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A Theory of International Currencies and its Microfoundation

国际货币理论及其微观基础

基本信息

批准号：
08453010
负责人：
MATSUI Akihiko
金额：
$ 0.51万
依托单位：
University of Tsukuba
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (B)
财政年份：
1996
资助国家：
日本
起止时间：
1996 至 1997
项目状态：
已结题

来源：
https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-08453010/
关键词：
currency incomplete markets norms trade benefits 国際通貨ミクロ的基礎物々交換

项目摘要

In this project, a model of international currencies is constructed. More specifically, it presents a two-country model in which two currencies compete with each other. There exists an equilibrium in which the two currencies with different rate of inflation circulate as media of exchange despite that neither currency is forced to be used for transaction. Policy games, in which the two governments simultaneously control and commit to tax rates and, possibly inflation rates, are also considered. Among other things, the Friedman rule of setting inflation rate at the level of zero nominal interest rate does not occur because of currency competition. Also, it is shown that the country with weak currency may be worse off by opening its door to a foreign country. This is contrary to one of major findings in trade theory that trade usually improves the welfare of the country.In carrying out this project, the researcher became more and more interested in the aspect of currency circulation as a norm. A currency is circulated since people who accept it think it will be accepted by someone else later on. This fact that people accept money because other do the same thing is the very feature of social norms. Issues related to social norms are very broad, and it cannot be done within a few years. However, I hope that a new light will be shed on the issue of international currencies if we understand better about currencies as social norms.

在这个项目中，建立了一个国际货币模型。更具体地说，它提出了两种货币相互竞争的两国模型。存在一种均衡，在这种均衡中，两种通货膨胀率不同的货币作为交换媒介流通，尽管这两种货币都不被强制用于交易。政策博弈，其中两国政府同时控制和承诺税率，并可能通货膨胀率，也被认为是。其中，将通货膨胀率设定在名义利率为零的弗里德曼规则由于货币竞争而没有发生。此外，它表明，货币疲软的国家可能会更糟，通过打开大门，以外国。这与贸易理论中的一个重要结论--贸易通常会提高国家的福利--是相悖的。在实施本课题的过程中，研究者对作为规范的货币流通方面越来越感兴趣。货币之所以流通，是因为接受它的人认为它以后也会被其他人接受。人们接受货币是因为其他人也做同样的事情，这一事实正是社会规范的特征。与社会规范有关的问题非常广泛，不可能在几年内完成。但是，如果我们更好地理解货币作为社会规范的话，我希望国际货币问题会有新的认识。