货币国际化的内涵：Currency internationalization

如果一个货币能称之为国际货币的话，那么他能够跨越国界自由流通，而且能够支付，能够储备、结算，还可以进行计价等功能，这个过程被叫做货币的国际化、

The international community generally thought to cross borders , circulation abroad and become internationally recognized currency with payments, reserves , settlement, pricing and other functions , called an international currency, this process is known as an international currency .

 

( A ) obtain seigniorage revenue for the national balance of payments deficit financing(一)取得铸币税收入，为本国国际收支赤字融资

国际货币是价值尺度、交易媒介和储藏手段三个职能的具体体现。当一个国家的货币职能国际化时，才能带动一个国家的货币国际化，货币国际化：价值尺度职能 ，是以个人交易作为记账单位，来表现账面资产的标价，从而作为国际交易中的计价货币，是以商品劳务和金融资产的标价。

International currency is the measure of value , medium of exchange and store embodied means of the three functions . When the functions of a country's currency internationalization in order to promote the internationalization of the currency , the currency of a country's international : measure of value functions , based on individual transactions as a unit of account , to the performance of the price of the carrying amount of the assets , which as an international transaction pricing currency , based on the price of goods services and financial assets ; thus become the government and official bodies to develop standards related to the implementation of monetary policy and stable monetary value is the main factor affecting the price level of a country's domestic and international exchange rate fluctuations. Trading currency as a medium of exchange of goods and services in a personal exchange and used by the government to intervene in the foreign exchange market and to finance the balance of payments deficit. Store of value in the personal assets of the transaction as a function of money, money that individuals hold foreign assets at the time of use ; stability and profitability of foreign currency held by the government to pay some of its monetary value is the impact of store of value function the main factors.

 

(B ) give their residents the convenience of cross-border economic transactions , improved terms of trade , reduce the exchange rate risk , promote their economic and trade development (二)给本国居民带来跨境经济交易的便利，改善贸易条件，降低汇率风险，促进本国经济贸易发展

货币国际化可以取得铸币税收入，所谓铸币税，原指铸币成本与其在流通中的价值之差，现在通常指中央银行通过发行无须支付利息的货币取得的收益，表现为货币面值扣除发行成本后的收益，由于发行成本几乎可以忽略不计，因此，铸币税基本上等于货币的发行额。#p#分页标题#e#

After the currency of international seigniorage revenue can be obtained , the so-called seigniorage , originally referred to the difference between the value of their coinage in circulation costs , now usually refers to the income required to pay interest on money the central bank made ​​through the issuance , net of issuance costs for the performance of the currency denomination income, due to the cost issue is almost negligible , and therefore , the issue of seigniorage is substantially equal to the amount of currency. Under the bill system , when there is no inflation, seigniorage with economic growth from increased demand for money . When there is inflation, also known as seigniorage inflation tax , which the central bank over the economic development needs of the increase in base currency . According to general estimates, such can be called narrow seigniorage revenue typically represents only 0.2% of a country's GDP (Krugman1998).

 

When a country's currency when other countries beyond the borders or as official reserves , the resulting concept of international seigniorage . International currency seigniorage reserve currency issuing countries , including countries with access to its international currency status achieved in all beneficiary countries , namely cheap overseas financing income distribution income and government bonds gained . Because reserves are usually held in the form of bonds issued by countries based on the interest of these bonds is lower than the interest on the national debt reserves of the country .

 

Currency internationalization on the other hand can earn international seigniorage to the issuing country . Currency outflow currency area , earning international seigniorage for the currency area , while also eliminating the obligation of the currency area transportation to other currency areas seigniorage to a considerable extent . Non- currency countries need to adjust the balance of payments deficit by tightening their economic policies and expenditure, but this would have a negative impact on the country's economy , resulting in increased unemployment, income loss and other consequences of the international currency issuing countries can increase their currency to cover the deficit , the United States is a typical example.

  All U.S. dollar bills ( about 470 billion U.S. dollars ) 2/3 are in circulation outside , about 3 /4 of the new bills being held by foreigners hair . Only in 1989 and 1996 , the inflow of dollar bills on Russia and Argentina respectively reached 44 billion and $ 35 billion . Canada has more than half of bank loans in U.S. dollars , and the average annual growth rate of 1% (Sulton1999). 20% of U.S. debt is held by other countries, both official and private , and better safety in U.S. Treasuries , while the lower interest payments .

 

(C ) promote the development of a country's financial markets, financial centers , financial institutions (三)促进一国金融市场金融中心、金融机构的发展#p#分页标题#e#

 

After a country's currency as an international currency , the currency reflux problems facing the inevitable development of a certain breadth and depth of financial markets to meet its currency held by non-resident investment needs , is to solve one of the main channels for the return of money , but also will promote financial market has expired the further opening .

From a historical point of view , the main currency in its internationalization process, their stocks and other financial products markets are expanding rapidly, and thus establish a position as an international financial center of the city as . Internationalization of Australian dollars , will be put into a new Shanghai international financial center, but also to strengthen the international financial center of Hong Kong.

Currency internationalization not only provides the ability for the area of cross-border financial firms convenience , and for the country's financial sector in the local currency funds clearing , cash scheduling to enhance their capabilities , while improving currency area financial institutions to attract funds in local currency worldwide .

In addition, financial institutions of a country has a comparative advantage in the local currency operations can be more convenient to obtain monetary funds , international non-resident holdings of money can be paid from the national settlement by non- local banks , but these local banks will eventually be issued by the International Monetary country's financial institutions to liquidate . Moreover, a country's currency will be extended to other countries, driven by its overseas financial institutions to set up branches.

 

(D ) have an impact on other countries' monetary policy initiative (四)具有影响别国货币政策的主动权

When a country's currency as an international currency , its central bank to some extent become the world's central banks , liabilities to some extent become an international means of final settlement of monetary policy to some extent, set the tone for the entire world monetary policies affect other countries employment , output and economy. Generally, the currency issuing countries according to their economic development needs , formulate monetary policy , this international currency reserves for the country concerned, and the need to maintain a stable currency's value such that when the two goals conflict, as a sovereign state , it would be before a target priority , while in other countries it is difficult to take proactive measures , can only passively adjust their economic policies based on currency currency policy , which is an asymmetric shock.