摘要
随着世界经济发展模式的演变,货币国际化的决定因素也逐渐改变。一国成为世界经济大国后,推动其货币国际化发展的动力会发生怎样的转变?基于此,本文充分考虑了货币国际化进程的动态特性,运用DGMM和SGMM动态面板模型,基于主要国际货币的相关数据对影响货币国际化的关键因素进行了实证研究。结论认为,在实体经济发展到一定阶段后,货币国际化的影响因素会发生明显改变;汇率波动不再显著影响货币国际化程度,而对内币值波动和货币惯性的影响依然明显;金融市场的发展会逐渐替取实体经济成为货币国际化的杠杆式推动力量。
What factors significantly influence the process of currency internationalization？ Does nominal exchange rate fluctuation indeed influence currency internationalization as expected？ Based on these questions, this study constructs a quarterly currency internationalization index and applies DGMM and SGMM approach to analyze the possible relationship among currency internationalization level and GDP, currency value stability, financial markets＇development, trade unification and currency inertia. The resuh demonstrated that the nominal exchange rate fluctuation does not significantly influence currency internationalization no matter before or after the financial crisis. It is the financial markets＇deep development and the inertia factor that conspicuously drive the process of currency internationalization.
出处
《国际金融研究》
CSSCI
北大核心
2012年第11期55-64,共10页
Studies of International Finance
关键词
货币国际化
汇率波动
金融市场发展
动态面板
Currency Internationalization
Currency Value Stability
Financial Markets Liberalization
Panel Data
