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| 汇率冲击与外汇储备对人民币国际化的动态影响——基于IS-LM-EE模型和SVAR的实证分析 | |
| 引用本文： | 王劲松,巴曙松,杨现领.汇率冲击与外汇储备对人民币国际化的动态影响——基于IS-LM-EE模型和SVAR的实证分析[J].中南财经政法大学学报,2011(4). |
| 作者姓名： | 王劲松 巴曙松 杨现领 |
| 作者单位： | 1. 东北大学工商管理学院,辽宁沈阳,110819 2. 国务院发展研究中心金融研究所,北京,100010 3. 华中科技大学经济学院,湖北武汉,430074 |
| 摘 要： | 本文基于IS-LM-EE模型构建了汇率冲击效应的理论模型,并利用SVAR方法对1996~2010年的月度时间序列数据,从国际贸易规模、人民币价值稳定、金融业发展三个方面研究了汇率和外汇储备冲击对人民币国际化的动态影响。分析结果表明,短期内人民币渐进和小幅升值虽然给国际贸易带来负面冲击,然而长期内这不仅有利于出口导向型发展模式的转变和国际收支的再平衡,而且也有助于实现低通货膨胀率和人民币的内外价值稳定。此外,外汇储备累积通过货币供给、利率、银行利差等渠道对人民币价值稳定及其国际化形成不可忽略的负面冲击。 |
| 关 键 词： | 汇率波动 外汇储备 人民币国际化 人民币价值 金融发展指数 国际金融 |
The Dynamic Effects of Exchange Rate Fluctuation and Foreign Exchange Reserve on the Internation-alization of RMB Based on the Empirical Analysis of IS-LM-EE Model and SVAR Approach |
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| WANG Jinsong BA Shusong YANG Xianling.The Dynamic Effects of Exchange Rate Fluctuation and Foreign Exchange Reserve on the Internation-alization of RMB Based on the Empirical Analysis of IS-LM-EE Model and SVAR Approach[J].Journal of Zhongnan University of Finance and Economics,2011(4). | |
| Authors: | WANG Jinsong BA Shusong YANG Xianling |
| Institution: | WANG Jinsong1 BA Shusong2 YANG Xianling3(1.School of Business Administration,Northeastern University,Shenyang 110819,China,2.Institute of Finance,Development Research Center of the State Council of P.R.C,Beijing 100010,3.School of Economics,Huazhong University of Science and Technology,Wuhan 430074,China) |
| Abstract: | This paper,using monthly data from 1996 to 2009,with a SVAR approach,empirically studies the dynamic effects of exchange rate and foreign exchange reserve on internationalization of RMB.The research results show that although short-term exchange rate appreciation has a negative impact on international trade,but long-term appreciation of the RMB is not only conducive to re-balance of the export-oriented development pattern and the international balance of payments,but also contribute to the achievement of lo... |
| Keywords: | Exchange Rate Fluctuation Internationalization of RMB Value of RMB Financial Development Index International Finance |
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