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首页> 外文期刊>The Singapore economic review >THE SIZE OF FOREIGN EXCHANGE RESERVES AND LOCAL CURRENCY INTERNATIONALIZATION: CROSS-COUNTRY EVIDENCE
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THE SIZE OF FOREIGN EXCHANGE RESERVES AND LOCAL CURRENCY INTERNATIONALIZATION: CROSS-COUNTRY EVIDENCE

机译：外汇储备规模和当地货币国际化：跨国证据

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摘要

This paper produces the first cross-country evidence on the relationship between the size of foreign exchange reserves and local currency internationalization using a sample of Switzerland, Japan and the UK. It finds that a high ratio of foreign exchange reserves to international reserves has a significant, but negative, impact on local currency internationalization during the period 1976-2009. After controlling for interest rate differential, different indicators for long-run depreciation and volatility of exchange rates, as well as the once-in-a-century global financial crisis of 2007-2009, the above conclusion still holds. Additionally, these results are robust to different methods (Pooled OLS and Pooled IV/2SLS) and measures of the scale of foreign exchange reserves. This study is informative for any policy decisions and will provide a strategic reference for the Chinese government as it optimizes the composition of its international reserves, promotes the process of renminbi (RMB) internationalization and becomes a major power through financial development.
机译：本文使用瑞士，日本和英国的样本，得出了关于外汇储备规模与当地货币国际化之间关系的第一个跨国证据。它发现，外汇储备与国际储备的比率很高，对1976-2009年期间的本币国际化有重大但负面的影响。在控制了利率差异，长期贬值和汇率波动的不同指标以及2007-2009年百年一遇的全球金融危机之后，上述结论仍然成立。此外，这些结果对于不同的方法（汇总的OLS和汇总的IV / 2SLS）和外汇储备规模的度量是可靠的。这项研究可为任何政策决策提供信息，并为中国政府优化其国际储备构成，促进人民币国际化进程并通过金融发展成为主要力量提供战略参考。

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