利率变动对国际铸币税的影响

发布时间：2018-04-14 02:12

本文选题：国际铸币税 + 利率　；参考：《世界经济研究》2017年11期

【摘要】：国际储备货币的一个重要收益是货币主权国家将会获得相当规模的国际铸币税,而国际铸币税受到众多因素的影响。文章利用费雪方程式和非抛补利率平价理论构建模型,基于储备货币主权国的角度从定性到定量分析了利率水平对于一国国际铸币税的影响。实证结果表明:一国利率水平对该国未来国际铸币税的规模起到负向的影响作用,当期利率的提高会导致下一期国际铸币税的减少,反之亦然。这一结论对于刚刚加入SDR一篮子货币,同时正在进行利率市场化改革的中国来说有着重要的启示,中国只有继续推动人民币国际化并维持利率稳定才有可能更好地享受国际铸币税收益。
[Abstract]:One of the important benefits of international reserve currency is that monetary sovereign countries will obtain a considerable scale of international seigniorage, and international seigniorage is affected by many factors.Based on Fisher equation and the theory of non-supplementary interest rate parity, this paper analyzes the effect of interest rate level on a country's international seigniorage from the perspective of reserve currency sovereign.The empirical results show that the level of interest rate has a negative effect on the scale of the future international seigniorage, and the increase of interest rate in the current period will lead to the reduction of the next international seigniorage tax, and vice versa.This conclusion has important implications for China, which has just joined the SDR basket of currencies and is carrying out interest rate marketization reform.Only if China continues to internationalize its currency and maintain interest rate stability will it be better able to benefit from seigniorage.
【作者单位】：山东大学经济学院金融系;安徽省徽商银行合肥分行;
【基金】：国家社会科学基金一般项目“资本项目开放下国际资本流动对收入分配的影响研究”(项目编号:17BJL098)
【分类号】：F811.4;F821.0

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