸权的历史路径,将国际货币体系划分为两个稳定体系——国际金本位制和布雷顿森林体系,以及两个过渡性质的体系——国际金汇兑本位制和牙买加体系。
[Abstract]:For a long time, gold as a general equivalent, to perform the functions of international currency, foreign economic exchanges between the countries become medium. When the phase of rapid growth of economic and social development of capitalism, the contradiction between the gold production growth rate than the growth rate of the world economy has emerged.19 century in 20s, Britain established the gold standard, the pound as the most important international currency, and led the establishment of the international gold standard system, which opened a period of nearly two hundred years of foreign currencies for international status for currency hegemony history. In the world currency fluctuation and the change of monetary hegemony in the international monetary system has also experienced several changes: from the international gold standard to the international gold exchange standard system, the Bretton Woods system and the Jamaica system. Today, the international monetary system into the "Jamaica system has no system" More than thirty years. During this period, the international financial crisis and economic crisis, the financial crisis in Mexico in 1990s and the Asian financial crisis, the 2007 outbreak of the U.S. subprime mortgage crisis and eventually evolved into the global financial tsunami, has repeatedly shown the current international monetary system has many drawbacks. In this situation, the theoretical circles and governments to explore the direction of reform of the international monetary system, the establishment of a more stable and more equitable international monetary system is the world especially common demands of developing countries.
Under this background, the author thinks that it is necessary for the internationalization of currency related problems are researched systematically. The currency internationalization is a very important phenomenon in the field of international currency, but also is a complex process. The currency internationalization is the result of market choice, it requires the issuing country politically powerful and stable, strong economic strength international trade and investment, a large share of the market, the financial market developed, the stability of the currency. It is due to the above reasons, the vast majority of the money to complete the international tour, only a few money can perform the functions of money in both domestic and international.
This paper aims to study the nature of international currency, the research into the relevant theories of currency internationalization. According to the demand of research, the integrated use of the combination of normative analysis and empirical analysis, a combination of induction and deduction, historical analysis and comparative analysis method. Firstly, the nature of money as a starting point, analysis the special functions and the nature of international currency, pointed out that the national currency as an international currency (which is a process of currency internationalization) internal power; secondly, the income and the cost of the required conditions of currency internationalization and currency internationalization brings to the country, and the main international currency internationalization and summarizing; again, analysis of the relationship between the international currency and the international monetary system, pointed out that the dominant currency in the international monetary system determines the nature of the international monetary system, monetary The replacement of hegemony led to the change of the international monetary system. Finally, the related issues of people's internationalization were discussed. From the content arrangement, the full text is divided into six chapters. The main arrangements are as follows:
The first chapter is related theories and literature review. The currency substitution theory and the optimal currency area theory are reviewed and commented. From the three aspects of international currency generation mechanism, international monetary system and RMB internationalization, the related literatures are summarized.
The second chapter, the nature and the international monetary currency. This chapter starts from the nature of the currency, the currency is pointed out that the current world state power under the security credit currency, a currency of both endogenous and exogenous, short-term and long-term nature of the non neutral neutral. On this basis, the analysis of international currency the function and nature of the change, pointed out that the international monetary either short-term or long-term is non neutral, and put forward the basic contradiction of international monetary point of view.
The third chapter, general theoretical analysis of currency internationalization. This chapter studies the benefits and costs of currency internationalization required conditions and currency internationalization brings to the issuing country. Specifically, the currency internationalization needs to meet the following conditions: strong economic strength, perfect financial system, currency and historical and political factors of monetary stability; international income: international seigniorage revenue, improve the terms of trade, its ability to influence China's economic policies, improve its financial system and political benefits; the cost of Currency Internationalization: "Triffin Dilemma" of international currency weaken, increasing the difficulty of macro-control, the non symmetry of the cost of financial stability and the increase of exchange rate adjustment.
The fourth chapter, the historical review on the evolution of currency internationalization. This chapter is mainly on the pound, dollar, euro and yen internationalization process to sort out the commonness and characteristics of the four currencies in the process of internationalization, not only for a proof of the previous theoretical analysis, the relationship between also as the back of the main international currency and international monetary system pave the way.
