从价值尺度的历史视角看货币国际化的机遇

货币的最基本功能是执行价值尺度。随着社会发展,价值尺度的内涵和外延在不断变化,至今经济学没有解决"绝对价值尺度"问题。英镑将其价值尺度与金本位制结合在一起使其成为国际货币;美元不仅延续了英镑的做法(通过布雷顿森林体系),而且通过大宗商品的国际组织逐步扩展网络效应(或称之为"网络外部性"),在其衰退期还击退日元的挑战,保持了美元的霸主地位。日元国际化生不逢时,浮动汇率制使日元难以成为国际价值尺度,如欲获取国际价值尺度功能则会使日本损伤国力。本文通过模型和实证阐述了国际货币的价值效应和网络效应,论证了黄金非货币化时代新兴经济体主权货币国际化的难题。

Opportunity for Currency Internationalization via Measurement of Value in History

The fundamental function of currency is value measurement.Along with the social development,both its internal and external content is now subject to change.Economists have not found "absolute value measurement" yet.Pound sterling came into power by pegging its value to gold standard;US dollar followed suit not only by adopting the Bretton Wood System but also by serving as the nominating currency of major staple commodities,which was considered as the network externalities of US dollar and helped increase its value by scale.The dollar maintains its power internationally and wards off the challenge from Japanese yen.The internationalization of yen seems not favored by the time.The floating exchange rate system stops yen from becoming the ideal measurement of value.If it does perform this function,the country’s power will be gradually exhausted.During the demonetization of gold,the growing network externality for the currency will offset its waning measurement of value.The paper tests the measurement of value for the currencies under the fixed exchange rate system and network externality effect under the floating exchange rate system via both model and empirical study.