基于共同因子模型的人民币币权实证分析

A Study of the Monetary Power of RMB Based on the Model of Common Factors

币权对一国经济的发展和政治利益的扩张有着重要的意义。在介绍国内外币权研究成果的基础上,结合中国的实际情况,以人民币价格发现能力为中介,运用共同因子模型对人民币币权的掌控程度进行实证分析、研究发现,金融危机后我国对人民币币权的掌控在一定程度上有了明显的提升;并提出应顺应国际货币格局向多极化发展的变动趋势,采取合理的措施增强人民币币权,提升人民币的国际地位。

Abstract ： Monetary power plays a key role in the economic development and political influence of a given country. With a review of the related studies at home and from abroad, the paper used the price discovery of RMB as the medium, and gives a study of the monetary power of RMB based on the model of common factors. It concludes that after the international financial crisis, China has improved its monetary power of RMB by following the international trend of financial pluralism and through adopting workable measures, which has improved the international influence of RMB.