摘要
基于1990到2009年数据,本文从外汇供给和外汇需求角度分析我国外汇储备持续积累的原因。从外汇供给角度看,国内生产总值、出口总额、实际使用外商直接投资、外债余额作为源于外汇储备供给因素的解释变量,其中国内生产总值、出口总额对外汇储备具有较明显作用。从外汇储备需求角度看,汇率、国内外利率比作为源于外汇储备需求因素的解释变量,其中汇率对外汇储备增长有正向影响,国内外利率比对外汇储备增长影响甚微。
Based on the data from 1990 to 2009, this paper analyzes the reasons why China＇s foreign exchange re- serves continue to accumulate from the perspectives of supply and demand for foreign exchange. From the perspective of foreign exchange supply, GDP, total exports, the actual use of foreign direct investment and foreign debt from foreign exchange reserves are supply factors as explanatory variables, in which gross domestic product; exports of foreign exchange reserves play a more significant role. From the perspective of foreign exchange demand, exchange rate, the difference between domestic interest rates and foreign interest rates are demand factors as explanatory vari- ables, in which the exchange rate has a positive impact on the foreign exchange reserve growth. However the dif- ferences between domestic interest rates and foreign interest rates have little effect on the reserves.
出处
《河北工业大学学报（社会科学版）》
2012年第1期11-16,共6页
Journal of Hebei University of Technology：Social Sciences Edition
关键词
外汇储备
影响因素
实证检验
foreign exchange reserves
factors
empirical test
