外匯市場(chǎng)深度、網(wǎng)絡(luò)外部性與美元的國(guó)際地位——基于分國(guó)別與地區(qū)面板數(shù)據(jù)的實(shí)證研究
發(fā)布時(shí)間:2018-04-20 20:05
本文選題:美元國(guó)際地位 + 外匯市場(chǎng); 參考:《經(jīng)濟(jì)經(jīng)緯》2012年02期
【摘要】:盡管美元的未來(lái)存在不確定性,但從現(xiàn)況來(lái)看尚無(wú)任何貨幣具備超越美元的實(shí)力,對(duì)美元地位的短期走勢(shì)并不能作出簡(jiǎn)單的判斷。作者運(yùn)用面板數(shù)據(jù)模型對(duì)美元國(guó)際地位的影響因素進(jìn)行了實(shí)證分析。結(jié)果表明,一國(guó)外匯市場(chǎng)的發(fā)達(dá)程度對(duì)美元國(guó)際地位的確定產(chǎn)生了重要的正面影響:一國(guó)外匯市場(chǎng)越發(fā)達(dá),其越青睞于持有美元;另外在動(dòng)態(tài)面板數(shù)據(jù)模型中,前一期外匯市場(chǎng)的實(shí)際貨幣交易量也是決定美元國(guó)際地位的顯著因素,并且前一期外匯市場(chǎng)的實(shí)際貨幣交易量越大,該國(guó)對(duì)美元的需求量越大。這一結(jié)論證實(shí)了網(wǎng)絡(luò)外部性效應(yīng)的存在。
[Abstract]:Despite the uncertainty about the dollar's future, no currency has the strength to surpass the dollar in the current situation, and there is no easy way to judge the short-term direction of the dollar's status. Using panel data model, the author makes an empirical analysis on the influencing factors of US dollar's international status. The results show that the degree of development of a country's foreign exchange market has an important positive impact on the determination of the international status of the US dollar: the more developed a country's foreign exchange market is, the more it prefers to hold US dollars; in addition, in the dynamic panel data model, The volume of real currency trading in the previous foreign exchange market was also a significant factor in determining the international status of the dollar, and the greater the volume of real currency trading in the previous foreign exchange market, the greater the country's demand for the dollar. This conclusion confirms the existence of network externality effect.
【作者單位】: 吉林大學(xué)經(jīng)濟(jì)學(xué)院;
【基金】:國(guó)家社科基金重大項(xiàng)目(10ZD&054)
【分類號(hào)】:F224;F831.52;F827.12
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