货币低估、全球分工与国际价值转移:理论与中国经验数据

Currency Undervaluation,Global Division of Labour and International Value Transfer:Theory and a Chinese Case Study

本文将货币低估、技术国际差异和资本跨国垄断等国际价值转移机制综合到同一理论框架中,构建了以汇率和非汇率因素构成的国际价值转移模型。研究表明,在后福特制积累体制下,一国主权货币作为世界货币使得不发达国家被动卷入世界货币发行国的资本积累逻辑,并参与该逻辑下的国际分工。在世界货币发行国资本主导的全球分工体系中,货币低估、发达国家与不发达国家基于结构化分工体系的商品交换成为不发达国家对外价值转移的主要机制。基于1995-2009年中国数据的测算结果显示,中国在世界市场中存在较大规模的国际价值转移,人民币汇率低估是中国国际价值转移主要机制。

This paper constructs an international value transfer model comprising exchange rate factors and non-exchange rate factors based on the integration of international value transfer mechanisms,such as currency undervaluation,international technological differences and the transnational capital monopoly within the same theoretical framework.Theoretical research indicates that under the post-Fordist accumulation system,a country’s sovereign currency as a world currency draws developing countries into the capital accumulation logic of the world currency issuer to participate under this logic in the international division of labour.In the system of the global division of labour dominated by the capital of the world money-issuing countries,currency undervaluation and the exchange of commodities between developed and developing countries,based on the structured division of labour,have become the main mechanisms for external value transfer by undervalued countries.The calculation results based on China’s data from between 1995 and 2009 reveal that there is a vast amount of external value transfer by China in the world market,and that the undervaluation of the RMB is its main mechanism of action.