外汇储备币种结构理论的研究评述及展望

Research Review and Prospect on Theory of Currency Structure in Foreign Exchange Reserve

我国的外汇储备主要以美元为核心,随着近年来美元的不断贬值,我国的外汇储备迅速缩水,因此,加强币种结构管理成为了当前我国外汇储备管理中的最重要一环。本文首先系统地介绍了关于外汇储备币种结构选择的三大理论:资产组合理论、海勒——奈特模型和杜利模型。然后总结了基于以上理论,国内外学者对外汇储备币种结构进行的研究,并指出了现有理论的不足。最后,对今后的研究方向进行了展望。

The composition of our foreign exchange reserves centre upon U.S. dollars. But with the depreciation of U.S. dollars recently, the value of our foreign exchange reserves has decreased rapidly. Therefore, strengthening management of currency structure is the most important thing in the management of foreign exchange reserves. In this paper, we have introduced the three theories about currency structure of foreign exchange reserves, including theories of portfolio management, Heller-Knight model and Dooley model. Then we concluded the researches about currency structure of foreign exchange reserves carried out by scholars at home and abroad based on the theories. We also pointed out the shortcomings of the theories. At last we forecasted the prospects of the researches in future.