外汇市场深度、网络外部性与美元的国际地位——基于分国别与地区面板数据的实证研究

发布时间：2018-04-20 20:05

本文选题：美元国际地位 + 外汇市场　；参考：《经济经纬》2012年02期

【摘要】：尽管美元的未来存在不确定性,但从现况来看尚无任何货币具备超越美元的实力,对美元地位的短期走势并不能作出简单的判断。作者运用面板数据模型对美元国际地位的影响因素进行了实证分析。结果表明,一国外汇市场的发达程度对美元国际地位的确定产生了重要的正面影响:一国外汇市场越发达,其越青睐于持有美元;另外在动态面板数据模型中,前一期外汇市场的实际货币交易量也是决定美元国际地位的显著因素,并且前一期外汇市场的实际货币交易量越大,该国对美元的需求量越大。这一结论证实了网络外部性效应的存在。
[Abstract]:Despite the uncertainty about the dollar's future, no currency has the strength to surpass the dollar in the current situation, and there is no easy way to judge the short-term direction of the dollar's status. Using panel data model, the author makes an empirical analysis on the influencing factors of US dollar's international status. The results show that the degree of development of a country's foreign exchange market has an important positive impact on the determination of the international status of the US dollar: the more developed a country's foreign exchange market is, the more it prefers to hold US dollars; in addition, in the dynamic panel data model, The volume of real currency trading in the previous foreign exchange market was also a significant factor in determining the international status of the dollar, and the greater the volume of real currency trading in the previous foreign exchange market, the greater the country's demand for the dollar. This conclusion confirms the existence of network externality effect.
【作者单位】：吉林大学经济学院;
【基金】：国家社科基金重大项目(10ZD&054)
【分类号】：F224;F831.52;F827.12

【相似文献】