外汇储备币种结构管理:国际研究综述

发布时间：2018-08-17 19:23

【摘要】：本文回顾和评述关于储备货币构成问题的国际文献及其发展。这一领域的国际研究,集中于在总量层次上分析全球和国家集团储备币种结构的决定因素与在国别层次上选择最优的储备货币比例问题。证据显示,储备币种结构的演变是缓慢的过程,取决于路径依赖、惯性和各储备货币本身的特性。各国中央银行选择储备币种结构时,一般考虑汇率制度的性质、与储备货币国的贸易和金融联系及两者间的互动关系。国别研究一般基于马库维茨的均值-方差模型(MV模型),以在收益和风险权衡的框架内求解一国储备的最优货币构成。在综述MV模型主要应用情况的基础上,本文探讨了该模型在分析储备币种构成时的问题及可能的改进方法。本文还介绍了国际金融体系新发展对储备货币结构选择的影响。
[Abstract]:This paper reviews and reviews the international literature on the composition of reserve currencies and its development. International research in this field focuses on the analysis of the determinants of the structure of global and group reserve currencies at the aggregate level and the selection of the optimal reserve currency ratio at the country level. Evidence shows that the evolution of reserve currency structure is slow, depending on path dependence, inertia and the characteristics of reserve currencies themselves. When the central banks choose the structure of reserve currencies, they generally consider the nature of the exchange rate system, the trade and financial links with the reserve currency countries and the interaction between the two. Country studies are generally based on Markowitz's mean-variance model (MV model) to solve the optimal monetary composition of a country's reserve within the framework of income and risk tradeoff. On the basis of summarizing the main application of MV model, this paper discusses the problems and possible improvement methods of the model in analyzing the composition of reserve currency. The paper also introduces the influence of the new development of the international financial system on the choice of reserve currency structure.
【作者单位】：上海对外贸易学院金融管理学院;华东师范大学金融研究院;
【基金】：上海市学科建设项目(J51201)资助
【分类号】：F831.6

【参考文献】