摘要
自美国爆发金融危机后,国内外有关对国际货币体系改革的文献大量涌现,充分体现了这一课题的重要性与紧迫性。本文从归纳当代国际货币体系存在的种种问题及原因着手,深入挖掘该体系的制度性缺陷,继而对当前有关国际货币体系改革多种方案进行分析和评述。文章认为:目前各界提出的多种方案,在可行性方面都存有一定的障碍,因此在方案比较上,没有最优,只有"次优"。就目前而言,"超主权货币"方案因为直接影响了美元的"霸主"地位及其铸币税利益,会引起美国的阻挠。加上从理论上对"超主权货币"本身在价值基础、发行管理等问题上尚有不少争议,因此,在可预见的将来,恐怕难以实现。而对以美元为主导的多元国际货币体系进行不断修正,恐怕是更贴近实际的情况。文章还指出:当代国际货币体系的改革必须有人民币国际化进程的参与。而人民币国际化将是一个政府推动和市场选择共同的结果,不要刻意安排时间表去强行推进。在此进程中,人民币也将面临"三元悖论"和"特里芬难题"的困扰。妥善处理好中外各方的利益保障问题,是关键环节。因此,我们必须加快做好包括沪港两地金融中心联动机制建设、内外分离型的国际银行设施建设、以及我国资本帐户开放与汇率制度改革的互动协调关系建设等工作,以人民币国际化推动国际货币体系的改革进程。
Since the outbreak of the financial crisis in the United States, the domestic and international literatures on the reform of the international monetary system are in large numbers, and fully reflects the importance and urgency of this subject. This article summarizes the existing problems and digs system defects . Turn the current on the reform of the international monetary system, there is a variety of program analysis and comment. In terms of feasibility, there are some obstacles in program comparison. There is no best, only suboptimal. For now, the ＂super - sovereign currency＂ program will be objected by the United States because a direct impact on the dollar ＂hegemony＂ status , coupled theory in value based on the super - sovereign currency issue management and other issues are still a lot of controversy. Therefore, in the foreseeable future, I am afraid that is difficult to achieve. Diversity of dollar- dominated international monetary system constantly revised, is probably closer to the actual situation. The article also states ： contemporary reform of the international monetary system must have the participation of the process of internationalization of the RMB. The internationalization of the RMB will be a government to promote and market select common, not deliberately scheduling thrust. In this process, the RMB will also face a ＂trilemma＂ and ＂Triffin dilemma＂ troubled. Properly deal with the protection of the interests of the Chinese and foreign parties, is the key point. Therefore, we must speed up to do a good job in the interactive coordination relationship building, including linkage mechanism of the financial centers of Hong Kong and Shanghai building, inside and outside the separation - based international banking facilities, as well as China＇s capital account openness and exchange rate regime reform, to promote the internationalization of the RMB international the process of refbrm of the monetary system.
出处
《上海经济研究》
CSSCI
北大核心
2012年第12期54-67,共14页
Shanghai Journal of Economics
关键词
国际货币体系改革
人民币国际化
三元悖论
“特里芬”难题
the reform of the international monetary system internationalization of the RMB trilemma ＂Triffin＂ dilemma
