货币国际化的影响因素:基于交换结构矩阵的实证研究

Determinants of Currency Internalization: A Study Based on the Theory of Currency Exchange Structure

目前涉及货币国际化影响因素的相关应用研究并不多见,已有的文献也很少对交换结构矩阵进行系统分析。文章通过构造二维交换结构矩阵以及三维交换结构数组,并运用一般logit和面板logit模型对基于交换结构矩阵的货币国际化影响因素进行实证检验。研究结果表明:双边贸易份额和两国间的地理距离是货币国际化的重要影响因素,其中双边贸易份额是影响货币国际化进程的最重要因素,并且双边贸易份额越大,市场国对既定货币的需求量越大;而两国间的地理距离越小,既定货币在市场国的交易量越大。

To our knowledge, there are few studies on the influencing factor of currency internalization based on the theory of currency exchange structure. The paper constructs a three-dimensional matrix for currency exchanging, and based on this matrix, uses an ordinary logit model and a panel logit model to empirically analyze the determinants affecting currency internalization. The result shows that bilateral trade share plays an important role in the process of currency internalization. With other conditions remaining unchanged, the countries sharing a more trading volume with the currency country prefer to use this currency, and vise versa. And it also finds that the geographical distance between the market country And the currency eountrv is also an imnortant factor affecting eurrencv internalization.