新兴市场国家外汇储备适度规模研究

发布时间：2018-04-08 22:20

本文选题：外汇储备　切入点：适度规模　出处：《国际金融研究》2012年03期

【摘要】：本文基于外汇储备的职能划分外汇储备的需求层次,建立了外汇储备适度规模测算模型,选取了中国、巴西、俄罗斯、印度、南非五个金砖国家作为新兴市场国家的典型代表,力图通过研究这五个金砖国家的外汇储备适度规模问题,从这一新角度界定新兴市场国家外汇储备适度规模区间,为新兴市场国家外汇储备管理提供有益的参考。实证研究中,通过测算金砖国家2000-2010年的外汇储备适度规模区间,我们发现以"金砖国家"中国、俄罗斯、巴西为代表的一些新兴市场国家的外汇储备逐渐偏离适度外汇规模上限;同时以南非为代表的一部分新兴市场国家,外汇储备水平一直处于不足的状态;而印度良好的外汇储备管理政策使得其外汇储备量一直保持在适度规模区间内。最后,针对各个新兴市场国家外汇储备处于的不同状态,我们提出了相应的政策建议。
[Abstract]:Based on the function of foreign exchange reserve, this paper divides the demand level of foreign exchange reserve, establishes the appropriate scale model of foreign exchange reserve, selects five BRICS countries, China, Brazil, Russia, India and South Africa, as typical representatives of emerging market countries.By studying the appropriate scale of foreign exchange reserves of these five BRICS countries, this paper tries to define the appropriate scale range of foreign exchange reserves of emerging market countries from this new angle, so as to provide a useful reference for the management of foreign exchange reserves in emerging market countries.In the empirical study, by measuring the appropriate scale of the BRICS foreign exchange reserves from 2000 to 2010, we find that China and Russia are the "BRICS" countries.The foreign exchange reserves of some emerging market countries represented by Brazil gradually deviate from the limit of appropriate foreign exchange scale, and the level of foreign exchange reserves of some emerging market countries represented by South Africa has been in a state of insufficiency.India's good foreign reserves management policy has kept its reserves in a moderate size range.Finally, according to the different states of foreign exchange reserves of emerging market countries, we put forward the corresponding policy recommendations.
【作者单位】：中央财经大学统计学院;
【基金】：中央财经大学学科建设基金资助
【分类号】：F831

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