金融发展、金融一体化与货币国际化模式

Financial Development,Financial Integration and the Pattern of Currency Internationalization

金融发展水平和金融一体化程度是影响货币国际化模式选择的重要因素。在资本流动性较低时,货币国际化的动力主要源于金融发展水平存在差异时的商品交易需求。伴随金融一体化程度的深入,金融发展水平的不同还导致了对不同类型金融资产的投资需求,此时货币国际化的进程主要体现在不同国家金融资产的替代上。同时,相比于资本流动性较低时期,在完全金融一体化条件下,不但货币发行国的外部均衡特征有所差异,经济利益的实现水平和方式也存在较大不同。

This paper investigates the pattern of currency internationalization from the perspective of fi- nancial integration and financial development. We argue that financial integration and financial devel- opment play a critical role in determining the pattern of currency internationalization. In the scenario of low level of financial integration, the driving force of currency internationalization is the product ex- change demands due to the difference in the level of financial development. In the scenario of complete financial integration, the investment demands arise, assets substitutions are the main characteristic of currency internationalization. Furthermore, there are significant differences between these two pat- terns of currency internationalization, in the current account balance as well as the level and channel of interest realization.