货币联盟的动力基础和成本收益分析

Analysis of Money Union of the Motive Foundation and Cost Return

货币联盟作为区域货币安排的制度,其定义是特定的国家或地区为了维持各国货币间的固定汇率所达成的一项协议。货币联盟的内涵包括:它作为制度的一般性本质、实施机制(争端和协调)和动力基础,其建立的主要收益是降低交易成本、消除汇率风险、节约外汇储备和增加市场福利,成本则在于货币转型成本、货币主权丧失和经济稳定的效率损失。

Money union, as a system of arrangement of the regional currency, is defined as an agreements among particular countries or areas in order to maintain the regular currency of exchange rate of various countries. The connotation of the money alliance includes its general essence , the implementing mechanism （ the dispute and coordination ） and motive foundation. The main return of money union is to decrease exchange cost, eliminate exchange risk and enhance market welfare, while the cost is currency transition cost, loss of money dominion and the efficiency of economical stabilization. This text attempts to explain the motive foundation of the money union under the normal form of new system economics.