| 外汇储备规模的宏观经济影响因素分析——基于中国、日本的比较研究 |
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| 引用本文： | 谭燕芝,张运东.外汇储备规模的宏观经济影响因素分析——基于中国、日本的比较研究[J].国际金融研究,2011(1). |
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| 作者姓名： | 谭燕芝 张运东 |
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| 作者单位： | 湘潭大学商学院;中国长城资产管理公司长沙办事处; |
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| 基金项目： | 湖南省社科基金项目“噪声理论与股指期货风险及治理机制研究”(项目编号:08YBB086)的阶段性研究成果 |
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| 摘 要： | 基于1999年一季度至2008年三季度的中日两国数据,本文运用协整检验方法分析了影响两国外汇储备规模的宏观经济因素和变量间的长期均衡关系及短期波动关系。研究表明:(1)从长期来看,对外贸易规模、名义有效汇率、经济总量三个宏观经济变量都影响着中日两国外汇储备的长期均衡规模,且两国外汇管理制度的巨大不同解释了协整系数的差异。(2)从短期来看,协整方程对两国外汇储备短期波动的调整作用均较为显著,而对于中国而言,宏观经济变量的滞后影响的作用时间更长。
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| 关 键 词： | 外汇储备 中日比较 协整检验 |
Positive Study on the Macroeconomic Determinants of Foreign Exchange Reserves:A Comparative Analysis of China and Japan |
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| Tan Yanzhi,Zhang Yundong.Positive Study on the Macroeconomic Determinants of Foreign Exchange Reserves:A Comparative Analysis of China and Japan[J].Studies of International Finance,2011(1). |
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| Authors: | Tan Yanzhi Zhang Yundong |
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| Institution: | Tan Yanzhi Zhang Yundong |
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| Abstract: | Based on the data from Q1 of 1999 to Q3 of 2008,this paper analyzes the long run equilibrium and short term fluctuation relationship between the macroeconomic factors and foreign exchange reserves in China and Japan by testing the cointegration and the macroeconomic factors including the volume of foreign trade,nominal effective exchange rate and GDP.The results are as followed: firstly,there is cointegration relationship between the foreign exchange reserves and the macroeconomic factors in the two countri... |
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| Keywords: | Foreign Exchange Reserves Comparative Analysis of China and Japan Cointegration Test |
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