货币国际化:基于成本渠道的影响因素和作用路径研究

发布时间：2018-07-16 12:16

【摘要】：本文利用国际储备货币的币种结构来度量货币国际化程度,考虑因货币交易需求和原始储备币种分布的差异而产生的不同货币之间转换成本、货币储备不足的短缺成本和过度储备的机会成本,基于效用最大化原则,构建了外汇储备币种选择的因素决定模型。检验结果表明:人民币与现有国际货币具有相似的发展路径,惯性因素和汇率制度改革的影响不容忽视;经济规模仍然是人民币国际化最坚实的根基;成熟的金融市场和网络技术对货币国际化的促进作用会逐渐显现。目前应深化汇率制度改革并稳步推进资本账户开放,进而提高人民币的国际接受程度。
[Abstract]:In this paper, the currency structure of the international reserve currency is used to measure the degree of currency internationalization, and the cost of switching between different currencies due to the difference in the demand for currency transaction and the distribution of the original reserve currency is considered. Based on the principle of maximization of utility, the factors determining the choice of foreign exchange reserve currency are constructed based on the shortage cost of currency reserve and the opportunity cost of excessive reserve. The results show that the RMB has a similar development path with the existing international currency, the influence of inertia factors and exchange rate system reform can not be ignored, the economic scale is still the most solid foundation of RMB internationalization; Mature financial market and network technology will promote currency internationalization gradually. At present, we should deepen the reform of the exchange rate regime and steadily push forward the opening of the capital account so as to enhance the international acceptance of the RMB.
【作者单位】：武汉大学经济与管理学院;清华大学五道口金融学院;
【基金】：国家社会科学基金重大项目(16ZDA032) 教育部人文社会科学研究项目(16YJA790040) “泰山学者”专项工程经费的资助
【分类号】：F832.6

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