摘要
本文根据货币国际化的职能将货币国际化依次划分为三个阶段,并分析了货币国际化的每一个阶段的影响因素。在此基础上,利用主要国际货币的面板数据对货币国际化的影响因素进行了实证分析。静态回归模型表明:货币国际化程度受到国家经济规模、进口市场规模、出口产品的技术水平以及货币升值幅度、该货币的汇率稳定程度的影响较为显著,受到金融成熟度的影响较其他因素弱。动态回归模型表明:货币国际化具有惯性效应。上述研究结论为推进人民币国际化提供了若干启示。
In this thesis,currency internationalization is divided into three stages based on its functions and the factors which render impacts on each stage are analyzed.On this basis,an empirical analysis is held on these influential factors of each stage.The static regression model shows that the progress of currency internationalization is significantly impacted by the scale of both a country's economy and its importing market,technology advancement of the exports,its currency appreciation and the exchange rate stability while the impact of financial maturity is less significant in this case.The dynamic regression model shows that the currency internationalization tends to be subject to the inertia effect.The above conclusions give inspirations to the RMB internationalization.
出处
《上海金融》
CSSCI
北大核心
2012年第12期28-30,120,共3页
Shanghai Finance
关键词
金融市场
货币国际化
货币职能
Financial Market
Currency Internationalization
Function of Currency
