CAJ | 학술논문

本文基于一个主权货币作为国际货币的跨期最优消费模型，从理论上分析了开放经济条件下一国货币国际化对该国居民消费的影响。结论表明，随着一国货币国际化程度提高，其他国家对该国货币需求增加，有助于提高该国的长期消费水平。进而基于面板数据对美、英、日等主要国际货币国家近几十年来的国际经验分析，均很好地支持了上述理论结论。在当前我国居民消费严重不足、经济增长方式亟需转变的背景下，本研究认为积极推进人民币国际化将有助于促进我国居民消费增长，对我国深入实施扩大内需战略具有重要意义。
본문기우일개주권화폐작위국제화폐적과기최우소비모형，종이론상분석료개방경제조건하일국화폐국제화대해국거민소비적영향。결론표명，수착일국화폐국제화정도제고，기타국가대해국화폐수구증가，유조우제고해국적장기소비수평。진이기우면판수거대미、영、일등주요국제화폐국가근궤십년래적국제경험분석，균흔호지지지료상술이론결론。재당전아국거민소비엄중불족、경제증장방식극수전변적배경하，본연구인위적겁추진인민폐국제화장유조우촉진아국거민소비증장，대아국심입실시확대내수전략구유중요의의。
Based on sovereign currency as the international currency inter-temporal optimal consumption model, we discussed the impact of currency internationalization on household consumption. Conclusions are drawn that improvement in the internationalization of a coun- try＇s currency will enhance this country＇s household consumption rate. The major interna- tional reserve countries＇ experiences, such as U. S. and Japan, and the empirical results based on international reserve countries＇ data set are support these conclusions. The empiri- cal results are quite robust with different data samples and econometric methods. This study suggests that under the background of low household consumption, external demand de- clining and transformation of the pattern of economic development, actively promoting the internationalization of the RMB will increase China＇s household consumntion_