国际货币多元化与国际货币体系稳定

The Multi-currency Reserve System and the Stability of the International Monetary System

当前,国际货币无约束的供给已经成为国际货币体系与世界经济不稳定的重要来源,因此,如何约束现行体系下国际货币的供给行为便成为美国金融危机爆发后国际货币体系改革的重要议题。本文考察了多元化国际货币结构对国际货币供给行为的约束机制,认为多元化的国际货币体系将有利于国际货币体系稳定性的提高,但是这依赖于国际货币地位的对称性。结合欧元发行之后的情形,本文认为欧元相比美元实力仍有差距,同时二者还没有展开实质意义上的竞争,这使得多元化国际货币结构对国际货币体系稳定效应的发挥受到制约。

The current non-binding international currency supply has become an important source of instability in the international monetary system （IMS） and world economy, so how to restrict the supply of international currency has become an urgent agenda for the reform of IMS after the outbreak of U.S. financial crisis. This paper reviews the constraint mechanism on the behavior of the international currency supply under the multi-currency reserve system, which shows that the multi-currency system will be conducive to the improvement of the stability of the international monetary system, but depends on the symmetry of the currency＇s international status. Taking the Euro as an example, we argue that the Euro is still a young international currency compared with U.S. dollars, and the two currencies have not started real sense of competition, which depresses the stabilizing effect of multi-currency reserve system for the international monetary system.