外汇储备累积、货币被动创造与经济转型升级

发布时间：2018-04-16 22:04

本文选题：外汇储备 + 基础货币　；参考：《广东金融学院学报》2012年06期

【摘要】：以2001年第1季度至2011年第4季度作为研究区间,使用协整理论实证分析外汇储备不断累积对中国经济转型升级影响的结果表明,当前巨额外汇储备不利于经济发展方式的转变,主要原因在于外汇储备增长的背后所体现的是粗放型、低效的出口创汇形式;外汇占款过多投放以后所施行的对冲操作不利于具有高新技术的中小企业的融资活动,造成这些企业在缺乏资金的情况下逐步丧失市场竞争力。因此,应以外汇储备的战略化使用促进实体经济生产效能的提高;设立外汇平准基金,使外汇占款的投放不再成为基础货币发行的主要手段;通过金融创新,利用外汇储备较多的优势,使得面临转型升级的企业便捷、低成本地获得信贷资金,以提高其国际竞争力;积极推进人民币的国际化,借以改变外汇储备的生成方式,进而将其对经济结构转型的抑制作用变为积极推动作用。
[Abstract]:Taking the period from the first quarter of 2001 to the fourth quarter of 2011 as the study interval, the paper analyzes the impact of the accumulation of foreign exchange reserves on China's economic transformation and upgrading by using the co-collation theory. The results show that the current huge foreign exchange reserves are not conducive to the transformation of the economic development mode.The main reason is that the growth of foreign exchange reserves reflects extensive and inefficient forms of export earnings; the hedging operations implemented after excessive foreign exchange holdings are not conducive to the financing activities of small and medium-sized enterprises with high and new technology.These enterprises gradually lose market competitiveness in the absence of capital.Therefore, the strategic use of foreign exchange reserves should promote the improvement of the productive efficiency of the real economy; the establishment of foreign exchange stabilization funds so that foreign exchange holdings will no longer be the main means of issuing the base currency; and, through financial innovation,By taking advantage of more foreign exchange reserves, enterprises facing transformation and upgrading can easily and cheaply obtain credit funds in order to improve their international competitiveness, actively promote the internationalization of the renminbi, so as to change the way in which foreign exchange reserves are generated.In turn, the inhibition of its economic restructuring into a positive role.
【作者单位】：南京师范大学商学院;
【基金】：教育部人文社会科学研究规划基金项目(10YJAGJW015) 江苏省社会科学基金项目(09CJS002)
【分类号】：F832.6;F124;F224

【参考文献】