摘要
20世纪,美国、德国和日本的货币国际化表现出不同的结果。作者试图建构一个以部门利益为基础的分析框架,探讨货币国际化的国内政治根源。货币发行国能够通过货币国际化实现收益,例如获得面值租金、降低外汇风险和交易成本等,也需承担放弃汇率和利率管制、开放国内金融市场等制度调整成本。货币国际化的分配效应集中于贸易和金融部门。贸易和金融部门的国际分工地位和内部企业特性影响了两大部门对于货币国际化国际收益和调整成本的权衡,最终决定了经济部门对货币国际化的国内支持力度。贸易部门的贸易流向、产品的差异化和企业的生产国际化程度会影响其对汇率干预和用本币结算降低外汇风险的态度,进而影响贸易部门对货币国际化的偏好。金融部门的金融管制程度、金融一产业关系和国际导向金融机构的分布会影响其对金融自由化和使用本币海外投融资获得面值租金的态度,进而影响金融部门对货币国际化的偏好。贸易和金融部门可以通过直接的市场行为和游说政府两种方式,影响货币国际化进程。在实证部分,作者对美元、德国马克和日元国际化进行了案例研究,进一步分析货币国际化的国内政治基础。
The currency internationalization of the United States,Germany and Japan led to different results in the twentieth century.This article tries to build a framework based on sectoral interests to explain the domestic political source of currency internationalization.The issue country could benefit from denomination rents and decreasing of exchange rate risk,while it needs to burden the cost of institution reforming,such as abandoning the policy tool of exchange rate intervention and deregulating the domestic financial market.As corporations in trade and financial sectors,which are heavily affected by currency internationalization,differentiate in exchange rate pass-through,hedging cost of exchange rate risk,reliance on financial repression and producing internationalization,the benefits and costs of currency internationalization are distributed unevenly,which would formulate pro and anti-currency internationalization coalitions.The manufactures of standardized products and the ones which operate in local,coupled with the financial institutions which are protected by the financial regulation system,together resist the currency internationalization.On the contrary,the manufactures of differentiated products and multinational corporations controlling the global product network,together with the international oriented financial institutions,build support for the currency internationalization.Those trade and financial companies can influence the process of currency internationalization by using the currency in the international market directly and lobbying the government policy.Empirically,we analyzed the domestic political foundation of currency internationalization by tracing the cases of the U.S.dollar,Deutsche mark and Japanese yen.
出处
《世界经济与政治》
CSSCI
北大核心
2014年第9期129-155,160,共27页
World Economics and Politics
关键词
货币国际化
国际政治经济学
美元
德国马克
日元
currency internationalization
international political economy
U.S.dollar
Deutsche mark
Japanese yen
