Regional currency arrangements: insights from Europe

This paper focuses on the requirements and features of a successful monetary union on the basis of the optimum currency area theory, the “logical roadmap” for integration as proposed by Balassa as well as the economic and institutional framework of the European Economic and Monetary Union (EMU). The analysis suggests that monetary union is contingent upon high economic integration and strong political commitment. However, political union is not an ex-ante requirement. Outside factors such as systemic shocks and globalization seem to speed up the pooling of sovereignty in the economic domain. A firm commitment to stability-oriented monetary and fiscal policies is a precondition for gaining credibility and trust within and outside a monetary union. Last, but not least, convergence criteria, fiscal rules and strong institutions are necessary to help ensure and monitor the participants’ compliance. However, the European experience is not a blueprint for regional integration that can be directly and entirely applied to other regions.     

朝鲜货币改革

朝鲜《劳动新闻》报道，朝鲜最高领导人金正日说，已故国家主席金日成曾提出，朝鲜人民应该能够吃上白米饭、喝上肉汤、穿上丝绸衣服、住进瓦房，但“我们迄今还没有实现这一目标”。金正日决心尽快改善民生，而货币改革可能并不是一个好办法     

Regional integration in Asia and its effects on the EU and North America

Consequences of free-trade agreements (FTAs) among the ASEAN+3 and ASEAN+6 countries are explored using a dynamic computable general equilibrium (CGE) model. Quantitative assessments of intra- and extra-regional effects on welfare, trade and output are offered. When both trade facilitation and endogenously determined productivity are included in the FTA scenarios, Singapore, other ASEAN countries and China would be able to realize relatively large welfare gains, while the welfare effects on the EU and North America are negligible. The trade and output effects on the latter two regions are also relatively small, with the notable exception of crops, other than rice, in North America.     

开放条件下中、美货币政策博弈分析

货币政策和国际合作一直以来都是经济学界研究的重要内容,本文根据2002年Obstfeld和Rogoff的文章所得出的结论来分析中、美之间货币政策的问题。参考其结论货币政策的合作虽然能够在一定程度上给双方带来一定的好处,但是国内经济的稳定性会下降,由此会大大降低本国的福利水平。中国是一个经济大国,不应该与美国进行货币政策合作。虽然与美国的货币政策合作会在一定程度上提高中国的福利,但是中国货币政策会丧失独立性,由此会在很大程度上降低本国的福利。     

中国VS美国:谁是真正的货币大国

自2009年以来,中国货币超发问题一直是社会各界争论不休的话题.截止至2012年底,中国广义货币M2达到了97.4万亿元,而美国仅为10.4万亿美元(约合65.4万亿人民币元,按当时汇率折算,下同),一时间众多媒体及社会舆论对此高度关注,认为中国已是世界第一大货币发行大国;并以此来批评央行,认为央行应对此及其引发的通胀承担主要责任.我们发现,当前人们在讨论货币问题以及在中美货币比较中往往陷入一些误区.     

北美港口汽车物流

汽车制造商早就明白,如果不附加任何运输业其他费用,在零时间内把一辆完美汽车交给最终客户是汽车促销的最后一个有效手段。半个世纪以来,最大幅度降低汽车物流费用,一直是汽车制造商优选汽车进口市场港口码头的策动力。美国是汽车进口大国,仅日本“本田”品牌汽车每年进口就超过15万辆,还从欧洲大量进口大众、奥迪和保时捷等品牌汽车。尽管美国国内经济常常出现这样或那样的问题,但汽车进口势头仍然不减。濒临大西洋的美国东海岸的纽约和新泽西港就是汽车制造商首批发现的北美大陆最佳汽车进口港之一。因为早在20世纪70年代,当时的纽约和新…     

全球性货币错配与国际货币体系改革

全球性货币错配是全球经济失衡的货币表现,而以"美元本位制"为核心的现行国际货币体系是全球性货币错配的重要根源。国际货币体系改革的方向是加强国际间货币金融合作,最大限度地降低各国货币错配程度,以防止金融风险的扩大和货币危机的频繁发生。     

Interest-bearing currency

This paper analyses proposals to pay interest to holders ofcurrency. It is argued that if this is achieved by introducinga new currency which appreciates relative to the existing currency,then this new currency will not be a convenient transactionsmedium unless it takes over from the old currency as the unitof account. But if this occurs it will defeat the purpose ofthe scheme because the interest is relative to the old unitof account, and the new currency will no longer be interest-bearing.     

从货币政策的实施工具解读我国货币政策

本文按照货币政策的实施情况,把我国的货币政策分成3个阶段:适度从紧的货币政策阶段、相对宽松的货币政策阶段和相对紧缩的货币政策阶段。在这3个阶段中又依据货币政策的实施工具,分别通过数量型工具与价格型工具,对货币政策的实施情况进行阐述。     

论外在货币与内在货币界定标准的不一致性

对于内在货币和外在货币的界定,经典文献提出了3个标准:发行者标准、债权标准、净财富标准,并认为这3个标准是内在一致的,即政府发行的货币既构成了持有者对政府的债权,同时又构成了社会净财富。本文研究表明,依据经典文献设定的这些判断标准,我们有时无法对外在货币和内在货币做出清晰的区分,即这3个标准并不是内在一致的。进一步研究表明,造成这3个界定标准内在不一致的原因在于没有将净财富区分为名义和实际净财富。     

从国际货币体系的演变历史谈“碳货币”本位的全新国际货币体系构建设想

面对美国次贷危机引发的全球金融海啸所突显出的信用本位制下无约束的货币泛滥,碳货币既是当前低碳经济背景下具有国际意义的热点问题之一,更是事关未来国际货币体系发展的关键所在,本文则从全球碳交易体系的货币视角提出了"碳货币"本位的全新货币体系的构建设想。     

Inertia in the key currency

This paper empirically analyzes inertia in the position of the dollar as the key currency. We extend a money-in-the-utility model to one with parallel international currencies. We use an extended model to estimate a parameter in the utility function. Also, given the estimated parameter, we simulate a relation between depreciation and share of the dollar. The result indicates that the share of the dollar will not decrease even if the dollar depreciates at a moderate rate. Thus the dollar will keep its position as the key currency – inertia works in the key currency.     

中国与拉美:以信任为基础的区域合作

中国和拉美不具备地缘优势、价值观认同、文化渊源等先赋性信任的基础,双方通过官民结合,多边与双边兼顾外交建立了交往性信任关系.而美国因素、拉美原因、中拉经贸都可能对双方关系造成负面影响.需塑造共同利益、创新合作模式、加强软实力建设,强化双方的信任关系,形成中拉区域意识,推动双方展开更深层次的务实合作.     

探析汇率制度、购买力平价及国际货币供求因素对人民币汇率的长期影响

影响人民币汇率的因素很多,但其作用时间的长短却不同。文章通过对中国的汇率制度、购买力平价及国际货币供求的分析,来说明其对汇率的长期影响。