本币国际化:理论和现实的困局及选择  

Local Currency Internationalization:Difficulties and Choices in Theory and Reality

作　　者：陈卫东[1] 边卫红[1] 熊启跃[1] 初晓 Chen Weidong;Bian Weihong;Xiong Qiyue;Chu Xiao(Research Institute,Bank of China;Postdoctoral Mobile Station of Economic School,Peking University)

机构地区：[1]中国银行研究院 [2]中国银行博士后科研工作站 [3]北京大学经济学院博士后科研流动站

出　　处：《国际金融研究》2023年第7期3-16,共14页Studies of International Finance

摘　　要：货币国际化是国际金融领域关注的重要议题。本文梳理了货币国际化面临的理论困境和现实挑战,研究了本币国际化的收益和成本,剖析了主要国际货币职能分布特征及驱动因素,探讨了人民币国际化面临的主要挑战。本文的研究结果表明:逆全球化和地缘政治风险上升使本币国际化外部条件改变,传统国际化路径面临挑战。本币国际化有利于降低交易成本,形成铸币税收益,提升货币发行国的政治影响力;但同时会加大宏观调控难度,加剧投机资金对金融稳定冲击,并可能陷入“特里芬难题”。受经济实力、对外经贸关系等因素影响,主要国际货币职能发挥存在明显的非对称特征。当前,人民币国际化面临国际货币惯性阻碍、西方主导的多边治理规则制约、国内企业与金融机构竞争力较弱等挑战,应客观看待人民币国际化进程,权衡职能选择,科学谋划未来发展路径。Local currency internationalization is an important topic in the field of international finance.This paper reviews current theoretical difficulties and practical challenges in terms of currency internationalization,studies the pros and cons of currency internationalization,analyzes the structural features of main currencies'functions and their driving forces.The results show that anti-globalization and rising geopolitical risks have changed the external conditions of local currency internationalization,and the traditional path no longer works.The internationalization of local currency is beneficial in reducing transaction costs,generating seigniorage revenues,and enhancing the political impact of currency-issuing countries;however,it increases the difficulties of macro-control,intensifies the impact of speculations on financial stability,and possibly falls into the“Triffin Dilemma”.The main currency's functions take on asymmetric patterns.RMB internationalization is facing a series of challenges such as inertia of international currencies,multilateral governance rules dominated by the West,and the weak competitiveness of domestic enterprises and financial institutions.

关 键 词：本币国际化 国际货币体系 货币职能 特里芬难题 人民币国际化 

分 类 号：F821[经济管理—财政学]