本文選題：貨幣　切入點：貨幣性質　出處：《西南財經(jīng)大學》2012年博士論文

【摘要】：長期以來,黃金作為一般等價物,執(zhí)行國際貨幣的職能,成為各國對外經(jīng)濟交往的媒介。當經(jīng)濟社會發(fā)展到資本主義的高速增長階段,黃金生產(chǎn)的增長速度遠遠跟不上世界經(jīng)濟的增長速度的矛盾逐漸顯現(xiàn)出來。19世紀20年代,英國確立了金本位,英鎊成為了最主要的國際貨幣,并主導了國際金本位制的建立,由此掀開了一段將近兩百年的各國貨幣爭奪國際地位角逐貨幣霸權的歷史。在各國貨幣地位的起伏與貨幣霸權的更迭中,國際貨幣體系也經(jīng)歷了幾次更替：從國際金本位制到國際金匯兌本位制,從布雷頓森林體系到牙買加體系。如今,國際貨幣體系進入“無體系”的牙買加體系已經(jīng)三十余年。在這一時期,國際金融危機甚至經(jīng)濟危機頻頻爆發(fā),20世紀90年代的墨西哥金融危機和亞洲金融危機,2007年美國爆發(fā)次貸危機并最終演化為波及全球的金融海嘯,一再證明當前的國際貨幣體系存在著種種弊端。面對這種局面,理論界與各國政府開始探討國際貨幣體系的改革方向,建立一個更加穩(wěn)定更加公平的國際貨幣體系是世界各國特別是發(fā)展中國家的共同訴求。 在此背景下,筆者認為有必要對貨幣國際化的相關問題進行系統(tǒng)地研究。貨幣國際化是國際貨幣領域中一個非常重要的現(xiàn)象,同時也是一個復雜的過程。貨幣國際化是市場選擇的結果,它要求貨幣發(fā)行國在政治上強大且穩(wěn)定、經(jīng)濟實力雄厚、國際貿易和投資有較大的市場份額、金融市場發(fā)達、貨幣幣值穩(wěn)定等。正是由于以上原因,絕大多數(shù)貨幣無法完成國際化之旅,只有少數(shù)幾種貨幣能同時在國內和國際上執(zhí)行貨幣的職能。 本文旨在通過對國際貨幣的性質進行考察,研究貨幣國際化的相關理論問題。論文根據(jù)研究問題的需要,綜合運用了規(guī)范分析與實證分析相結合、歸納與演繹相結合、歷史分析與比較分析相結合等方法。首先,以貨幣的性質為出發(fā)點,分析國際貨幣的職能與性質的特殊性,指出國家貨幣成為國際貨幣(這一過程就是貨幣國際化)的內在動力；其次,研究貨幣國際化所需要具備的條件以及貨幣國際化給發(fā)行國帶來的收益與成本,并對主要國際貨幣的國際化進程進行梳理和總結；再次,分析國際貨幣與國際貨幣體系的關系,指出國際貨幣體系中的主導貨幣決定了國際貨幣體系的性質,貨幣霸權的更替導致了國際貨幣體系的更迭；最后,對人民國際化相關問題進行探討。從內容安排上,全文共分為六章,其主要安排如下： 第一章,相關理論與文獻綜述。對貨幣替代理論與最優(yōu)貨幣區(qū)理論進行了梳理和評述；從國際貨幣的產(chǎn)生機制、國際貨幣體系以及人民幣國際化三個方面的相關文獻進行歸納總結。 第二章,貨幣的性質與國際貨幣。本章首先從貨幣的本質出發(fā),指出當前各國貨幣均為國家權力擔保下的信用貨幣,研究得出一國貨幣兼具內生性與外生性,短期非中性與長期中性的性質。在此基礎上,分析了國際貨幣的職能與性質的變化,指出國際貨幣無論短期還是長期都是非中性的,并創(chuàng)新性地提出國際貨幣基本矛盾的觀點。 第三章,貨幣國際化的一般理論分析。本章研究貨幣國際化所需要具備的條件以及貨幣國際化給發(fā)行國帶來的收益與成本。具體而言,貨幣國際化需要具備以下條件：強大的經(jīng)濟實力、完善的金融體系、穩(wěn)定的幣值以及歷史與政治方面的因素；貨幣國際化的收益為：國際鑄幣稅收入、貿易條件的改善、影響它國經(jīng)濟政策的能力、完善本國金融體系以及政治方面的收益；貨幣國際化的成本為：“特里芬難題”對國際貨幣地位的自我削弱、增大宏觀調控的難度、金融穩(wěn)定成本增加以及匯率調整方面的非對稱性。 第四章,主要貨幣國際化演變的歷史考察。本章對英鎊、美元、歐元和日元的國際化進程進行梳理,研究這四種貨幣國際化進程中的共性與特性,既是對前面理論分析的一個佐證,也為后面研究主要國際貨幣與國際貨幣體系之間的關系做好鋪墊。 第五章,主要國際貨幣與國際貨幣體系。本章主要研究主要國際貨幣與國際貨幣體系之間的關系,指出英鎊霸權主導了國際金本位制的建立；英鎊霸權與美元霸權的對峙形成了國際金匯兌本位制；美元霸權主導了布雷頓森林體系的建立；而美元霸權地位的相對下降導致了布雷頓森林體系的解體并過渡到當前的牙買加體系,并認為未來的國際貨幣體系將呈現(xiàn)“一超多極”的局面。 第六章,人民幣國際化相關問題探討。本章總結了人民幣國際化的現(xiàn)狀及存在的問題；從正反兩方面——人民幣國際化的基礎條件與制約因素,對人民幣國際化的條件進行分析；在收益與成本方面,著重從人民幣相比其它貨幣的國際化的收益與成本的特殊性進行探討；最后指出人民幣國際化必須堅持的原則與應處理好的問題。 本文的主要觀點包括：第一,在信用貨幣時代,一國國內流通的貨幣必須由該國政府發(fā)行,而在國際貨幣領域,理想狀況下應當由高于國家的權威發(fā)行超主權國際本位貨幣來扮演國際貨幣的角色,但由于該貨幣尚不具備產(chǎn)生的現(xiàn)實條件,所以國際貨幣職能必須由某種國家貨幣來執(zhí)行。由國家貨幣扮演國際貨幣的角色決定了國際貨幣的基本矛盾——國際貨幣發(fā)行國所代表利益的局部性與國際貨幣服務世界經(jīng)濟整體利益的內在要求之間的矛盾。第二,國際貨幣是非中性的,國際貨幣可以利用其在國際貨幣體系中的特殊地位為貨幣發(fā)行國牟取利益,這導致了兩個結果：具備條件的貨幣發(fā)行國將不遺余力地推進本幣國際化的進程,提升本國貨幣的國際地位；不同貨幣的國際地位是不平等的,國際貨幣的非中性決定了國際貨幣體系的非中性,國際貨幣體系中各個國家的話語權與利益分配是不一樣的。第三,貨幣國際化需要具備一定的條件,貨幣國際化既會給發(fā)行國帶來收益,也會產(chǎn)生相應的成本；貨幣國際化是一個動態(tài)的過程,所以貨幣國際化的條件、成本和收益也是一個動態(tài)的過程；貨幣國際化的收益(成本)會增加(削弱)貨幣國際化的條件,而貨幣國際化的收益與成本也具有相對性。第四,特定歷史時期的貨幣霸權國主導了這一時期國際貨幣體系的形成,而貨幣霸權的更替導致了國際貨幣體系的變遷,如果貨幣霸權發(fā)生根本性的更替,那么國際貨幣體系也將發(fā)生根本性的變化,如國際金本位制到布雷頓森林體系；如果舊的貨幣霸權地位開始衰落而新的貨幣霸權尚未形成,那么國際貨幣體系就將進入過渡體系,如國際金匯兌本位制和牙買加體系。此外,國際經(jīng)濟與政治格局隨時處在變化的過程中,各種國際貨幣的地位也必然隨之變化,這就決定了國際貨幣體系也是處于一個不斷變遷的過程中,國際貨幣體系不可能存在一個恒久穩(wěn)定的制度安排。 本文可能的創(chuàng)新主要包括以下幾個方面： (1)研究的起點不同。與大多數(shù)的研究貨幣國際化的文獻以貨幣國際化的歷史和現(xiàn)狀作為研究的起點不同,本文以貨幣的性質特別是國際貨幣的性質作為研究的切入點,論述了國際貨幣性質的特殊性,指出傳統(tǒng)貨幣理論中關于貨幣性質的分析并不完全適用于國際貨幣。 (2)提出了國際貨幣基本矛盾的觀點,國際貨幣基本矛盾是國際貨幣發(fā)行國所代表利益的局部性與國際貨幣服務世界經(jīng)濟整體利益的內在要求之間的矛盾。國際貨幣最終都會服務于發(fā)行國的利益,這也是各個國家推行本國貨幣國際化進程的內在動力。 (3)提出“特定歷史階段的貨幣霸權國主導該時期國際貨幣體系的建立,貨幣霸權的更替導致了國際貨幣體系的變遷”的觀點,并根據(jù)“英鎊霸權——英鎊霸權衰落美元霸權崛起——美元霸權——美元霸權地位的相對下降”的貨幣霸權的歷史路徑,將國際貨幣體系劃分為兩個穩(wěn)定體系——國際金本位制和布雷頓森林體系,以及兩個過渡性質的體系——國際金匯兌本位制和牙買加體系。
