摘要
“一带一路”倡议的提出和建设推动了人民币国际化和人民币在沿线国家的货币锚效应。本文选取63个“一带一路”沿线国家2005年1月至2018年12月的月度汇率数据,拓展现有实证方法,采用滚动回归实证分析比较了美元、欧元、日元、英镑和人民币在这些国家的货币锚效应,发现“一带一路”倡议提出后,人民币在沿线国家的货币锚定效应显著增强并且区域范围内显著扩大。进一步对人民币货币锚效应的影响因素进行实证分析发现,贸易紧密度、贸易竞争优势、金融体系发展差异、通货膨胀差异等因素都显著影响了人民币货币锚效应。
The introduction and construction of the Belt and Road initiative has been promoting the internationalization of RMB and the currency anchor effect of RMB in countries along the route.This paper selects the monthly exchange rate data of 64 countries along the“Belt and Road”from January 2005 to December 2018 to empirically analyzes the currency anchor effect of the US dollar,euro,yen,pound sterling and RMB in these countries,and finds that since the Belt and Road initiative was proposed,the currency anchoring effect of the RMB in the countries along the route has been significantly enhanced and the region has significantly expanded.Further empirical analysis of the influencing factors of the RMB currency anchor effect finds that factors such as trade tightness,trade competitive advantages,differences in the development of the financial system,and inflation differences significantly affect the RMB currency anchor effect.
作者
曹璐琦
高悦蓬
CAO Luqi;GAO Yuepeng(Faculty of Economics and Management,East China Normal University,Shanghai 200062,China)
出处
《金融评论》
CSSCI
北大核心
2020年第3期92-104,126,共14页
Chinese Review of Financial Studies
