国际货币体系、债务的货币计价与过度特权  

International Monetary System,the Currency Denomination of Debt and the Exorbitant Privilege

作　　者：刘学 LIU Xue(School of Finance,Renmin University of China)

机构地区：[1]中国人民大学财政金融学院,北京100872

出　　处：《金融研究》2024年第3期1-19,共19页Journal of Financial Research

基　　金：中国人民大学科学研究基金(中央高校基本科研业务费专项资金)(23XNF001)的资助。

摘　　要：本文通过一个两国模型来理解国际货币在跨国金融交易中的计价作用。研究表明,在一个两国货币完全不对等的国际货币体系中(即只有其中一国的主权货币能够在国际金融市场上用于计价):当债务上限较低时,该国能够获得仅由货币计价产生的过度特权,这种特权并不依赖于该国在国际金融市场上的垄断定价能力,也不取决于该国货币作为贸易结算工具与作为安全资产之间的互补性;当债务上限提高到一定程度时,过度特权的存在则依赖于垄断定价能力。本文的结论,对于一国主权货币发展成为国际货币的路径选择,具有重要启示意义。This paper constructs a two-country model to understand the denomination role of international currencies in cross-border financial transactions.In order to understand the role of international currency purely as a denominated currency,this paper analyzes two types of international monetary systems.The first system is complete equal,that is,the currencies of the two countries are both international currencies,and both can issue bonds denominated in their own national currencies in the international market.The second system is completely unequal,where only one international currency,and the two countries can only issue bonds denominated in the international currency in the international market.In order to differentiate the equilibrium of the two types of international monetary systems by monetary factors,this paper imposes a symmetry setting on the economic fundamentals of the two countries.This paper introduces bond issuance constraints,thus avoiding the external constraint that the two countries can only issue bonds denominated in their own national currencies.When the currencies of the two countries in the international monetary system are completely equal,this paper shows that in equilibrium,both countries issue bonds denominated in their own currencies and purchase bonds issued by the other country,which shows a cross-holding equilibrium of bonds between the two countries.This is consistent with the conclusion of the classic international macroeconomic literature.Although both currencies are international currencies,the price of exports is determined by the local currency pricing,so changes in the import demand of either country will affect the import expenditure of that country and also affect the foreign exchange income of the other country,making both countries bear the exchange rate risk at the same time.Therefore,hedging the exchange rate risk arising from the uncertainty of future import and export demand creates an incentive for bond cross-holding between the two countries.For example,when a country's

关 键 词：国际货币体系 债务货币计价 过度特权 主导货币 名义汇率 

分 类 号：F830.7[经济管理—金融学]