【摘要】：長(zhǎng)期以來(lái),美元、歐元、日元和英鎊資產(chǎn)總和占據(jù)全球外匯儲(chǔ)備90%以上,探究影響發(fā)達(dá)國(guó)家和發(fā)展中國(guó)家外匯儲(chǔ)備幣種比例的因素差異,以及四種主要貨幣之間的替代關(guān)系。創(chuàng)新性的從貨幣發(fā)行國(guó)角度進(jìn)行分析,考慮最重要的三種因素:經(jīng)濟(jì)規(guī)模、匯率和利率。研究發(fā)現(xiàn),貨幣發(fā)行國(guó)GDP是影響貨幣占比的主要因素,其次是實(shí)際有效匯率,利率對(duì)貨幣占比影響不顯著。對(duì)于發(fā)展中國(guó)家,歐元和日元替代關(guān)系明顯,而對(duì)于發(fā)達(dá)國(guó)家,英鎊和歐元替代關(guān)系明顯。
[Abstract]:The combined assets of the dollar, euro, yen and sterling have long accounted for more than 90 percent of the world's foreign exchange reserves, exploring factors that affect the proportion of foreign exchange reserves between developed and developing countries, as well as alternative relationships among the four major currencies. Innovative analysis from a currency issuer's point of view, considering the most important three factors: economic size, exchange rate and interest rate. It is found that GDP is the main factor affecting the proportion of currency, followed by the real effective exchange rate, and the interest rate has no significant effect on the proportion of currency. For developing countries, the euro and yen alternatives are clear, while for developed countries, sterling and euro alternatives are clear.
【作者單位】： 北京航空航天大學(xué)人文學(xué)院;對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)金融學(xué)院;
【基金】：北京市社會(huì)科學(xué)基金重大項(xiàng)目“我國(guó)外匯儲(chǔ)備的投資優(yōu)化決策問(wèn)題研究”(15ZDA46)資助 教育部人文社科規(guī)劃基金項(xiàng)目“通貨膨脹下的資產(chǎn)配置問(wèn)題研究”(14YJA790075)資助
【分類號(hào)】：F831.6

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