国际贸易中计价货币选择的决定因素研究──基于微观视角的局部均衡分析

On the Determinants of the Invoicing Currency Choice in International Trade:A Micro-based Partial Equilibrium Analysis

在既有的基于微观视角的包含两币的局部均衡模型中引入交易货币,发现国际贸易中计价货币选择的决定因素依次为:卖方市场结构、出口品差异化程度、出口国所占目标市场份额、其他出口商的计价策略和汇率的稳定性。在同质性商品的国际贸易中,计价货币的非同质性会导致货币垄断计价。其中,进口方货币的垄断计价地位较为稳定,出口方货币垄断计价情况很少出现,交易货币的垄断计价地位需要自身汇率的稳定和出口国较大的市场份额来维持。

By introducing vehicle currency into the existing micro-based partial equilibrium models which contained two kinds of currencies,we found that the main determinants of invoicing currency choice in international trade was ranked as follows,the seller market structure,the degree of difference of the export goods,the exports firms′ share in the import market,the pricing strategies of the other export firms and the stability of exchange rates.In the international trade for homogenous goods,the heterogeneity of invoicing currencies would result in the monopolization status for certain currency in performing the role of invoicing.The monopolized invoicing status of imports′ currency would be rather stable.However,the monopolized invoicing status of exports′ currency rarely occurred.Furthermore,only if both the stable exchange rate of vehicle currency and the larger market share of export firms existed could the monopolized invoicing status of vehicle currency be maintained.