外汇储备最优规模：国外理论评述

Optimal Foreign Exchange Reserves: Appraising on the Foreign Theories

国外对外汇储备最优规模的研究由来已久。20世纪60年代至今的国外理论可以归结为如下几个方面:以Triffin(1960)为代表的比率分析;Machlup(1965)的"衣柜效应"(Wardrobe Effect)理论;以Heller(1966)、Agarwal(1971)为代表的成本收益法;以Frenkel(1974)、Iyoha(1976)为代表的储备需求函数模型;Lane与Burke(2001)、Aizenman、Marion(2003)、Narayan、Smyth(2006)等近年来的研究则没有跳出上述理论的藩篱。

This paper apprises on foreign literatures studying on optimal foreign exchange reserves form 1960s＇. The foreign theories can be boiled down to several ways as follows： the Ratio Approach delegated by Triffin （1960） ; the Wardrobe Effect Theory advanced by Machlup （1965） ; the Cost - Benefit Approach delegated by Heller （1966） and Agarwal （1971）; the Demand Function Model delegated by Frenkel （1974） and Iyoha （1976）. Recently, there are abundance literature on the optimal foreign exchange reserves such as Lane ＆ Burke（2001）, Aizenman ＆ Marion （2003）, Narayan ＆ Smyth（2006 ） and so on.