中国超额外汇储备的社会成本

The Social Cost of China's Excessive Foreign Exchange Reserves

依据持有1美元储备资产的社会成本等于私人部门从国外借入短期债务的成本和中央银行从其流动性资产中所获得的收益之间的差额的方法,采用EMBI利差数据计算了中国持有超额外汇储备的社会成本,约为GDP的1.5%。本文认为增加流动性的最优战略是增加储备与减少短期外债并用。

This article thinks that, for every $1 of foreign reserve assets, the home economy pays a cost equal to the spread between the private sector＇s cost of short-term borrowing abroad and the yield that the Central Bank earns on its liquid foreign assets. The article applies EMBI spread data to calculate the cost of excessive foreign exchange reserves China holding, namely 1,5 percent of GDP. It thinks that the optimal strategy of increasing liquidity would be combining reserve accumulation with short-term debt reduction.