国际货币境外交易空间分布的影响因素——基于拓展的引力模型的实证分析

发布时间：2018-03-21 06:01

本文选题：国际货币　切入点：空间分布　出处：《国际金融研究》2017年08期 　论文类型：期刊论文

【摘要】：国际货币境外交易呈现明显的区域不平衡特征。本文综合考虑货币发行国和目标国的特点,使用拓展的引力模型,分析国际货币境外交易空间分布的决定因素。结果表明,传统引力模型大部分引力因素对国际货币交易具有显著促进作用,但斥力因素影响不确定;文化距离对国际货币使用具有显著抑制效应;目标国金融市场发展及开放程度、货币区效应等金融因素对国际货币空间分布具有重要影响;货币发行国政治稳定性是该货币国际使用的重要支撑因素,而目标国政治稳定性越差,货币替代效应越强,该国国际货币使用越多。这些因素大多对人民币境外交易空间分布也具有重要影响,但影响程度存在差异。人民币国际化可利用引力模型效应推动人民币周边化和区域化;推动金融市场发达国家或地区人民币离岸市场发展;借助"一带一路"战略,推动中国文化走出去,提高中国文化影响力。
[Abstract]:In this paper, considering the characteristics of currency issuing country and target country, using the extended gravity model, the determinants of the spatial distribution of international currency offshore transactions are analyzed. Most of the gravity factors in the traditional gravity model have a significant effect on the international currency transactions, but the repulsive factors are uncertain; the cultural distance has a significant inhibitory effect on the use of international currency; the development and openness of the financial markets of the target countries. The political stability of the currency issuing country is an important supporting factor for the international use of the currency, while the worse the political stability of the target country, the stronger the currency substitution effect. Most of these factors have important influence on the spatial distribution of RMB offshore transactions, but the degree of influence is different. The internationalization of RMB can promote the periphery and regionalization of RMB by using the gravitational model effect. To promote the development of offshore RMB market in developed countries and regions, and to promote Chinese culture to go out and enhance its cultural influence with the help of "Belt and Road" strategy.
【作者单位】：华侨大学经济与金融学院;
【基金】：国家社科基金项目“国际货币体系改革视角下金砖国家金融合作机制研究”(项目编号:15CJL047)资助
【分类号】：F831.6

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