国际标价货币的决定因素分析——兼论人民币国际化政策

发布时间：2018-02-16 14:20

本文关键词： 国际标价货币规模经济历史惯性交易成本　出处：《东岳论丛》2011年10期 　论文类型：期刊论文

【摘要】：通过考察国际标价货币的决定因素,在回顾国际货币的主要决定因素的基础上,选择具有代表性的因素,利用固定效应的FGLS方法,对能够得到数据的国际化货币用于国际储备、国际债券(和票据)以及国际贸易标价货币构成的决定因素的历史数据进行了检验。结果发现,主要的决定因素是经济规模、出口规模、国内金融体系规模以及实际利率。这些因素使一种货币的国际化使用产生规模经济,交易成本也随之降低。因此,为了推进人民币的国际化,政策的重点不应是直接促进人民币的国际化使用,而是通过保持较高的经济总量和贸易份额,并发展金融市场和外汇市场来创造条件,使得市场参与者使用人民币的成本降低,从而增加人民币的国际化使用。
[Abstract]:By examining the determinants of international currency prices, and on the basis of reviewing the main determinants of international currencies, selecting representative factors and using the fixed effect FGLS method, the international currencies that can obtain data are used in international reserves. Historical data on the determinants of the monetary composition of international bonds (and notes) and international trade prices have been tested. The results show that the main determinants are the size of the economy, the scale of exports, The size of the domestic financial system and the real interest rate. These factors have resulted in economies of scale and lower transaction costs for the international use of a currency. Therefore, in order to promote the internationalization of the renminbi, The focus of the policy should not be on directly promoting the international use of the renminbi, but on creating conditions by maintaining a high economic volume and trade share, and by developing financial markets and foreign exchange markets, so as to reduce the cost of using the renminbi by market participants. Thus increasing the international use of RMB.
【作者单位】：山东大学经济学院;
【基金】：国家社科基金(11CGJ017) 山东大学自主创新基金(人文社科专项)的资助
【分类号】：F821;F832.6;F224

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