Offshore Dollar Creation and the Emergence of the Post-2008 International Monetary System
Offshore Dollar Creation and the Emergence of the Post-2008 International Monetary System
复制标题
离岸美元的创造和 2008 年后国际货币体系的出现
DOI：
10.2139/ssrn.3191981
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发表时间：
2018
期刊：
影响因子：
--
通讯作者：
Steffen Murau
中科院分区：
文献类型：
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作者：
Steffen Murau
本文研究了2007- 2009年金融危机前后国际货币体系（IMS）的转型。采用货币观点的角度来看，它认为，IMS，与广泛传播的怀疑，确实有一个系统的质量。本文将IMS理解为一个以美国为中心的分层支付系统，在该系统中，各种公共和私人金融机构，特别是中央银行、商业银行和影子银行，将短期债务工具作为信贷货币发行。由于美联储位于IMS的最高点，以美元计价的信贷货币形式位于层级结构的最高层，并且彼此交易，而它们通常具有波动的汇率，以其他货币管辖区的记账单位计价的信贷货币形式。由此，本文认为，今天的IMS的关键组成部分是“领域”的离岸美元创造，这是位于美元计价的信用货币发行在美国（“在岸美元”）和非美元计价的信用货币发行在美国以外。在这种“离岸美元领域”，非美国金融机构能够通过美国境外以美元计价的私人信贷资金创造国际流动性。本文以欧洲美元存款、离岸货币市场基金份额、外汇掉期和央行掉期为重点，系统地阐述了2008年后离岸美元领域的格局。随着2007年至2009年金融危机期间制度创新的实现，IMS现在是一个公私混合体，完全反映了离岸美元领域的在岸美国货币体系。
本讨论文件是关于国际货币体系的过去、现在和可能的未来的一系列两份补充文件中的第一份。它为Steffen Murau、Joe Rini和Armin哈斯撰写的论文《离岸美元创造的未来：到2040年国际货币体系的四种情景》（https：//ssrn.com/abstract=3191786）奠定了理论和历史基础。
This paper studies the transformation of the International Monetary System (IMS) in the run up to and after the 2007-9 Financial Crisis. Adopting a Money View perspective, it argues that the IMS, in contrast to wide-spread skepticism, does have a system-like quality. This paper understands the IMS as a US-centered hierarchical payments system within which short-term debt instruments are issued as credit money by various public and private financial institutions, in particular central, commercial and shadow banks. With the Fed located at the apex of the IMS, credit money forms denominated in US dollars are located highest up in the hierarchy and trade at par with each other, whilst they typically have fluctuating exchange rates to credit money forms denominated in the units of account of other monetary jurisdictions. From this, the paper argues that the key component of today’s IMS is the 'realm' of offshore US dollar creation, which is situated in between US dollar-denominated credit money issued in the US ('onshore dollars') and non-US dollar-denominated credit money issued outside the US. In this 'offshore dollar realm', non-US financial institutions are able to create international liquidity via US dollar-denominated private credit money outside the US. The paper systematically carves out the post-2008 setup of the offshore dollar realm with a focus on Eurodollar deposits, offshore money market fund shares, foreign exchange swaps and central bank swaps. With the institutional innovations materializing during the 2007-9 Financial Crisis, the IMS is now a public- private hybrid that fully mirrors the onshore US monetary system in the offshore dollar realm.
This discussion paper is the first in a series of two complementary pieces on the past, present and possible futures of the International Monetary System. It lays the theoretical and historical foundation for the paper "The Future of Offshore Dollar Creation: Four Scenarios for the International Monetary System by 2040", authored by Steffen Murau, Joe Rini and Armin Haas (https://ssrn.com/abstract=3191786).