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| 货币国际化、金融稳定与储备需求 | |
| 引用本文： | 朱孟楠 曹春玉. 货币国际化、金融稳定与储备需求[J]. 统计研究, 2019, 36(3): 51-64. DOI: 10.19343/j.cnki.11-1302/c.2019.03.005 |
| 作者姓名： | 朱孟楠 曹春玉 |
| 作者单位： | 厦门大学;厦门大学经济学院 |
| 基金项目： | 国家自然科学基金项目"动态优化视角下的中国外汇储备全面风险管理研究"(71473208)的资助 |
| 摘 要： | 本文基于央行应对银行挤兑、卖出储备干预外汇市场维持固定汇率的理论模型,提出货币国际化、金融稳定和外汇储备需求规模变动的实证检验假设,采用固定效应面板数据回归发现,与外汇储备的进口交易需求相比,当前金融稳定动机更能解释处于动态转变过程中的外汇储备规模需求;一国货币国际化程度越高,出于金融稳定动机的储备规模需求越小;非国际货币发行国家和地区的储备规模在1993-2001年经历了从进口交易需求到金融稳定需求的转型;国际货币发行国家和地区的储备规模则主要由金融稳定因素驱动。金融危机前后,外汇储备规模变动的金融稳定驱动因素更加明显。因此,适度规模的外汇储备有助于金融稳定,金融稳定为实体经济创造良好发展环境,经济实力增长有助于顺利实施货币国际化进程。而货币高度国际化后,将会逐步减少外汇储备的金融稳定需求。 |
| 关 键 词： | 货币国际化 金融稳定 储备需求 固定效应 |
Currency Globalization,Financial Stability and Reserve Requirement |
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| Zhu Mengnan , Cao Chunyu. Currency Globalization,Financial Stability and Reserve Requirement[J]. Statistical Research, 2019, 36(3): 51-64. DOI: 10.19343/j.cnki.11-1302/c.2019.03.005 | |
| Authors: | Zhu Mengnan & Cao Chunyu |
| Abstract: | This paper puts forward the empirical test hypothesis of currency globalization, financial stability and changes of reserve requirements based on a theoretical model that the central bank sells reserves to interfere the foreign currency market and keep the fixed exchange rates when confronting the bank run. By means of the fixed effect panel data regression, it is found that the current financial stability motive can well explain the reserve requirement for foreign exchanges in the dynamic transitional process, in comparison with the importing transaction demand for foreign currency; in a country, the higher the extent of currency globalization is, the less the reserve requirements for financial stability motives are; countries with non-globalized currencies experienced a transition from import transaction demand to financial stability demand in the years of 1993 to 2001; and the reserve scale of a currency globalized country is mainly driven by the motive for financial stability. Before and after the financial crisis, foreign exchange reserves change more apparently due to the motive for financial stability. Therefore, a moderate scale of foreign exchange reserves is helpful for financial stability, financial stability creates a good environment for the development of the real economy, and the growth of economic force ultimately contributes to the process of currency globalization. Moreover, as the currency is being highly globalized, it will gradually reduce the foreign exchange reserve requirement for financial stability purpose. |
| Keywords: | Currency Globalization Financial Stability Reserve Requirement Fixed Effect |
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