20世纪世界货币体系的三大缺陷——兼论21世纪世界货币体系和亚元建立设想

The 21^(st) Century Monetary System and Asian Regional Currency

20世纪世界货币体系存在三大制度设计缺陷。核心货币国家收取铸币收益、通货膨胀税和来自外围货币国家的贸易保险费用。新世纪的货币体系应该打破现存的世界货币体系利益分割格局。欧元区域货币制度建成后,挑战美元核心货币地位。亚洲区国家应该建立亚元制度,形成亚元、欧元和美元三大区域货币鼎立共存的21世纪世界货币体系。

The 20th century monetary system inhibits three failures with regard to its institutional design. The core currency system harvests seigniorage profit by issuing international trade dollars, exports inflation without restrictions and fees from outer currency countries for their trade security concern. The 21stcentury monetary system should be able to evenly distribute the gains from the international monetary issuing and management. For China, a common currency based on the ChinaAsean '10+1'freed trade area would be an ideal choice.