[Abstract]:For a long time, gold as a general equivalent, to perform the functions of international currency, foreign economic exchanges between the countries become medium. When the phase of rapid growth of economic and social development of capitalism, the contradiction between the gold production growth rate than the growth rate of the world economy has emerged.19 century in 20s, Britain established the gold standard, the pound as the most important international currency, and led the establishment of the international gold standard system, which opened a period of nearly two hundred years of foreign currencies for international status for currency hegemony history. In the world currency fluctuation and the change of monetary hegemony in the international monetary system has also experienced several changes: from the international gold standard to the international gold exchange standard system, the Bretton Woods system and the Jamaica system. Today, the international monetary system into the "Jamaica system has no system" More than thirty years. During this period, the international financial crisis and economic crisis, the financial crisis in Mexico in 1990s and the Asian financial crisis, the 2007 outbreak of the U.S. subprime mortgage crisis and eventually evolved into the global financial tsunami, has repeatedly shown the current international monetary system has many drawbacks. In this situation, the theoretical circles and governments to explore the direction of reform of the international monetary system, the establishment of a more stable and more equitable international monetary system is the world especially common demands of developing countries.
Under this background, the author thinks that it is necessary for the internationalization of currency related problems are researched systematically. The currency internationalization is a very important phenomenon in the field of international currency, but also is a complex process. The currency internationalization is the result of market choice, it requires the issuing country politically powerful and stable, strong economic strength international trade and investment, a large share of the market, the financial market developed, the stability of the currency. It is due to the above reasons, the vast majority of the money to complete the international tour, only a few money can perform the functions of money in both domestic and international.
