储备货币竞争与国际货币体系不稳定性

不兑现货币制度下,储备货币发行国具有巨大的政治经济利益,而承担的成本却很小,主要储备货币国具有增发货币以获得储备货币收益的内在冲动。随着欧元使用范围的扩大,欧元货币地位上升较快,形成了与美元的竞争态势。但现行国际货币体系缺乏对国际储备货币供给的约束,在现实背景下竞争不但未能阻止货币滥发,反而形成了世界性的流动性过剩。缺乏有效监管使国际短期资本流动频繁而剧烈,引起汇率大幅波动,国际货币体系更具不稳定性。

Reserve Currency Competition and the Instability of the International Monetary System

In modern inconvertible currency system,the reserve currency issuing countries have enormous political and economic interests but small costs,which brings the major reserve currency countries impulses to get the additional benefits via issuance of currency.With the expansion of the scope of the euro,the euro currency status rises rapidly,forming a competitive situation with the dollar.However,the current international monetary system lacks of constraints on the supply of international reserve currency.In re...