德国马克国际化及其对中国的启示

德国马克是欧元出现前全球第二大国际货币，但其国际化在相当长的时间内一直受到货币当局的限制。本文通过挖掘德国马克国际化受限的内在原因，得出其主要因素包括德国货币当局对货币价值对内稳定这一货币政策目标的维护，对出口企业竞争力的保护，德国长期实行的资本管制以及德国特殊产业结构下金融业发展的极端落后等。这对于人民币国际化的发展模式、发展条件及推出时机均有重要的启示作用。

THE STUDY OF DEUTSCHE MARK INTERNATIONALIZATION

The rapid growth of Chinas economics has aroused people to rethink the structure of global economics and monetary. One of the important topics is the issue of RMB internationalization. Before the establishment of euro, Deutsche Mark is the second largest international currency in the world. However, its internationalization has been limited by the monetary authorities for a long time. This paper will show a systematic analysis of German historical events and related policies, in order to find the underlying causes of the limitation of Deutsche Mark internationalization. The factors include the protection of monetary policy objectives of internal stability using money value, the protection of exporters international competitiveness, the long established capital control and the special industrial structure of German. The limitation of Deutsche Mark internationalization has some inspiration to the development model and conditions, as well as the timing of RMB internationalization.