This paper aims to study the nature of international currency, the research into the relevant theories of currency internationalization. According to the demand of research, the integrated use of the combination of normative analysis and empirical analysis, a combination of induction and deduction, historical analysis and comparative analysis method. Firstly, the nature of money as a starting point, analysis the special functions and the nature of international currency, pointed out that the national currency as an international currency (which is a process of currency internationalization) internal power; secondly, the income and the cost of the required conditions of currency internationalization and currency internationalization brings to the country, and the main international currency internationalization and summarizing; again, analysis of the relationship between the international currency and the international monetary system, pointed out that the dominant currency in the international monetary system determines the nature of the international monetary system, monetary The replacement of hegemony led to the change of the international monetary system. Finally, the related issues of people's internationalization were discussed. From the content arrangement, the full text is divided into six chapters. The main arrangements are as follows:
The first chapter is related theories and literature review. The currency substitution theory and the optimal currency area theory are reviewed and commented. From the three aspects of international currency generation mechanism, international monetary system and RMB internationalization, the related literatures are summarized.
The second chapter, the nature and the international monetary currency. This chapter starts from the nature of the currency, the currency is pointed out that the current world state power under the security credit currency, a currency of both endogenous and exogenous, short-term and long-term nature of the non neutral neutral. On this basis, the analysis of international currency the function and nature of the change, pointed out that the international monetary either short-term or long-term is non neutral, and put forward the basic contradiction of international monetary point of view.
The third chapter, general theoretical analysis of currency internationalization. This chapter studies the benefits and costs of currency internationalization required conditions and currency internationalization brings to the issuing country. Specifically, the currency internationalization needs to meet the following conditions: strong economic strength, perfect financial system, currency and historical and political factors of monetary stability; international income: international seigniorage revenue, improve the terms of trade, its ability to influence China's economic policies, improve its financial system and political benefits; the cost of Currency Internationalization: "Triffin Dilemma" of international currency weaken, increasing the difficulty of macro-control, the non symmetry of the cost of financial stability and the increase of exchange rate adjustment.
