An Information Approach to International Currencies

This paper addresses currency competition from an information perspective. Transactions in traditional models do not convey information, so transaction costs -- the driver of competition outcomes -- are driven by market size. In our model transactions do convey information (consistent with recent

本研究从信息视角对货币竞争问题展开分析。传统模型框架下的交易行为不具备信息传递属性，因此作为竞争结果核心驱动因素的交易成本，其决定机制由市场规模主导。在本研究构建的模型中，交易可传递信息，这与近期的相关研究结论一致。