银行,贸易和主导货币的建立
BANKING, TRADE, AND THE MAKING OF A DOMINANT CURRENCY
作者:
吉塔·戈皮纳斯(Gita Gopinath)
杰里米·斯坦(Jeremy C. Stein)
We explore the interplay between trade invoicing patterns and the pricing of safe assets in different currencies. Our theory highlights the following points: 1) a currency’s role as a unit of account for invoicing decisions is complementary to its role as a safe store of value; 2) this complementarity can lead to the emergence of a single dominant currency in trade invoicing and global banking, even when multiple large candidate countries share similar economic fundamentals; 3) firms in emerging-market countries endogenously take on currency mismatches by borrowing in the dominant currency; 4) the expected return on dominant-currency safe assets is lower than that on similarly safe assets denominated in other currencies, thereby bestowing an “exorbitant privilege” on the dominant currency. The theory thus provides a unified explanation for why a dominant currency is so heavily used in both trade invoicing and in global finance.
我们探讨了贸易发票模式与不同货币的安全资产定价之间的相互作用。我们的理论强调了以下几点:1)货币作为开具发票决定的帐户单位的角色与它作为安全的价值存储的角色相辅相成;2)这种互补性可以导致在贸易发票和全球银行业务中出现单一的主导货币,即使多个大型候选国家具有相似的经济基本面;3)新兴市场国家的公司通过以主导货币借款来内生地承受货币错配;4)主导货币安全资产的预期收益低于以其他货币计价的类似安全资产的收益,从而赋予主导货币“过高特权”。