浅谈黄金在国际货币体系变迁中的地位演变及其认识

黄金因其自然特质而具备了商品和货币的双重属性,曾在国际货币体系的舞台叱咤风云。但由于种种原因,黄金逐渐退出了国际货币体系的历史舞台。本文通过对黄金在不同国际货币体系变迁中的地位演变历程的梳理,深入分析了黄金的货币职能,为国际货币体系改革提供方向指引。     

黄金的非货币化和再货币化—对黄金货币功能的再认识

长期以来,黄金作为商品价值的尺度,交易的媒介和社会财富的代表,被社会公众普遍接受,金本位制的终结和黄金与货币的脱钩,有许多政治和经济方面的原因,而不是因为黄金本身丧失了作为货币基础的特殊本质,短时期的价格波动并没有影响黄金在长时期里仍保持稳定的钩买力和有效的价值储存功能,各国中央银行依然保持大量的黄金储备以黄金市场的迅猛发展,说明黄金没有退出货币体系,而“e-黄金”的出现则为黄金的再货币化开辟了新的途径,因此,虽然从法律意义上说,从1978年开始黄金已经非货币化,但从社会经济意义而言,黄金作为最终支付手段,作为社会财富的代表等货币功能依然存在,而且现代社会经济发展仍然需要黄金继续发挥期币功能。     

世界黄金期货及其交易方式

世界黄金期货及其交易方式张纪康黄金是一种重要的贵金属，广泛用于首饰制作和货币投资；黄金又以其优良的物理性质，而被用于诸如航空航天、电子等行业。伦敦金属交易所是世界最大的黄金期货交易所，它的黄金期货行情是国际黄金及其期货市场的最重要指标和参照系数。世界...     

信心比黄金和货币重要

2009年03月13日，温家宝总理在与中外记者见面会上又一次强调：“信心要比黄金和货币还要重要。”谈到金融危机，他指出：“首要的还是要坚定信心，只有信心才能产生勇气和力量，只有勇气和力量才能战胜困难。”     

国际金融危机与储备货币多元化

1.美元成为当今主要国际结算货币和储备货币,是市场选择而非政策强制实际上,1971年尼克松新政,宣布美元与黄金脱钩后,国际货币体系由金汇兑本位进入了信用本位时     

黄金王者归来成泡影

黄金再次王者归来,基本是天方夜谭,不仅黄金不能进入,连纸币都在逐步被电子货币、虚拟货币代替。今后的货币形式是什么样子,凭借人类的智慧总能找到方法,就如当年废弃黄金、发明纸币一样。     

货币的秘密

黄金货币属性的变迁，就是一个从氲接充当货币媒介，到以黄金为准备发行纸币的间接充当货币媒介，最后让位于国家信用货币基本退出流通领域的历史过程。在这个过程中，黄金的货币职能随着商品经济的发展渐次弱化，以致消弭于无形     

黄金期货登台亮相

未来谁掌握了黄金期货的定价权，就是掌握了金融市场的话语权。上海黄金期货交易的推出将改变国际黄金交易的战略格局，最终将使中国真正拥有国际黄金的定价权。[编者按]     

黄金的命运

人类货币史的发展历程,就是一部从实物商品货币过度到商品本位货币,再到国家信用货币、再到虚拟货币、电子货币、指数化本位货币的历史进程。在这个过程中,虽然黄金作为世界主要贵金属和避险资产,价值储备功能短期内还是无可撼动,然而金本位解体并退出历史舞台已成必然,这也是商品经济、市场经济极大发展的内在要求和大势所趋,具有极强的不可逆性。美国之打压黄金也不过是顺应历史大势     

黄金租赁是全球信用博弈工具

世界的金融和产业的危机，最终都要产生信用危机。黄金的价格与信用是密切相关的，打压黄金的意义不仅仅在于黄金，更在于货币和货币背后的信用     

Gold options,an attractive investment instrument for the non-U.S. investor — the case of the Belgian and Dutch investor

Summary Gold has always been an investment instrument whose popularity is closely linked to economic and political instability. Since gold transactions occur in U.S. dollars any investor with a non-U.S. dollar base currency will therefore assume exchange risk exposure. Empirical evidence is given that the gold price has historically varied inversely with the strength of the U.S. dollar. The investor whose base currency is not the dollar, i.e. the Belgian franc or Dutch guilder, incurs less risk when investing in gold than his dollar counterpart.     

论超主权国际货币的构建对世界经济的影响

金融危机的不断发生暴露出现行的国际货币体系的诸多弊端和不足,构建超主权国际货币则是国际货币制度改革的方向。汇率的稳定以及国际储备资产价值的稳定对于一国国际经济的发展尤为重要,为此世界各国希望有一种有效的国际储备货币以减轻汇率波动所带来的负面影响,这种国际储备货币便是超主权货币。文章从国际货币体系对国际贸易和国际金融的影响方面进行了探讨,进一步分析了超主权国际货币的构建对世界经济的影响。     

Will the renminbi become a world currency?

