中文摘要
旨在促进货币国际化的政策往往同时针对资本账户和经常账户交易中的摩擦。我们利用一个动态一般均衡模型研究这一双管齐下的策略，在该模型中，国际货币既充当价值储藏手段，又充当交易媒介。由于国际货币不同功能之间的互补性，双管齐下的策略比单一侧重的政策更为有效。我们以解析方式刻画了这种政策互补性，并将模型应用于2010—2021年间中国的人民币国际化改革。我们发现：(1) 这些改革将境外持有人民币债券的回报楔子降低了4.1个百分点（p.p.），并使人民币结算国际贸易的成本以贸易收入等值计降低了0.9个百分点。(2) 政策互补性占总政策效应的一半。(3) 若仅采取单一侧重的政策——只针对资本（经常）账户摩擦——财政成本将增加至原来的2.1倍（1.8倍）。
Abstract
Policies aimed at promoting currency internationalization often target frictions in both capital and current account transactions. We study this two-pronged approach using a dynamic general equilibrium model in which an international currency serves as both a store of value and a medium of exchange. Due to the complementarity between different functions of an international currency, a two-pronged approach is more effective than policies with a single focus. We analytically characterize this policy complementarity and apply the model to China’s renminbi internationalization reforms during 2010-2021. We find that: (1) These reforms reduced the return wedge on foreign held renminbi bonds by 4.1 percentage points (p.p.) and lowered the cost of renminbi-settled international trade by 0.9 p.p. in trade-revenue equivalent. (2) Policy complementarity accounted for half of the overall policy effect. (3) A single-focused policy — targeting only capital (current) account frictions — would have raised fiscal costs by a factor of 2.1 (1.8).