人民币国际化有助于中国居民消费增长吗?

Will the Internationalization of RMB Promote China's Consumption?

本文基于一个主权货币作为国际货币的跨期最优消费模型,从理论上分析了开放经济条件下一国货币国际化对该国居民消费的影响。结论表明,随着一国货币国际化程度提高,其他国家对该国货币需求增加,有助于提高该国的长期消费水平。进而基于面板数据对美、英、日等主要国际货币国家近几十年来的国际经验分析,均很好地支持了上述理论结论。在当前我国居民消费严重不足、经济增长方式亟需转变的背景下,本研究认为积极推进人民币国际化将有助于促进我国居民消费增长,对我国深入实施扩大内需战略具有重要意义。

Based on sovereign currency as the international currency inter-temporal optimal consumption model, we discussed the impact of currency internationalization on household consumption. Conclusions are drawn that improvement in the internationalization of a coun- try＇s currency will enhance this country＇s household consumption rate. The major interna- tional reserve countries＇ experiences, such as U. S. and Japan, and the empirical results based on international reserve countries＇ data set are support these conclusions. The empiri- cal results are quite robust with different data samples and econometric methods. This study suggests that under the background of low household consumption, external demand de- clining and transformation of the pattern of economic development, actively promoting the internationalization of the RMB will increase China＇s household consumntion_