摘要
本文聚焦国际货币的外汇储备功能,选取2000-2014年美元、英镑、日元和瑞郎四种国际货币的动态面板数据,运用SGMM估计方法,探讨资本项目开放对货币国际化水平的影响。研究发现:资本项目开放度对国际储备货币份额产生显著影响,货币惯性是仅次于经济实力和金融市场之外的重要决定因素,货币内外币值的稳定性并未对货币国际化构成挑战。建议我国审时度势迈开资本项目开放步伐,实现其与人民币国际化战略之间的协调,重视经济潜力和金融市场发展对货币国际化的提振作用,助力人民币在更高层面上获得国际话语权。
This paper focuses on the foreign currency reserve function of international currencies,and selects the dynamic panel data of the four international currencies of US dollars,British pounds,Japanese yen and the Swiss franc.The paper uses the SGMM estimation method to explore the impact of capital account opening on the lavel of currency internationalization.The study found that the openness of capital projects has a significant impact on the share of international reserve currency.Currency inertia is a important determinant after economic strength and financial market.The stability of currency internal and foreign currency value doesn’t pose a challenge to currency internationalization.At the time of the trial,China should open up the pace of capital project opening to realize the harmonization and integration between it and the internationalization strategy of the RMB.Pay full attention to China’s economic potential and the development of financial markets to boost the internationalizationof the currency,and help the RMB gain international voice at a higher level.
作者
陶华
Tao Hua(Xining Municipal Sub-branch PBC,Qinghai Xining,810001)
出处
《西部金融》
2019年第8期28-32,共5页
West China Finance
关键词
资本项目开放
人民币国际化
动态面板
capital opening
currency internationalization
dynamic panel
作者简介
陶华(1966.3-),女,青海湟源人,经济师,现供职于中国人民银行西宁中心支行。
