Vehicle Currencies and the Structure of International Exchange
研究英镑和美元等货币为何成为其他货币交换的载体，通过三国家模型分析交易成本如何影响载体货币的选择与演变，并探讨一种货币取代另一种货币成为国际交换媒介的动态过程。
This paper is concerned with the reasons why some currencies, such as the pound sterling and the U.S. dollar, have come to serve as vehicles for exchanges of other currencies. It develops a three-country model of payments equilibrium with transaction costs, and shows how one currency can emerge as an international medium of exchange. Transaction costs are then made endogenous, and it is shown how the underlying structure of payments limits, without necessarily completely determining, the choice and role of a vehicle currency. Finally, a dynamic model is developed, and the way in which one currency can displace another as the international medium of exchange is explored.