| 外汇储备管理的多层次需求分析框架——挪威、新加坡的经验及其对中国的借鉴 |
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| 引用本文： | 巴曙松,刘先丰.外汇储备管理的多层次需求分析框架——挪威、新加坡的经验及其对中国的借鉴[J].经济理论与经济管理,2007,0(1):46-53. |
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| 作者姓名： | 巴曙松 刘先丰 |
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| 作者单位： | 1. 国务院发展研究中心, 北京, 100010;2. 天津财经大学, 天津, 300222 |
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| 摘 要： | 现代货币理论中个人持有货币余额的需求动机理论可以引入到政府持有外汇储备的需求动机的分析中,这种需求动机可以分为交易性、预防性和盈利性三大类。结合发展中国家以及产业结构相对单一的发达国家的经济实践,外汇储备需求动机还应包括发展性需求。挪威和新加坡分别以其全球配置的组合管理和专业化的公司管理实现了多层次需求外汇储备管理,在明确外汇储备需求动机、外汇储备组合管理、确立专业化运作主体、建立严格的管理体系等方面为中国的外汇储备管理运作提供了参考。
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| 关 键 词： | 外汇储备 需求动机 多层次管理 投资组合 |
| 文章编号： | 1000-596X(2007)01-0046-08 |
| 收稿时间： | 2006-11-20 |
| 修稿时间： | 2006年11月20 |
MULTI-LEVEL DEMAND MANAGEMENT FRAMEWORK OF FOREIGN EXCHANGE RESERVES: EXPERIENCES OF NORWAY AND SINGAPORE AND THEIR MEANING FOR CHINA |
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| BA Shu-song,LIU Xian-feng.MULTI-LEVEL DEMAND MANAGEMENT FRAMEWORK OF FOREIGN EXCHANGE RESERVES: EXPERIENCES OF NORWAY AND SINGAPORE AND THEIR MEANING FOR CHINA[J].Economic Theory and Business Management,2007,0(1):46-53. |
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| Authors: | BA Shu-song LIU Xian-feng |
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| Institution: | 1. Institute of Finance, Research Center of Development, State Department, Beijing 100010, China;2. School of Finance, Tianjin University of Finance, Tianjin 300222, China |
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| Abstract: | Modern motive theory of individual money demand can be introduced to the theory of government demand motive of foreign exchange reserves.The motives include exchange,precaution,and profit.As for developing countries with simpler industrial structures,the motives include development as well.Norway and Singapore practise the multi-level demand management of foreign exchange reserves by portfolio management of global allocation and specialized corporation management.China can learn from them and think about these things: defining the demand motives and portfolio management,establishing specialized management bodies and strict system of management. |
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| Keywords: | foreign exchange reserve demand motive multi-level management investment portfolio |
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