The fifth chapter, the main international currency and the international monetary system. This chapter mainly studies the relationship between the main international currency and the international monetary system, pointed out that the establishment of an international leading Sterling hegemony of the gold standard; Sterling hegemony and U.S. hegemony confrontation between the formation of the international gold exchange standard; the dollar hegemony led the establishment of the Bretton Woods system; and the relative decline of the dollar hegemony led to the collapse of the Bretton Woods system and the transition to the current system of Jamaica, and that the future of the international monetary system will be "a multipolar" situation.
The sixth chapter discusses issues related to the internationalization of RMB. This chapter summarizes the current situation of RMB internationalization and the existing problems; from two aspects: the basic conditions of RMB internationalization and the restrictive factors, analysis on RMB internationalization conditions; revenue and cost aspects, mainly from the yuan compared to discusses the particularity of revenue and cost of other international the currency; finally pointed out that RMB internationalization must adhere to the principle of dealing with problems.
The main points of this paper include: first, in the era of credit money, domestic currency must be issued by the government, and in the field of international currency, under ideal conditions shall be made by the authority issued above the national super sovereign international reserve currency to play the role of international currency, but due to the actual conditions of the currency have not produced so, the currency function must be a national currency to perform. By the national currency International Monetary plays a role in the decision of the contradiction between the inherent requirements of the basic contradiction of international currency, international currency issuers represent interests of local and international monetary service world economy overall interests. In second, the international currency is non neutral. International currency can use its special status in the international monetary system to reap benefits for the currency, this leads to two results: the conditions of the currency The issuer will spare no effort to promote the process of internationalization of currency, the currency to enhance its international status; different international monetary status is not equal, the international monetary non neutrality determines the non neutrality of the international monetary system, the right to speak with the distribution of interests in various countries in the international monetary system is not the same. Third, currency internationalization needs have certain conditions, which will give the issuer of currency internationalization benefits, will also have the corresponding cost; currency internationalization is a dynamic process, so the conditions of currency internationalization, costs and benefits is a dynamic process of currency internationalization; income (cost) will increase (weaken) conditions of currency internationalization however, the income and the cost of currency internationalization is also relative. Fourth, the specific historical period of monetary hegemony led the formation of the international monetary system during this period, while money The change of hegemony led to changes in the international monetary system, if monetary hegemony fundamentally change, so changes in the international monetary system will be a fundamental, such as the international gold standard to the Bretton Woods system; if the old monetary hegemony began a new currency hegemony has not yet formed a decline, so the international monetary system will be the transition into the system, such as the international gold exchange standard system and Jamaica system. In addition, the process of international economic and political situation at any time in changing, various international currency status will change, the decision of the international monetary system is in a constantly changing process, the international monetary system is not possible to arrange a a stable system.
The possible innovations in this paper include the following aspects:
(1) the starting point of the study. The history and current status of research on monetary internationalization and most of the literature on currency internationalization as the starting point of the research in this paper is different, the nature of money especially the nature of international currency as the starting point of the research, discusses the nature of International currency particularity, it is pointed out that the traditional monetary theory analysis about money nature is not fully applicable to the international currency.
(2) put forward the basic contradiction of international monetary point of view, the basic contradiction is the contradiction between the inherent requirements of the international monetary international currency issuers represent interests of local and international monetary service world economy. The overall interests of the international currency will eventually serve the interests of the issuing country, internal power which is all countries to promote the internationalization of the country currency.
(3) proposed the establishment of the international monetary system in the specific historical stage of monetary hegemony dominated monetary hegemony change resulted in changes in the international monetary system "the view of the historical path and according to the" pound sterling hegemony Hegemony -- a decline of the hegemony of US dollar rise decline relative Dollar Hegemony -- dollar hegemony in the monetary hegemony the international monetary system will be divided into two stable international system -- the gold standard and the Bretton Woods system, and two transitional system -- the international gold exchange standard system and Jamaica system.

【学位授予单位】：西南财经大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F832.6

【参考文献】