成本美元定价、东亚生产体系和出口标价货币选择——日元区域化的困境及启示

The Pricing of the Cost in U.S.Dollar,East Asian Manufacturing System and the Invoicing Currency Choice in Export:the Dilemma of Yen's Regionalization and Implications for RMB

成本中使用何种货币定价对出口中标价货币选择具有直接影响,但在不同的环境下成本表现形式并不相同。依据Novy(2006)以及Goldberg和Tille(2008)的理论分析,本文考察了20世纪70年代后日元东亚区域化的发展历史。研究发现,在东亚生产体系建立前,日本贸易商的成本中美元定价主要来自于原材料,而在东亚生产体系建立和完善之后,成本中的美元定价更多地来自于东亚企业出口的中间品。东亚企业希望以美元定价中间品的原因有两方面,一是最终需求中的欧美货币定价,二是原材料和东亚相互贸易中间品成本中的美元定价,而东亚相互贸易中间品的美元定价也部分源于最终出口品的欧美货币定价,因此,贸易领域日元区域化困境的一个重要原因来自于东亚的生产和需求之间的脱离,而东亚生产体系通过成本渠道进一步强化了这种脱离关系。日元的经验对推动贸易领域的人民币东亚区域化具有一定的借鉴意义。

The choice of invoicing currency in company's cost has a direct impact on the currency choice behaviour in trading process,although different manifestation patterns happen in different environment.The paper analyses Yen regionalization history in East Asian area based on the theoretical model of Goldberg and Tille(2008).The result shows that the incentives of East Asian companies invoice the intermediate goods derive from two aspects using U.S.dollar.Firstly,the usage of U.S.that pricing or Euro pricing system in the final demanding.Secondly,the dominant position of U.S.dollar pricing system in raw materials or intermediate goods transaction among East Asian countries.In addition,the U.S.dollar pricing of intermediate goods transacted in East Asian areas also partly stems from the invoicing currency choice of final export to European or American markets.Therefore,the separation of manufacturing and demanding contributes to the dilemma of Yen regionalization in East Asian area,while the improvement of East Asian manufacturing system exacerbates this separation through cost pricing channel.The experience of Yen regionalization in East Asian area has some implications for RMB regionalization.