The Benefits and Costs of an International Currency: Getting the Calculus Right
The Benefits and Costs of an International Currency: Getting the Calculus Right
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国际货币的好处和成本：正确计算
DOI：
10.1007/s11079-011-9216-2
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发表时间：
2012
影响因子：
1.2
通讯作者：
B. Cohen
中科院分区：
文献类型：
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作者：
B. Cohen
发行国际货币值得吗？政府应该推动货币国际化吗？如果是这样，决策者将如何影响跨境使用以实现净收益最大化？本文的目的是重新解决这些老问题，希望对所涉及的战略计算提供更清晰的见解。几十年来，学者们一直在争论货币国际化的净收益或净成本。然而，尽管众说纷纭，分析性的共识却寥寥无几。传统文学至少有三个严重缺陷，可以称为三个M——误解、错位的具体和彻底的错误。我努力向大家展示的是，正确地理解这三个M，可以让我们在正确的微积分上走很长一段路。
Does it pay to issue an international money? Should a government promote internationalization of its currency? And if so, how might policy makers shape cross-border use to maximize net gains? The aim of this essay is to address these old questions anew, in hopes of providing clearer insight into the strategic calculus involved. Scholars have debated the net benefits or costs of currency internationalization for decades. Yet despite much sound and fury little analytical consensus exists. The conventional literature is marred by at least three critical defects, which might be called the three M’s—Misconceptions, Misplaced Concreteness, and outright Mistakes. A proper appreciation of the three M’s, I endeavor to show, can take us a long way toward getting the calculus right.