日元国际化的直接影响因素及空间溢出效应——基于OTC交易量的空间面板模型研究

本文利用改进的空间面板模型对日元国际化的直接影响因素及空间溢出效应进行了实证研究,结果表明,一国同日本的实际双边贸易额与一国外汇市场的发达程度对其使用日元进行交易的意愿产生正向作用。此外,一国外汇市场的发达程度,会对相邻国家使用日元的偏好产生显著的正面影响。这反映出日元国际化过程中通过一国金融市场发达程度而产生空间溢出效应,也就是金融市场越发达的国家在增加使用日元的同时可以带动周边国家对日元交易需求的提高。最后,在其他条件不变时,相邻国家间在使用日元交易上也存在竞争效应。

Internationalization of the Yen:Determinants and the Spatial Effect: A Spatial Panel Model based on OTC Turnover Data

This paper utilized a spatial panel model,empirically analyzing the direct influencing factors and the spatial spillover effect of Yen internationalization.The results showed that the level of development of foreign exchange market and the actual trade volume with Japan are positive factors influencing Yen internationalization.In addition,the more developed a country′s foreign exchange market,the greater the chance of the use of the yen in its neighboring countries.The level of development of foreign exchange market has spatial spillover effect,that is,it drives Yen internationalization locally,and meanwhile,indirectly influences Yen internationalization of adjacent areas.Lastly,Yen trading volume of neighboring countries is a negative factor influencing Yen internationalization.