工业竞争力、资本账户开放与货币国际化--德国马克的国际化为什么比日元成功被引量：19

Industrial Competitiveness,Opening of Capital Account and Currency Internationalization:Why Is the Internationalization of Deutsche Mark More Successful than Japanese Yen?

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摘要二战结束后德国马克和日元国际化的初始条件基本相同,但是马克在全球官方外汇储备中的份额从1973年的不到2%稳步上升到欧元诞生前夕的13%左右;而日元则是一路下滑,从1991年高峰时期的8.5%下降到2013年的3.9%。德国马克的国际化之所以比日元成功,作者认为关键在于两者国际化的路径不同。马克走了一条"工业型"的国际化道路:德国以强大的工业竞争力为核心打造了一个全球产业链和相关生产要素的交易与分配网络,在这个网络里,马克是绝对主导的支付清算货币。日元则走了一条"金融型"国际化道路:通过放开资本管制,日本政府积极鼓励本国和海外金融机构参与和日元相关的金融资产交易,以金融渠道对外输出日元。马克和日元国际化的历史经验表明:简单的解除资本管制并不能构成对一国货币国际化可持续、强有力的支撑,强大的工业竞争力以及在此基础之上对全球产业链和商品及要素交易网络的控制,即"工业型"的货币国际化之路,才是大国特别是后起大国更应选择的途径。 With nearly the same initial conditions,Deutsche Mark and Yen began the internationalization after the Second World War.Japanese Yen accounted for 8.5%of the global official foreign-exchange reserves in 1991,and then its share continued to fall,to 3.9%in the year 2013,while the Deutsche Mark's share increased steadily,from less than 2%in 1973 to 13%before the Euro's birth.Why was the Deutsche Mark's internationalization more successful than Yen? This paper argues that the fundamental cause lies in different paths of Yen and Deutsche Mark's internationalization.The Deutsche Mark's internationalization process was a kind of manufacturing-led path.Because of Germany's strong industrial competitiveness,it forged a global industrial chain and the trading network of production factors,where Deutsche Mark had held the dominant position as the currency of settlement,payment and pricing.Yen' internationalization process is finance-oriented.With capital account liberalization,Japanese government encouraged the domestic and foreign financial institutions to expand their trade in Yen and exported Yen through financial channels.Deutsche Mark and Yen's experience shows that it is not the removal of the financial control but the industrial competitiveness that can provide sustainable and strong support for the internationalization of a currency.The great power,especially the rising power,should choose a kind of manufacturing-led path for its currency internationalization.

作者赵柯

机构地区中共中央党校国际战略研究所

出处《世界经济与政治》 CSSCI 北大核心 2013年第12期140-155,160,共16页 World Economics and Politics

关键词德国马克日元货币国际化工业竞争力资本账户开放 Deutsche Mark Japanese Yen currency internationalization industrial competitiveness opening of capital account

分类号 F835.16 [经济管理—金融学]

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