基于NOEM视角的国际贸易计价货币选择理论述评

A Literature Review of Invoicing Currency Choice Theory in International Trade from the NOEM Prospective

国际贸易中计价货币选择决定因素的研究,多基于新开放经济宏观经济学理论,着眼于计价货币选择的微观基础,以厂商预期利润最大化为目标,采用局部均衡或一般均衡分析法展开论证。既有文献认为,贸易双方影响市场的能力、金融市场的健康完善程度是影响计价货币选择的主要因素。但这些研究在理论假设、研究视野、实证检验及覆盖面等方面仍有缺憾,对发展中国家尤其对中国的情况缺乏深入探讨,亟须后续研究重点突破。

The research on the determinants of invoicing currency choice in international trade is mostly based on the theory of new open economy macroeconomics(NOEM),focusing on the micro-foundations of invoicing currency choice,aiming at maximizing the expected profit of firms and discussing by using methods of partial equilibrium or general equilibrium.The existing literatures generally agree that the ability of the two trading parties to influence the market and the completeness of financial markets are the determinants of invoicing currency choice.However,there were also some shortcomings in the existing researches such as the theoretical hypotheses,the angle of research,the empirical examination and the coverage,mainly manifested in a deficiency of in-depth study on the developing countries especially on China,which should be broken through as an important agenda for the future research.