黄金储备真能促进货币国际化吗?——以欧元国际化为例

Can the Gold Reserves Really Promote the Internationalization of Currency?—Taking the internationalization of the Euro as an Example

黄金在英镑和美元的国际化进程中曾起到关键作用。在信用货币体系下,美联储和欧元区内黄金储备仍然保持较高比例。本文采用结构突变点检验法对欧元国际化程度和黄金储备的关系进行实证分析,结果表明,欧元区黄金储备对保证欧元的国际信誉具有重要支撑作用,尤其是危机时期,欧元区黄金储备对确保欧元国际地位有显著的正向影响。为此,各国央行应该重视黄金储备对一国货币国际化的支撑作用。当前,中国人民银行应当适量增加官方储备资产中黄金储备的占比,增强人民币信誉,确保人民币国际化进程的可持续。

Gold reserves once played a critical role in the internationalization of British Pound and US Dollar. Under credit currency system, the share of gold reserves are still high in Federal Reserve and euro zone countries＇ international reserve asset. This paper conducts an empirical study on the relationship between international status of the euro and gold reserves. The result shows that gold reserves a played positive role for the euro＇s international reputation, especially in time of crisis, for gold reserves played a significant role in keeping international status of the euro. Therefore, central bank need pay more attention to role of gold reserves for sovereign currency internationalization. At present, Peoples＇ Bank of China need increase gold reserve＇s share in official reserve asset, enhance the renminbi reputation and assure the sustainability of the renminbi internationalization