重新认识货币区:一个新的视角

A New Understanding of Monetary Zone

本文将货币区视为有关国家扩展政府边界的一种努力 ,由于在经济学的意义上我们有理由认定有政府的状态总是好于无政府的状态 ,因此这种努力就具有改进全球福利的意义。当然 ,任何一个国家尤其是民族国家一开始都不愿意政府边界的国际扩展危及自身的货币权力界限 ,相互之间的冲突也就在所难免。本文依据蒙代尔定理 ,着力讨论了国际货币冲突及其博弈均衡的内在机理 ,认为货币区的产生是经济理性对国家主义的一种胜利 ,但货币区本身并不是一个一劳永逸的最后结局。随后本文以美元和欧元为例进一步阐发了货币区的演进逻辑 ,最后从重商主义经济角度切入探讨了亚洲货币区的有关问题并就中国的对策提出了若干建议。

The paper treats monetary zone as an effort of a nation to extend its government boundary.Economically it is justified to argue that the condition with a govrnment is better than anarchy.Therefore such an effort should be able to improve the world benefits.However,at the outset,any state,especially a national state,dislikes the endangerment of its own right with respect to money due to the international extension of government boundary.Conflicts are inevitable.Based on Mundell theorem,the paper illustrates conflicts between countries and the resulting games equilibrium,arguing that the occurrence of monetary zone is a victory of economic rationality over natiolalism,yet a zone itself is not a once and for all outcome.The last part disucusses Asian monetary zone from the perspective of mercantilism and puts forward some suggestions in response to China.