内生性视角下中国外汇储备高增长研究

Research on the High Growth of China,s Foreign Exchange Reserves From the Perspective of Endogeneity

文章从内生性视角剖析中国高储备现象,为解决中国现阶段外汇高储备两难困境提供新的思路。根据"中心—外围"等相关理论,采用博弈论等分析方法探讨外汇储备内生性形成机理,实证结果表明,中国高储备是其担当"外围"角色的必然选择,具有必然性、合理性与阶段性。中国外汇储备增长具有内生性,且内生性呈现增强趋势。

This paper analyzes China＇s high reserves phenomenon from the perspective of endogeneity,in order to provide new ideas of solving China＇s present dilemma from holding high foreign exchange reserves scale.Specifically, basing on relevant theories such as ＂the center - periphery＂ ,using the analysis methods such as game theory to explore the endogenous mechanism about China＇ s foreign exchange reserves rising, the conclusion is： the Chinese high reserves scale is the inevitable choice of playingthe ＂peripheral＂ roles, and it is the necessity, rationality and the stage. China＇s foreign exchange reserves growth is not only endogenous but also shows the tendency of increasing.