货币国际化的政治逻辑——美元危机与德国马克的崛起

发布时间：2018-06-08 23:23

本文选题：德国马克 + 货币国际化　；参考：《世界经济与政治》2012年05期

【摘要】：作者在文章中回答的一个核心问题是,德国马克如何从一个战败国的弱势货币迅速崛起成为世界第二大储备货币?主流经济学界对德国马克实现国际化的独特动力和机制缺乏相应的解释力,而政治经济学更为强调货币国际化进程是对国家间财富分配格局的重建,认为其根本动力是各个国家特别是大国之间对国际货币权力的竞争、限制和占有,国家间的政治性制度安排是实现货币国际化的有效手段。政治经济学的解释视角比较符合德国马克崛起的经验事实。作者认为,美元的"过度特权"对欧洲特别是对德国造成的沉重压力和负担是马克国际化的直接推动力,20世纪60-70年代的历次美元危机以及美国过于自负的对外货币政策所引发的全球"大通胀"为马克国际化打开了"机会窗口",德国抓住这一时机在美元体系之外建立了马克主导下的欧洲货币体系,为德国马克的国际化的推进提供了制度保障和政治合法性。马克国际化导致的结果就是,美元的流通域逐渐被侵蚀和挤压,随着欧元的正式流通,美元势力最终被"驱逐出"欧洲大陆。德国货币马克包裹在欧元的外衣之下让德国获得了更大的国际货币权力。
[Abstract]:One of the central questions the author answers in this article is how did the German mark rise from a weak currency in a defeated country to the second largest reserve currency in the world? The mainstream economists lack the corresponding explanation for the unique motive force and mechanism of the German mark's internationalization, and the political economy emphasizes that the process of currency internationalization is the reconstruction of the distribution pattern of wealth among countries. It is believed that the fundamental motive force is the competition, restriction and possession of international monetary power among various countries, especially among big countries, and the political institutional arrangement among countries is an effective means to realize currency internationalization. The perspective of political economics is more in line with the empirical facts of the rise of the German mark. According to the author, The heavy pressure and burden on Europe, especially Germany, caused by the "excessive privilege" of the US dollar is the direct driving force behind the internationalization of the Mark. The past dollar crises of the 1960s and 1970s and the overconfident foreign monetary policy of the United States have been cited. The global "inflation" opened up a "window of opportunity" for the internationalization of the mark, and Germany seized the opportunity to establish the European currency system under the Mark outside the dollar system. It provides institutional guarantee and political legitimacy for the internationalization of Deutsche mark. As a result of the internationalisation of the Mark, the dollar's circulation zone was gradually eroded and squeezed, and with the official circulation of the euro, dollar power was eventually "driven out" of the continent. The German mark, wrapped under the euro, gave Germany greater international monetary power.
【作者单位】：中国社会科学院研究生院欧洲研究系;
【基金】：教育部、国务院学位委员会2011年度博士研究生学术新人奖资助
【分类号】：F827.12;F825.16

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