货币国际化扩张中的政策行为--基于最优铸币收入的动态分析

货币国际化为其政策主体带来的重要收益之一就是铸币收入。笔者从考察一种抽象的国际货币出发，在建立了相关收益及成本约束的基础上，得出了该货币铸币收入行为的一般性路径规律，即，其基础货币发行速度变化的最优（各期铸币收入现值最大化）动态路径，并对该路径模型作了从单周期到多周期的扩展性描述。

Monetary Policies During the Process of Currency Internationalizing: A Dynamic Analysis on the Optimal Path of the Income by Seigniorage

Income by seigniorage is one of the most important benefits in the process of the currency internationalizing. From the perspective of an abstract international currency, and based on the analysis about incomes and costs, a law of the money supply increase path is reached by means of calculus of variations. That is, the optimal dynamic path of the velocity of base money issued. At last the path is expanded from single- cycle to multi - cycle.