CAJ | 학술논문

货币的最基本功能是执行价值尺度。随着社会发展，价值尺度的内涵和外延在不断变化．至今经济学没有解决“绝对价值尺度”问题。英镑将其价值尺度与金本位制结合在一起使其成为国际货币；美元不仅延续了英镑的做法（通过布雷顿森林体系），而且通过大宗商品的国际组织逐步扩展网络效应（或称之为“网络外部性”），在其衰退期还击退日元的挑战．保持了美元的霸主地位。日元国际化生不逢时，浮动汇率制使日元难以成为国际价值尺度．如欲获取国际价值尺度功能则会使日本损伤国力。本文通过模型和实证阐述了国际货币的价值效应和网络效应．论证了黄金非货币化时代新兴经济体主权货币国际化的难题。
화폐적최기본공능시집행개치척도。수착사회발전，개치척도적내함화외연재불단변화．지금경제학몰유해결“절대개치척도”문제。영방장기개치척도여금본위제결합재일기사기성위국제화폐；미원불부연속료영방적주법（통과포뢰돈삼림체계），이차통과대종상품적국제조직축보확전망락효응（혹칭지위“망락외부성”），재기쇠퇴기환격퇴일원적도전．보지료미원적패주지위。일원국제화생불봉시，부동회솔제사일원난이성위국제개치척도．여욕획취국제개치척도공능칙회사일본손상국력。본문통과모형화실증천술료국제화폐적개치효응화망락효응．론증료황금비화폐화시대신흥경제체주권화폐국제화적난제。
The fundamental function of currency is value measurement. Along with the social development, both its internal and external content is now subject to change. Economists have not found ＂absolute value measurement＂ yet. Pound sterling came into power by pegging its value to gold standard; US dollar followed suit not only by adopting the Bretton Wood System but also by serving as the nominating currency of major staple commodities, which was considered as the network externalities of US dollar and helped increase its value by scale, The dollar maintains its power internationally and wards off the challenge from Japanese yen. The internationalization of yen seems not favored by the time. The floating exchange rate system stops yen from becoming the ideal measurement of value. If it does perform this function, the country＇s power will be gradually exhausted. During the demonetization of gold, the growing network externality for the currency will offset its waning measurement of value. The paper tests the measurement of value for the currencies under the fixed exchange rate system and network externality effect under the floating exchange rate system via both model and emoirical study.