国际贸易计价货币的选择——兼论人民币国际化

本文以出口商预期利润最大化为视角,介绍和归纳了出口商计价货币选择的有关模型。得出结论:一国货币作为国际贸易发票货币取决于货币汇率的波动性;该国占据的出口市场份额以及该国出口产品的差异性程度,并利用经验数据检验了以上结论,展望了人民币国际化的前景。

On the Choice of Invoice Currency in International Trade

This paper presents an overview of theoretical research on the choice of an invoice currency for exports from the perspective of expected profit maximization. The paper finds that the relationship between exchange rate volatility and the choice of invoice currency, differentiation of the exported products and the invoicing decision, and market share and the invoicing decision can be tested by empirical results. It then uses this theory as a basis to offer future outlook regarding the use of the RMB in trade transactions, which is one aspect of the internationalization of RMB.