外汇储备充足性标准的再探讨

Discussion on the Adequacy Criterion of Foreign Exchange Reserve

由于外汇储备充足性标准的演变趋势是充足性要求的范围不断扩充,标准水平不断提高,但是发达国家的外汇储备却相对减少,实际情况与所述理论背离。因此,本文不认为GG-IMF准则有科学依据,它只是不计储备成本的理论鼓惑,并且带有知识的欺诈性。本文认为确定充足性标准的依据是国际收支波动风险和海外投资收益。

The paper points out that the trend of the adequacy criterion for foreign exchange reserve is increasing the extent and raising the level, but the quantity of foreign exchange reserve decreases comparatively as for each developed nation. The practical situation deviates from the theoretical trend, so it doesn＇t think GG- IMF Criterion for granted sci- entifically, but only a confusion theory neglecting reserves cost, and has knowledge fraud. The paper takes for that the adequacy norm should be determined by the fluctuation risk of the balance of international payments and the yield on investment overseas.