标题： 贸易网络与全球货币的崛起 显示英文标题

标题： Trade Networks and the Rise of a Global Currency

摘要： 我们开发了一个关于全球货币之间战略竞争的模型。发行者选择他们国际化货币的承诺水平，而用户——在一个贸易网络中相互关联——则选择每种货币用于贸易结算的使用程度。我们的理论发现不仅突显了现状发行者维持主导地位的优势，还揭示了新兴发行者吸引用户的可能性条件，这可能促使多货币支付系统的发展。用户的网络中心性在塑造他们的货币选择和发行者的战略承诺水平方面起着关键作用。我们的框架通过链接网络结构、发行者的策略以及用户的货币选择，为贸易结算的全球货币份额提供了可检验的预测。 显示英文摘要

摘要： We develop a model of strategic competition between global currencies. Issuers choose their commitment levels for currency internationalization, while users -- interconnected in a trade network -- choose their usage of each currency for trade settlement. Our theoretical findings highlight not only the advantage of the status-quo issuer in maintaining dominance, but also the conditions under which an emerging issuer can attract users, potentially leading to a multi-currency payment system. The network centrality of users plays a key role in shaping both their currency choices and the strategic commitment levels of issuers. Our framework offers testable implications for the share of global currencies for trade settlement by linking the network structure, the strategy of issuers and the currency choice of users.