货币的价值基础与中国汇率制度选择

The Value Foundation to Currency and the China's Choice on Exchange Rate System

既然货币的职能是交易媒介与价值尺度,而价值稳定性对于货币职能的履行至关重要,那么,汇率制度选择问题同样也应该从货币价值稳定性角度进行理论考察。文章构建了货币价值基础论、推导了汇率制度的选择原理,论证了人民币自主浮动的必要性与可行性。基本结论如下:一种货币充当交易媒介的规模越大,其价值稳定性越好。另外,当纸币同时充当价值尺度时,其价值波动性会显著降低。对于经济规模过小或过大的国家,固定汇率制度均会因制度成本过高而无效。在自主浮动条件下,人民币仍将具备较高的价值稳定性。基于上述判断,中国早已具备实行浮动汇率的经济规模条件,人民币自主浮动是必要而且可行的。

Since the function to currency is the medium for exchange and the measurement of value,and the value stability is crucial to the fulfillment of the function to currency,the selection on exchange rate system should also be theoretically investigated from the perspective of the stability to currency value.This paper constructs the basic theory of currency value,deduces the selection principle of exchange rate system,and demonstrates the necessity and feasibility of RMB's free floating.The basic conclusion has been reached that the larger the size of a currency as a medium of exchange,the more stable its value stands.In addition,when paper money also acts as a measure of value,the volatility of its value will be significantly reduced.For countries with too small or too large economies,fixed exchange rate systems are ineffective because of high institutional costs.Under the condition of independent floating,the RMB will still have higher value stability.Based on the above judgment,China already has the economic scale conditions for a floating exchange rate,and a self-floating RMB is necessary and feasible.