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A STUDY OF THE DIVERSIFICATION OF CHINA'S FOREIGN RESERVES WITHIN A THREE-COUNTRY STOCK-FLOW CONSISTENT MODEL

机译:三国库存流量一致模型下的中国外汇储备多元化研究

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摘要

The paper presents a three-country stock-flow consistent model, with one fixed exchange rate and two flexible exchange rates, in the tradition of portfolio balance models with imperfect asset substitutabil-ity. The model is applied to simulate the impact of the diversification of the foreign reserves of China, away from US dollars and towards euros. The simulation results show that China and the USA both benefit from diversification, while the Euroland economy slows down. An intriguing feature of the model is that it generates path dependence.
机译:本文提出了一种具有不固定资产替代性的投资组合余额模型的三国存量流量一致模型,该模型具有一个固定汇率和两个灵活汇率。该模型用于模拟中国外汇储备(从美元向欧元)多样化的影响。模拟结果表明,中国和美国都受益于多元化,而欧元区经济增长放缓。该模型的一个有趣特征是它会生成路径依赖性。

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  • 来源
    《Metroeconomica》 |2010年第3期|P.558-592|共35页
  • 作者

    Marc Lavoie; Jun Zhao;

  • 作者单位

    University of Ottawa and Department of Health Canada Department of Economics University of Ottawa 65 Laurier E. Ottawa (Ontario) Canada KIN 6N5;

    rnUniversity of Ottawa and Department of Health Canada Department of Health Canada 200 Eglantine Driveway Ottawa (Ontario) Canada K1A 0K9;

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  • 正文语种 eng
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