最适国际储备度量因子和估算方程的检验及讨论

Testing and Discussion on the Factors and Equations of Optimum International Reserves

适度国际储备度量因子和估算方程一直随国际经济和金融形势的变化而变化,为了对国际上不断变化的度量最适国际储备的度量因子进行分析,我们借用中国国际储备数据并利用经济计量学方法,对国际上提出的各种度量因子进行了检验,在测算中国最适国际储备的同时,还对选择度量因子时所遵循的理论逻辑进行了分析。分析结果认为,度量因子的选择实质上是利用缓冲存货概念和封闭经济条件下个人货币持有的货币需求函数,来分析开放经济条件下国家的货币(外汇)持有。

The factors that affect optimal international reserves and equations vary with the change of international financial circumstances.This article is to discuss and test the factors that effect international reserves in the change with the data in China and the econometric means.Also,the logic followed by the theory in question is discussed.It is concluded that the choice of the factors affects the optimal international reserves based on the buffer stocks and the money demand function under the closed economy.