中国外汇储备的动态优化与调整

文章从货币供求对国际储备需求影响的机理入手,运用协整和误差修正理论来分析货币市场非均衡下中国外汇储备的动态优化与调整。通过建立我国外汇储备、货币需求的长期均衡和短期动态调整方程,估计外汇储备和货币持有量向均衡水平调整的速度,分析了外汇储备需求与货币供求等相关经济变量的长短期作用关系。

Process of the Dynamic Optimization of Foreign Exchange Reserve in China

Considering the influence of the supply and demand of domestic currency,the article use the co-integration and ECM theory to analyze the dynamic optimization process of China foreign exchange reserve under the condition of the non-balanced money market.Through establishing the long-term balanced and the short-term dynamic adjustment equations of China foreign exchange reserve and currency demand,the authors estimate the adjustment speed of China foreign exchange reserve and currency individually,and analyze the correlation among the demand of foreign exchange reserve,the supply and demand of domestic currency as well as other related economical variables.Finally,several viewpoints and proposes have been put forward on the basis of the conclusion of quantitative research mentioned above.