货币国际化进程影响因素研究——基于外汇储备职能的实证分析
上海财经大学学报 2010 年 第 12 卷第 06 期, 页码:83 - 90
摘要
参考文献
摘要
本文运用非线性动态面板回归模型对货币国际化进程的影响因素进行实证分析,发现从动态分析角度看,国际货币的惯性对主要国际货币占外汇储备比重有显著的解释力,一国经济规模是影响货币国际化的最显著因素。提出资本账户开放程度并不是一国货币国际化的决定因素,人民币国际化进程中资本账户开放应该循序渐进。
①Tavlas,G.,1997.The International Use of the US Dollar.World Economy,20,pp.709-49.
②Bersten,C.Fred(1975),the dilemmas of the dollar,New York university press,New York.
③Tavlas,G.(1997)‘The International Use of the US Dollar:An Optimum Currency Area Perspective’,The World Economy,20(6):709-47.
④Cohen,B.(1998)The Geography of Money,Ithaca:Cornell University Press.
⑤Eichengreen,Barry and Jeffrey Frankel,1996,“The SDR,Reserve Currencies,and the Future of Interna-tional monetary System”in The Future of the SDR in Light of Changes in the International Financial Sys-tem,International monetary Fund,1996.
⑥Chinn,M.and Frankel,J.(2005)‘Will the Euro Eventually Surpass the Dollar As Leading InternationalReserve Currency?’,NBER Working Paper 11510,Cambridge,MA:National Bureau of Economic Research
⑦李稻葵、刘霖林:《人民币国际化计量研究及政策分析》,《金融研究》2008年第11期。
⑧宏观面板数据具有较大的时间跨度和较多的变量个数,微观面板数据具有较小的时间跨度和较少的变量个数。
⑨Prem R.International currencies and endogenous enforcement—an empirical analysis,IMF working paper,WP/97/29.p14.
10 Epstein,Gerald A.and Schor,Juliet B,structural determiants and economic effects of capital controls inOECD countries,WIDER studies in development economics,Clarendon Press,Oxford:137-161,1992.
11 Cukierman,Ales.Webb.Stevern.B and Neyapti,Bilin,measuring the independence of central banks andits effects on policy outcomes,the world bank economic review,6(3):353-398.
12 Chinn,M.and Frankel,J.Will the Euro Eventually Surpass the Dollar As Leading International ReserveCurrency?,NBER Working Paper 11510,Cambridge,MA:National Bureau of Economic Research,2005.
13白仲林,张晓峒:《面板数据的计量经济分析》,南开大学出版社2008年版。
14巴蒂.H.巴尔塔基著,白仲林,张晓峒,《面板数据计量经济分析》,机械工业出版社2010年版。
15 Strange,S.Sterling and British Policy,Oxford:Oxford University Press,1971.
16 Bergsten,F.(2005)The Euro and the Dollar,in A.Posen(ed.)The Euro at Five:Ready for a GlobalRole?,Washington,DC:Institute for International Economics.
17 Krugman,P.The International Role of the Dollar:Theory and Prospect,in J.Bilson and R.Marston(eds)Exchange Rate Theory and Practice,Chicago:University of Chicago,1984.
18 Kindleberger,C.The Politics of International Money and World Language,International Finance,No 61,Princeton:Princeton University Press,1967.
19 Cohen,B.Toward a Leaderless Currency System,paper presented at workshop,Wither the Key Currency?Cornell University,Ithaca,New York,October,12-14,2007.
②Bersten,C.Fred(1975),the dilemmas of the dollar,New York university press,New York.
③Tavlas,G.(1997)‘The International Use of the US Dollar:An Optimum Currency Area Perspective’,The World Economy,20(6):709-47.
④Cohen,B.(1998)The Geography of Money,Ithaca:Cornell University Press.
⑤Eichengreen,Barry and Jeffrey Frankel,1996,“The SDR,Reserve Currencies,and the Future of Interna-tional monetary System”in The Future of the SDR in Light of Changes in the International Financial Sys-tem,International monetary Fund,1996.
⑥Chinn,M.and Frankel,J.(2005)‘Will the Euro Eventually Surpass the Dollar As Leading InternationalReserve Currency?’,NBER Working Paper 11510,Cambridge,MA:National Bureau of Economic Research
⑦李稻葵、刘霖林:《人民币国际化计量研究及政策分析》,《金融研究》2008年第11期。
⑧宏观面板数据具有较大的时间跨度和较多的变量个数,微观面板数据具有较小的时间跨度和较少的变量个数。
⑨Prem R.International currencies and endogenous enforcement—an empirical analysis,IMF working paper,WP/97/29.p14.
10 Epstein,Gerald A.and Schor,Juliet B,structural determiants and economic effects of capital controls inOECD countries,WIDER studies in development economics,Clarendon Press,Oxford:137-161,1992.
11 Cukierman,Ales.Webb.Stevern.B and Neyapti,Bilin,measuring the independence of central banks andits effects on policy outcomes,the world bank economic review,6(3):353-398.
12 Chinn,M.and Frankel,J.Will the Euro Eventually Surpass the Dollar As Leading International ReserveCurrency?,NBER Working Paper 11510,Cambridge,MA:National Bureau of Economic Research,2005.
13白仲林,张晓峒:《面板数据的计量经济分析》,南开大学出版社2008年版。
14巴蒂.H.巴尔塔基著,白仲林,张晓峒,《面板数据计量经济分析》,机械工业出版社2010年版。
15 Strange,S.Sterling and British Policy,Oxford:Oxford University Press,1971.
16 Bergsten,F.(2005)The Euro and the Dollar,in A.Posen(ed.)The Euro at Five:Ready for a GlobalRole?,Washington,DC:Institute for International Economics.
17 Krugman,P.The International Role of the Dollar:Theory and Prospect,in J.Bilson and R.Marston(eds)Exchange Rate Theory and Practice,Chicago:University of Chicago,1984.
18 Kindleberger,C.The Politics of International Money and World Language,International Finance,No 61,Princeton:Princeton University Press,1967.
19 Cohen,B.Toward a Leaderless Currency System,paper presented at workshop,Wither the Key Currency?Cornell University,Ithaca,New York,October,12-14,2007.
引用本文
孙海霞, 杨玲玲. 货币国际化进程影响因素研究——基于外汇储备职能的实证分析[J]. 上海财经大学学报, 2010, 12(6): 83–90.
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