外汇储备币种偏好的影响因素研究
发布时间：2018-12-07 08:01
【摘要】：长期以来,美元、欧元、日元和英镑资产总和占据全球外汇储备90%以上,探究影响发达国家和发展中国家外汇储备币种比例的因素差异,以及四种主要货币之间的替代关系。创新性的从货币发行国角度进行分析,考虑最重要的三种因素:经济规模、汇率和利率。研究发现,货币发行国GDP是影响货币占比的主要因素,其次是实际有效汇率,利率对货币占比影响不显著。对于发展中国家,欧元和日元替代关系明显,而对于发达国家,英镑和欧元替代关系明显。
[Abstract]:The combined assets of the dollar, euro, yen and sterling have long accounted for more than 90 percent of the world's foreign exchange reserves, exploring factors that affect the proportion of foreign exchange reserves between developed and developing countries, as well as alternative relationships among the four major currencies. Innovative analysis from a currency issuer's point of view, considering the most important three factors: economic size, exchange rate and interest rate. It is found that GDP is the main factor affecting the proportion of currency, followed by the real effective exchange rate, and the interest rate has no significant effect on the proportion of currency. For developing countries, the euro and yen alternatives are clear, while for developed countries, sterling and euro alternatives are clear.
【作者单位】： 北京航空航天大学人文学院;对外经济贸易大学金融学院;
【基金】：北京市社会科学基金重大项目“我国外汇储备的投资优化决策问题研究”(15ZDA46)资助 教育部人文社科规划基金项目“通货膨胀下的资产配置问题研究”(14YJA790075)资助
【分类号】：F831.6
本文编号：2366874
[Abstract]:The combined assets of the dollar, euro, yen and sterling have long accounted for more than 90 percent of the world's foreign exchange reserves, exploring factors that affect the proportion of foreign exchange reserves between developed and developing countries, as well as alternative relationships among the four major currencies. Innovative analysis from a currency issuer's point of view, considering the most important three factors: economic size, exchange rate and interest rate. It is found that GDP is the main factor affecting the proportion of currency, followed by the real effective exchange rate, and the interest rate has no significant effect on the proportion of currency. For developing countries, the euro and yen alternatives are clear, while for developed countries, sterling and euro alternatives are clear.
【作者单位】： 北京航空航天大学人文学院;对外经济贸易大学金融学院;
【基金】：北京市社会科学基金重大项目“我国外汇储备的投资优化决策问题研究”(15ZDA46)资助 教育部人文社科规划基金项目“通货膨胀下的资产配置问题研究”(14YJA790075)资助
【分类号】：F831.6
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