There is an intrinsic relation between international reserves,balance of payments,and macroeconomy.Hence,a state should keep the moderate scale of international reserves.The sign of whether or not the reserve scale of...There is an intrinsic relation between international reserves,balance of payments,and macroeconomy.Hence,a state should keep the moderate scale of international reserves.The sign of whether or not the reserve scale of a state is moderate is that the optimal reserve stock and the optimal adjustable velocity may be reasonably arranged in pairs or groups.In the long run,the demand for international reserves in China is mainly decided by these factors such as the national income,the average propensity to import,the foreign default risk,and the variability in the balance of payments,etc..In the short run,however,besides those factors as referred above,the demand for international reserves in China is still affected by monetary policy.展开更多
文摘There is an intrinsic relation between international reserves,balance of payments,and macroeconomy.Hence,a state should keep the moderate scale of international reserves.The sign of whether or not the reserve scale of a state is moderate is that the optimal reserve stock and the optimal adjustable velocity may be reasonably arranged in pairs or groups.In the long run,the demand for international reserves in China is mainly decided by these factors such as the national income,the average propensity to import,the foreign default risk,and the variability in the balance of payments,etc..In the short run,however,besides those factors as referred above,the demand for international reserves in China is still affected by monetary policy.
