金融危机中外汇储备与货币互换运用解析

An Analysis of Foreign Exchange Reserves and Currency Swap in Financial Crisis

面对2008年金融危机的严重冲击,新兴发展经济体纷纷动用外汇储备来积极应对,主要表现为两种模式:一种是以韩国为代表的大量运用外汇储备模式;另一种是以巴西、智利等为代表的新兴发展经济体有限运用外汇储备兼用货币贬值模式。两种模式实践均表明,外汇储备所具备的自我保障功能有限,应运用货币互换等新工具予以补充。

Facing the severe impact of the financial crisis in 2008, the emerging economies have to actively respond to for eign exchange reserves, mainly with two modes： one, the extensive use of foreign exchange reserves represented by South Korea; the other, limited use of foreign exchange reserves combined use currency devaluation. Both models show that foreign exchange reserves have limited self protection function, should be supplemented by the use of new tools such as currency swap.