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研究生:郭明卉
研究生(外文):Ming-Hui Guo
論文名稱:存款與貨幣國際化
論文名稱(外文):Deposits and Currency Internationalization
指導教授:李怡庭李怡庭引用關係
指導教授(外文):Yiting Li
口試委員:李映萱蔡宜展
口試委員(外文):Ying-Syuan LiYi-Chan Tsai
口試日期:2015-07-09
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:經濟學研究所
學門:社會及行為科學學門
學類:經濟學類
論文種類:學術論文
論文出版年:2015
畢業學年度:103
語文別:中文
論文頁數:45
中文關鍵詞:離岸存款貨幣國際化支付工具社會福利貨幣搜尋模型
外文關鍵詞:DepositsInternationalizationMeans of paymentWelfareSearch
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本文以具有貨幣和存款兩種資產的兩國貨幣搜尋模型分析存款對於貨幣國際化、社會福利和貨幣政策的影響。
模型中存款可同時具有價值儲藏功能和交易媒介功能, 而生產者欲接受外幣或存款作為支付工具需支付成本購買辨識技術。
存款是否作為國際支付工具視接受存款的效益和辨識成本大小而定。
本文以離岸存款政策作為延伸討論,
結果發現當辨識存款和貨幣的技術成本小於同時接受存款和貨幣作為支付工具的效益時, 離岸存款可促進開放他國轉存款國家的貨幣國際化。
他國將存款轉存國際通貨發行國銀行可增加國際通貨發行國的鑄幣稅收和利息收入, 但會使其交易利得下降; 將存款轉存他國銀行的國家的社會福利則受惠於轉存利息報酬。
在貨幣政策方面, 離岸存款政策使國際通貨發行國更容易因為通貨膨脹率過高而失去國際通貨地位, 所以限制了貨幣成長率政策可訂定範圍。

This paper develops a two-currency model with money and deposit to study the effect of offshore deposits policy on currency internationalization, welfare, and its monetary policy implication. Deposits in this paper may perform the role as a store of value and a medium of exchange. Whether deposits or foreign money will be accepted by sellers depends on the cost to recognize it and the expected gain from increased trade.
We found that when the cost of recognizing both foreign currency and deposit is smaller than the benefit of accepting both as means of payment, offshore deposit can facilitate internationalization of a currency. Besides, offshore deposits policy can improve the welfare of the country issuing the international currency by increasing seignorage revenue and interest income, but has negative effect on trade surplus. The welfare of the country accepting the international currency may also be higher under policy because its citizens can receive interests. As for the threat of losing international status, under the offshore deposits policy an stricter inflation discipline is put on the issuing country.

1 前言 7
2 模型設定 10
3 均衡 14
3.1 消費者和生產者的議價與最適交易 15
3.1.1 生產者只接受本國貨幣 15
3.1.2 生產者接受本國貨幣和外國貨幣 16
3.1.3 生產者接受本國貨幣和存款 17
3.1.3 生產者接受本國貨幣、外國貨幣和存款 17
3.2 生產者支付工具選擇 18
3.2.1 生產者接受外國貨幣的條件 18
3.2.2 生產者接受存款的條件 20
3.3 消費者使用存款的條件 21
3.3.1 生產者接受本國幣和存款 21
3.3.2 生產者接受本國貨幣、外國貨幣和存款 23
3.4 搜尋市場的終身預期效用 23
3.5 均衡定義 25
4 存款政策的影響 26
4.1 存款政策的開放對貨幣國際化的影響 27
4.2 社會福利 29
4.3 離岸存款對貨幣政策的影響 33
5 貨幣作為國際通貨對發行公債的籌資成本影響 34
6 結論 36
參考文獻 38
附錄 40

ˋ


李映萱 ‧ 江嘉萍(2014), “通貨膨脹、政府交易決策與國際通貨”,《經濟論文叢刊》, 42(4), 475–511。
李稻葵.劉霖林(2008), “人民幣國際化:計量研究及政策分析”,《金融研究》, 341。
張純威(2009), “香港人民幣离岸金融市場發展与人民幣國際化”,《廣東金融學院學報》, 24(6), 5–12。
楊謹如.李怡庭(2010), “支付工具的選擇: 現金與轉帳卡”,《經濟論文叢刊》, 38(4), 435–460。
Goldberg, Linda(2011), "The international role of the dollar: Does it matter if this changes?," Staff Reports 522, Federal Reserve Bank of New York.

Gourinchas, Pierre-Olivier, Rey Helene and Govillot Nicolas(2011), "Exorbitant Privilege and Exorbitant Duty," IMES Discussion Paper Series 10-E-20, Institute for Monetary and Economic Studies, Bank of Japan.

Kalai, Ehud(1977), "Proportional Solutions to Bargaining Situations: Interpersonal Utility Comparisons," Econometrica, 45(7), 1623-30

Kannan, Prakash(2009), "On the welfare benefits of an international currency," European Economic Review, 53(5), 588-606

Kydland, Finn & Scott Freeman(2000), "Monetary Aggregates and Output," American Economic Review, American Economic Association, 90(5), 1125-1135

Lagos, Ricardo and Rocheteau, Guillaume(2008), "Money and capital as competing media of exchange," Journal of Economic Theory, 142(1), 247-258

Lagos, Ricardo and Randall Wright(2005), "A Unified Framework for Monetary Theory and Policy Analysis," Journal of Political Economy, 113(3), 463-484

Benjamin Lester, Andrew Postlewaite and Randall Wright, 2008. "Information, Liquidity, Asset Prices and Monetary Policy", Review of Economic Studies, 79, 1209-1238

Li, Yiting, "Currency and Checking Deposits as Means of Payment," Review of Economic Dynamics 14(2), 403-417

Li, Yiting and Matsui, Akihiko(2009), "A Theory of International Currency: Competition and Discipline", Journal of The Japanese and International Economies 23, 407–-426

Okawa, Yohei and van Wincoop, Eric(2012), "Gravity in International Finance," Journal of International Economics, 87(2), 205-215

Williamson, Stephen D.(2014), "Scarce collateral, the term premium, and quantitative easing," Working Papers 2014-8, Federal Reserve Bank of St. Louis.

Zhang, Cathy(2014), "An information-based theory of international currency," Journal of International Economics, 93(2), 286-301


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