China has emerged as a major power in the world economy, so it seems natural to consider whether its currency will also have a major role. At present the renminbi is not used internationally. We look at the factors that contribute to the international use of currencies, and focus on the aspects of China's financial system that would have to change before the renminbi emerged as an important regional or world currency. Even with significant reforms, two questions would remain: whether the authorities would want to encourage its international use, and whether an economy with substantial party control could gain international acceptance for its currency.     

The internationalization of the RMB: where does the RMB currently stand in the process of internationalization

Renminbi (RMB) internationalisation has been a topic for lively discussion since China accelerated its promotion of the RMB's status as a leading international currency in 2009. China has undertaken some concrete steps to push forward RMB internationalisation such as the Pilot Scheme of Cross‐Border Trade Settlement in the RMB, RMB Qualified Foreign Institutional Investor, Dim Sum bonds, and bilateral currency swap agreements. Where the RMB stands in the process of becoming an international currency is assessed by reviewing the progress China has made and analysing the challenges China faces in internationalising its currency. Based on this assessment, a roadmap for internationalising the RMB is drawn from two perspectives: the functions of the RMB as an international currency and the scope of RMB use in the global financial system. A possible roadmap for RMB internationalisation is to begin from RMB settlement in cross‐border trade, followed by regionalisation of the RMB, and finally globalisation. With respect to achieving the functions of an international currency, the RMB should first become a settlement currency, then a denomination currency, and lastly, a reserve currency.     

The European Periphery in the Era of the Gold Standard: The Case of the Spanish Peseta and the Pound Sterling from 1883 to 1931

This paper analyses the relationship between the Spanish peseta, the currency of a peripheral country, and the pound sterling, the central currency of the gold standard. From 1883, when Spain suspended metallic convertibility, until 1931, when Great Britain definitively abandoned gold, the peseta was a fiat currency with a flexible exchange rate regime. Our results confirm, first, long-run PPP hypothesis compliance for the peseta/pound sterling rate during the period. Secondly, we illustrate how the inclusion of peripheral variables (erratic trade and financial risk), significantly improves the short-run adjustment to the PPP hypothesis. It appears that the floating regime thus helped Spain to smooth out the required external adjustment process resulting from balance of payments shocks.     

当前对外开放的现实困境——兼论对外经济发展战略面临的挑战

中国加入WTO后,对外开放已进入到一个新阶段,中国长期实行的出口导向战略、外资依赖战略面临挑战。国际货币环境高度不稳定将对中国经济构成重大战略威胁。中国在全球产业转移下出现生产体系中心国与国际货币体系错配,人民币没有取得与经济总量、贸易总量相对称的应有的国际货币地位。对外贸易和外资投资的扩张与宏观经济运行目标的冲突日益明显。     

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。     

How Japan remained on the Gold Standard despite unsustainable external debt

In the period of the classic gold standard, most peripheral countries were frequently affected by so-called sudden stops as well as by financial and currency crises. Yet pre-War Japan was an outlier. Though its level of external debt was not sustainable, Japan issued many government foreign loans to cover its current account deficits, was never affected by currency crises, and was never forced to suspend convertibility. We argue that, from the late nineteenth century until just before World War I, Japan and Britain engaged in a politico-economic exchange: Japan offered to protect Britain's economic and political interests in the Far East provided that Britain gave the rising Asian power access to financial markets—namely, in the City of London.     

一种全新的区域货币合作形式初探——类似SDR的货币创造

文章指出，建立一个有效的区域货币合作机制，最关键的是保证区域内各目都拥有充分的国际清偿力，其核心之一是作为国际储备基础的本位币选择问题。SDR（特别提款权）的出现给我们提供了一条新的改革思路：这种国际清偿力，不一定来自某个中心国家的货币，也不一定是一系列国家的货币所组成的“篮子”，它可以是一种在关键时刻可以发挥支付功能的“信用”。这种合作形式对缺乏资金且经济基础薄弱的发展中国家而言具有相当大的吸引力。     

From the Gold Standard to a Bipolar Monetary System

This paper argues that the international monetary system will evolve into a bipolar structure consisting of a dollar area and a euro area, each of which attracting other countries to their gravitational centers. A deepening and widening of NAFTA and the EU will enlarge the sphere of influence of both currencies; trade wars will restrict them. The yen is a big question mark. The deep and still unresolved financial crisis in Japan works against the enlargement of the yen; deregulation of its financial markets, with the attendant decline in transaction costs, goes in the opposite direction. Our conclusion is that the yen area will be much smaller than the dollar and the euro area and, consequently, the two large blocs will shape the international monetary system of the 21st century in a critical way. We also discuss feasible scenarios of interaction between currency blocs. A large EMU works in favor of cooperation because fewer players imply lower decision-making costs in reaching a cooperative solution. The relative closeness of the EMU and the United States, on the other hand, works against cooperation and in favor of benign neglect. Exchange-rate agreements are fragile unless supported by strong commitment to economic policy cooperation, and such a commitment may well be premature. The article advocates that the United States and EMU target common inflation rates, an idea that Keynes proposed back in 1923.