The fourth chapter, the historical review on the evolution of currency internationalization. This chapter is mainly on the pound, dollar, euro and yen internationalization process to sort out the commonness and characteristics of the four currencies in the process of internationalization, not only for a proof of the previous theoretical analysis, the relationship between also as the back of the main international currency and international monetary system pave the way.
The fifth chapter, the main international currency and the international monetary system. This chapter mainly studies the relationship between the main international currency and the international monetary system, pointed out that the establishment of an international leading Sterling hegemony of the gold standard; Sterling hegemony and U.S. hegemony confrontation between the formation of the international gold exchange standard; the dollar hegemony led the establishment of the Bretton Woods system; and the relative decline of the dollar hegemony led to the collapse of the Bretton Woods system and the transition to the current system of Jamaica, and that the future of the international monetary system will be "a multipolar" situation.
The sixth chapter discusses issues related to the internationalization of RMB. This chapter summarizes the current situation of RMB internationalization and the existing problems; from two aspects: the basic conditions of RMB internationalization and the restrictive factors, analysis on RMB internationalization conditions; revenue and cost aspects, mainly from the yuan compared to discusses the particularity of revenue and cost of other international the currency; finally pointed out that RMB internationalization must adhere to the principle of dealing with problems.
The main points of this paper include: first, in the era of credit money, domestic currency must be issued by the government, and in the field of international currency, under ideal conditions shall be made by the authority issued above the national super sovereign international reserve currency to play the role of international currency, but due to the actual conditions of the currency have not produced so, the currency function must be a national currency to perform. By the national currency International Monetary plays a role in the decision of the contradiction between the inherent requirements of the basic contradiction of international currency, international currency issuers represent interests of local and international monetary service world economy overall interests. In second, the international currency is non neutral. International currency can use its special status in the international monetary system to reap benefits for the currency, this leads to two results: the conditions of the currency The issuer will spare no effort to promote the process of internationalization of currency, the currency to enhance its international status; different international monetary status is not equal, the international monetary non neutrality determines the non neutrality of the international monetary system, the right to speak with the distribution of interests in various countries in the international monetary system is not the same. Third, currency internationalization needs have certain conditions, which will give the issuer of currency internationalization benefits, will also have the corresponding cost; currency internationalization is a dynamic process, so the conditions of currency internationalization, costs and benefits is a dynamic process of currency internationalization; income (cost) will increase (weaken) conditions of currency internationalization however, the income and the cost of currency internationalization is also relative. Fourth, the specific historical period of monetary hegemony led the formation of the international monetary system during this period, while money The change of hegemony led to changes in the international monetary system, if monetary hegemony fundamentally change, so changes in the international monetary system will be a fundamental, such as the international gold standard to the Bretton Woods system; if the old monetary hegemony began a new currency hegemony has not yet formed a decline, so the international monetary system will be the transition into the system, such as the international gold exchange standard system and Jamaica system. In addition, the process of international economic and political situation at any time in changing, various international currency status will change, the decision of the international monetary system is in a constantly changing process, the international monetary system is not possible to arrange a a stable system.
The possible innovations in this paper include the following aspects:
(1) the starting point of the study. The history and current status of research on monetary internationalization and most of the literature on currency internationalization as the starting point of the research in this paper is different, the nature of money especially the nature of international currency as the starting point of the research, discusses the nature of International currency particularity, it is pointed out that the traditional monetary theory analysis about money nature is not fully applicable to the international currency.
(2) put forward the basic contradiction of international monetary point of view, the basic contradiction is the contradiction between the inherent requirements of the international monetary international currency issuers represent interests of local and international monetary service world economy. The overall interests of the international currency will eventually serve the interests of the issuing country, internal power which is all countries to promote the internationalization of the country currency.
(3) proposed the establishment of the international monetary system in the specific historical stage of monetary hegemony dominated monetary hegemony change resulted in changes in the international monetary system "the view of the historical path and according to the" pound sterling hegemony Hegemony -- a decline of the hegemony of US dollar rise decline relative Dollar Hegemony -- dollar hegemony in the monetary hegemony the international monetary system will be divided into two stable international system -- the gold standard and the Bretton Woods system, and two transitional system -- the international gold exchange standard system and Jamaica system.

【學位授予單位】：西南財經(jīng)大學
【學位級別】：博士
【學位授予年份】：2012
【分類號】：F832.6

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