小国得益于货币联盟

本文回顾了适用于严格固定货币汇率的技术方法，并从对货币联盟通过货币汇率严格固定所获得的利益与付出的代价的研究中给出证明。事实上，丧失货币主权而付出的代价由于有效资本市场和劳动力市场的形成而降低了。本文还讨论了一个被忽略的实行严格货币固定的好处，即小国因此而事受到更好的货币政策。完善的货币政策得以形成是因为小国将其货币主权交托于大型机构（大国央行或是货币联盟央行）后，其货币政策将免受政治因素的影响；另外部分原因在于大型机构拥有更多的金融和人力资源去设计和执行最佳的货币政策。由于在联盟内部实行区内贸易和资本流动，因此即便太央行的货币政策出错。对于它所服务的成员国来说，造成的影响也较小。

Benefit Gained by Small Countries from Monetary Union

The paper reviews the technical methods suitable for the strictly fixed exchange rate and presents evidence from the studies of the benefit gained and cost paid by monetary unions through a strict fixity of exchange rate. In fact, the cost arising from the loss of national monetary sovereignty is lowered owing to the formation of efficient capital markets and labor markets. Besides, the paper discusses a neglected benefit of fixity --- small countries will enjoy better monetary policy when they surrender their monetary sovereignty to large institutions, such as the central bank of a large country, the central bank of some monetary union, so that their own monetary policy will not be affected by political factors. Moreover, large institutions have more financial strength and human resources to design and carry out optimal monetary policy. Owing to the implementation of intra-regional trade and capital flows inside the union, even a wrong monetary policy of the central bank will have little influence on its leaguers.