论国家信用、习俗惯例与货币的国际化  

A Study on National Credit,Custom Inertia and Currency Internationalization

作　　者：段世德[1] 胡文瑶 Duan Shide;Hu Wenyao

机构地区：[1]中南民族大学经济学院

出　　处：《世界经济研究》2020年第6期35-43,M0003,共10页World Economy Studies

基　　金：国家社会科学基金项目“贸易差额数据鸿沟与中美贸易利益分配评估研究”(项目编号:12CJL053)。

摘　　要：习俗惯例影响国际货币更替的交易成本,发行国的国家信用决定国际货币的持有成本,国家信用竞争与习俗惯例影响货币国际化水平。文章通过构建货币国际化的实证模型,对美元、欧元、日元和英镑的国际化进行综合研究,结果显示,国家信用是主权货币国际竞争力的根本,它能影响货币国际化的水平与状态;习俗惯例能在短期内影响货币的国际化,但不能根本改变货币国际化的基本趋势,强化国家信用并结合习俗惯例的主动作为能提高货币的国际化水平。要促进人民币的国际化,强化人民币的国家信用是根本,改革包括货币发行在内的金融体制是关键,利用贸易大国地位和中国的"一带一路"倡议,围绕人民币的使用逐步形成习俗惯例是重要手段,通过降低持有和使用成本提高人民币的国际竞争力,促进人民币国际化水平的持续提高。Customs and inertia affect the transaction cost of international currency replacement,national credit of issuing country determines the holding cost of international currency,national credit competition and customs and inertia affect currency internationalization level.By constructing an empirical model of currency internationalization,this paper makes a comprehensive analysis on the internationalization of Dollar,Euro,Yen and Pound.The results show that national credit is the fundamental source of sovereign currency's international competitiveness,also affects the level and state of currency internationalization.Customs and inertia can affect the internationalization level of currency in the short term,but it cannot distort the international competitiveness of currency in the long term.Strengthening national credit and combining inertia to form active action can improve the internationalization level of currency.To promote the internationalization of RMB,it is fundamental to strengthen the national credit;the reform of currency and financial system is the key.By using the trade status of China and the Belt and Road initiative,forming customs and inertia around RMB is an important means.The paper suggests to improve the international competitiveness and promote the RMB's internationalization by reducing the cost of holding and using RMB.

关 键 词：货币国际化 国家信用 习俗惯例 货币成本 

分 类 号：F831.6[经济管理—金融学] D035[政治法律—政治学]