从价值的角度构建马克思主义的汇率理论

Establishing Marxist Exchange Rate Theory from the Perspective of Value

建立汇率理论是马克思的遗愿。本文以现实的国际货币制度为前提,从商品的价值或价格导出货币的虚拟价值,然后从国际贸易、国际金融、国际投资三个方面分析货币的虚拟价值,最后得出作为市场汇率形成基础的货币汇兑平价。对货币汇兑平价的检验表明,在经济发展水平相似的条件下,货币汇兑平价构成市场汇率的基础。

Establishing an exchange rate theory is an unfulfilled will of Marx. This paper explains the virtual value of money on the basis of the value or cost of commodities with the current international monetary system as the point of departure. The author then refers to international trade, international finance and international investment to analyze the virtual value of money, which leads to exchange parity of money as the basis of market exchange rate. Evidence from test of exchange parity of money shows that under circumstances of similar level of economic development, the formation of exchange rate in the market is based on the exchange parity of money.