教師資料查詢 | 類別: 會議論文 | 教師: 李沃牆 Lee, Wo-chiang (瀏覽個人網頁)

標題:Empirical Study of Factors Effecting RMB Internationalization
學年104
學期2
發表日期2016/05/13
作品名稱Empirical Study of Factors Effecting RMB Internationalization
作品名稱(其他語言)
著者李沃牆; 余世昌
作品所屬單位
出版者
會議名稱The 2016 International Conference in Management Sciences and Decision Making
會議地點淡江大學
摘要Chinese Economy has been growing rapidly in recent years. In order to expand its economic influence internationally, RMB internationalization becomes an economic policy of extreme importance. International circulation of RMB in the future will increase day by day. All literatures discussing currency internationalization mostly use the ratio of that particular currency as foreign exchange reserves to the world's total foreign exchange reserves as an important currency internationalization index; slightly more than half use USD, EUR or GBP as research objects, very few analyses were conducted regarding RMB.
This study mainly focuses on factors influencing RMB internationalization, conducting analysis using Chinn and Frankel (2007) model as reference. However, RMB as foreign exchange reserves is rather low in the percentage of the world's total foreign exchange reserves, and not yet presents an actual number; therefore, this paper uses cross-border trade RMB settlement amount as RMB internationalization index; combined with FDI, exchange rate, interest rate, CPI, total currency swap, RMB global payment as explanatory variable, at the same time included RMB exchange rate reform and RQFII implementation duration as two dummy variables, to conduct regression analysis, in order to further discuss the degree of effects of those variables on RMB internationalization.
The result of the empirical analysis shows, besides exchange rate and interest rate are not significant, the rest of the variables are all significant. Indicating RMB exchange rate and interest rate under Chinese government control, are not favorable to RMB internationalization, in contrast, all the other influential variables are related to being open to the free market. In another word, In order to encourage RMB internationalization, the Chinese government should loosen capital market control.
關鍵字RMB Internationalization;Exchange Rate Reform;Foreign Exchange Reserves;Currency Swap;Capital Market
語言英文
收錄於
會議性質國際
校內研討會地點淡水校園
研討會時間20160513~20170513
通訊作者
國別中華民國
公開徵稿
出版型式
出處Proceeding of The 2016 International Conference in Management Sciences and Decision Making
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